[Funding alert] Dental practice software startup CareStack raises $22.5M
Thiruvanthapuram-based dental care startup CareStack has raised $22.5 million in funding. The round saw participation from SteadView Capital, Delta Dental of California, Accel Partners, Eight Roads and F-Prime Capital.
The dental care startup plans to use the funding to expand its operations and for talent acquisition.
CareStack had raised $28 million in 2019, and with this fund raise it has raised a total of $60 million.
Abhilash Krishna, CEO and Co-founder of CareStack, that for too long, dental practices have unsuccessfully used multiple software solutions bolted on top of traditional dental software to manage daily operations. "CareStack enables offices to move away from the complexities of using multiple fragmented solutions and manage everything through one complete modern dental software," he said.
"We are relentlessly innovating through frequent software upgrades, a growing list of third party integrations, and advanced workflow automation capabilities. Our vision is to lead the digital transformation of the dental industry and enable offices to operate at its highest potential. ”
With the latest round of funding, CareStack continues to build upon India’s growth story in the SaaS landscape. The statement said the company doubled its revenue in 2020 and its global workforce was at 370 employees. It now aims to double its workforce and grow the annual revenue by four times.
A complete solution
CareStack's cloud dental software offers a complete solution to manage all the major functions of a dental practice: appointments, treatments, claims, payments, patient communication, reporting, and analytics. Through an all-in-one solution, CareStack allows dental teams to simplify work, elevate patient relationships and gain more time to focus on patient care and practice growth.
“In a short span of time CareStack has established as the market leader in the dental practice SaaS vertical in North America. This growth is fuelled by the passion and commitment of the CareStack team. Accel is excited to be part of it.” said Shekhar Kirani, Partner at Accel.
The startup also provides a seamless onboarding process that minimises the disruption associated with software transition. This is done by bringing in specialists with deep understanding of office workflows to lead the implementation process.
“It’s always great to see a SaaS startup from India become an emerging market leader by focusing on solving a global problem. The fact that existing investors funded the entire round is an indication of the impressive value growth of CareStack " said Girish Mathrubootham, a personal investor in CareStack and CEO of Freshworks.