Spanish orthodontics company Impress has raised a wholesome USD5.8 million on 25th September 2020 in its seed round to expand its initiative of affordable and invisible orthodontics. The companies participating in the funding round included TA Ventures, Sabadell VC, Bynd VC, and European angel investors.
The funding details
Within one year of its presence, it is already availing its treatments in 40 plus cities of Spain, Italy and Portugal. With the funding of USD 5.8 million, the enterprise is now planning to spread its wings worldwide. They opened their very first Impress orthodontic studio just in four week and began their journey in the sector. The 5 existing Impress orthodontic studios already create revenue of more than EUR3 million with a 50% gross margin and scaling ready. The company initially planned to open 50 plus Impress orthodontic studios across Europe and establish themselves as the biggest e-health wizards of the market.
Impress is a teeth straightening business startup founded by Luis Vasquez and Diliara Lupenko. It comes under Europe’s SmileDirectClub business model. With AI technology and digital customer support, they have made teeth alignment affordable and cheaper by 60%. To be noted, Spain is the third-largest market of teeth aligners across the world. The founders’ team of Impress is equipped with the ex. MD of Align Tech, Roca, Oral-B, and Zalando already makes their fundamentals strong about the orthodontic market. Their first funding closed at EUR 800k invested by a few angels and TA Ventures. The investments also include EUR100k by the founders.
The funding investors
TA Ventures stand as the globally centered Venture Capital enterprise that invests in budding startups across multiple sectors. The company was founded in 2013 and is associated with more than 100 organizations and has invested USD2.3 billions till now. Bynd VC is a Portugal based VC firm focused on early-stage startups in the technology domain. The company has made its investments in 30 ventures since its foundation in 2010. Sabadell Venture Capital is a Spanish based VC that supports entrepreneurial startups in their initial stages. It is a division of enterprise Banc Sabadell. The VC firm was founded in 2015 and has successfully made 36 company investments. With the growing needs of orthodontics in the market, the DTC Impress is expected to create a good revenue and stand tall among the top teeth straightening leads.
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