On 27th April 2021, Carestack, a cloud dental software startup, raised USD 25 million in a Series B fund round. This startup has claimed that they have doubled their revenue last year and have added a workforce from 200 employees to 370 in the present time.
The company has raised a sum of USD 25 million from their existing investors Accel Partners, Eight Roads, F-Prime Capital, Delta Dental of California, and SteadView Capital.
Last year in September, Carestack raised USD 16 Million in Series A funding round. With this fundraise, they plan to invest in their automation and expand it for the firms having multiple practices in different locations.
An American Venture Capital firm founded in 1983 and has its headquarters in California, United States. Accel aids startups in seed and early growth stage fundings. Accel has been a funding backbone to many well-known companies like Facebook, Flipkart, Slack, Supercell, Spotify and many more.
As a VC firm, Accel focuses on helping companies from various sectors like Infrastructure, Media, Saas, Security, Consumer, E-commerce, Mobile, Software.
Eight Roads is a venture capital firm on a global base— the Eight roads aids and partners with the healthcare and game-changing tech industries. This company has its total assets valued at USD 6 Billion. Eight Roads is also backed by Fidelity.
Eight Roads have invested in companies such as Alibaba, Universal Avenue, Wallapop, Laurus Labs and Neo Technology. In India, they have backed companies like Pharmeasy, Cipla Health, Chai Point, and BankBazaar.
F-Prime Capitals founded in 2002, having its headquarters in Massachusetts, USA. It operates a vertical of Fidelity Investments, this company grown from a mutual fund firm to an asset management firm, has an AUM of over USD 2 Trillion.
Steadview Capital is a firm for alternative asset managers founded in 2009 and its headquarters in London, UK. This firm has a specific group of funding institutions, including university endowments, pension funds, leading family offices and wealth funds, who intend to have attractive returns over managing in the long run.
Carestack is a cloud-based dental software solution. They manage all majors functions related to dental management and clinical on the cloud. Their work makes the experience of patients more enhanced, maximizes assurance and takes a record of patient’s dental care.
Currently, this firm makes revenue by selling its software as service, patient financing, and revenue cycle management. It started in 2015 with a workforce of 15 employees. Currently, it has 200 employees, and they are looking forward to having up to 400 employees by the end of this year.
Words from Investor:
“It’s always great to see a software-as-a-service (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, Indian SaaS unicorn Freshworks’s chief executive officer, who has invested in his capacity in CareStack.
Words from the Co-founder:
“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. We are relentlessly innovating through frequent software upgrades, a growing list of third party integrations and advanced workflow automation capabilities,” said Abhilash Krishna, CEO and co-founder, CareStack.
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