Orthodontic startup Candid raises $63.4m
Teeth-straightening startup Candid has raised $63.4m in a Series B round, bringing its total funding to $90m.
With the funding, Candid plans to adjust its head count from 275 to 550 and open additional Candid Studios — it currently has 13 locations and plans to open more for a total of 60+ across the US by the end of the year.
The market has arrived
Although orthodontics brought in $11B in revenue last year, the hazards of costly pay still keep many snaggletooths away (traditional braces range from $4k to over $8k).
Studies show that 65% of the US population could benefit from a little T(ooth)LC — which, to investors, is the perfect indicator that there are tons of teeth just waiting to be touched by pairs of rubber gloves.
SmileDirectClub, which is reportedly preparing for an IPO after hitting a $3.2B valuation, and other startups like Uniform Teeth and Orthly have all hit the market with missions to make people smile without having to take out 2nd mortgages on their houses.
But Candid keeps you away from the tooth torture chamber
Since last September, Candid, which 3D prints its aligners, has attracted new customers with its quick and easy process — growing its revenues 4x.
It starts with an at-home impression process. Once that’s done, customers get their teeth scanned at a Candid physical location, and have their aligners in about 30 minutes — a strong selling point, considering most people would rather dip their teeth in acid than go to an orthodontic office.