Ping An Global leads €32m funding round for PlusDental

Also participating in the round were existing investors Lakestar and HV Holtzbrinck Ventures, as well as business angel Christian Wegner.

According to a statement, PlusDental plans to use the funding to support its growth and international expansion, as well as to expand the range of treatments that it offers.

Lakestar held final closes for its two latest funds Lakestar Growth I and Lakestar III in February 2020.

HV is currently deploying equity from funds including Holtzbrinck Ventures Fund VII, which held a final close in January 2018 on €306m. The fund writes equity cheques of €500,000-5m for first round investments and can invest up to €40m per company.

Previous funding
In 2018, PlusDental held two seed rounds backed by business angels. Lakestar backed a €10m seed round for PlusDental, then known as Sunshine Smile, in January 2019.

Company
Founded in 2017, PlusDental sells transparent retainers designed to straighten teeth. Since 2019, the business has referred customers to partner dental practices to arrange a scan for the retainers. The company's app sends reminders to customers when they are due to change their retainer and when they are due to check in with their dentist by uploading a photo of their teeth. The company offers three dental treatment packages at varying prices.

Based in Berlin, PlusDental employs 200 people and its network of partner dentists includes 60 practices in the DACH region, according to the company's website, as well as partners in Spain and the UK. The current funding round values the company at €100m. The company reached revenues of more than €10m in 2019, according to Gründerszene.

People
PlusDental – Peter Baumgart (CEO).

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• Topics
• Expansion
• DACH
• Healthcare
• Venture
• Germany
• Lakestar
• Holtzbrinck Ventures