Cadence Growth Capital invests in PlusDental

Following a primary capital increase during the summer of 2020, Cadence has purchased shares from a number of the existing shareholders at a discount to the valuation of the previous financing round. Cadence is providing more than 90% of the capital for the current round of funding.

PlusDental aims to use the funding to support its international expansion, as well as to expand the range of products it offers.

Grünwald-headquartered Cadence generally invests in technology-enabled businesses headquartered in the DACH region. Its current portfolio companies include Everphone and meeting management software platform Sherpany.

The GP is currently fundraising for Cadence Growth Capital I, which is expected to remain on the road until Q1 2021. The vehicle is backed by high-net-worth individuals and family offices, and the total fund volume is expected to be €20-30m.

Cadence also invests alongside institutional investors such as Schroder Adveq and Friba Inevestment, which are able to back the GP on a deal-by-deal basis. The firm can write equity tickets of €10-50m.

Previous funding
In 2018, PlusDental (then known as Sunshine Smile) raised two seed rounds, which were backed by business angels and HV Capital.

Lakestar led a €10m seed round for PlusDental in January 2019.

In May 2020, Ping An Global Voyager Fund led a €32m series-C funding round for PlusDental. Lakestar, HV and business angel Christian Wegner also participated in the round.

Company
PlusDental sells transparent retainers designed to straighten teeth. Customers can arrange their retainers and treatments via its online platform. The Berlin-based company was founded in 2017. PlusDental partners with 110 dental practices and employs 300 staff.

People
PlusDental – Peter Baumgart, Lukas Brosseder, Eva-Maria Meijnen (managing directors).
Cadence Growth Capital – Leonard Clemens, Sebastian Eiseler (managing partners).

Advisers
Equity – CMS (financial due diligence); Poellath (legal); Ebner Stolz (tax).

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