NEW YORK--(BUSINESS WIRE)--Candid Co., a new startup helping consumers straighten and brighten their smiles from home, announced today the close of a $15mm Series A financing round. The round was led by Greycroft, Bessemer, and e.ventures and featured participation from existing investors, including Arena Ventures.
A 2012 study by the American Association of Orthodontists showed that one-third of American adults were unhappy with their smile. Unfortunately, high costs and inconvenient appointments have forced many to neglect orthodontic care. Candid Co. will use the funding to accelerate its rollout, furthering its mission of expanding access to quality orthodontics via its direct-to-consumer model. Candid Co. delivers clear aligners directly to customers for 65% less than traditional in-office teeth-straightening solutions. The Company has seen early success, selling out of inventory within three weeks of its September 2017 launch.
Candid Co.’s process begins when customers purchase a Modeling Kit to take impressions of their smiles in the convenience of their own home and return the Kit for assessment and modeling. The Company’s network of orthodontists then designs, reviews, and implements a treatment plan, with the support of Candid Co.’s unparallelled customer service. Candid Co.’s affiliated lab 3D prints and ships all aligners at once. Average treatment lasts five months, and financing plans start as low as $88 per month over 24 months, or $1900 up-front. Some dental insurance plans cover 50% or more of the treatment cost.
“Orthodontic technology has progressed dramatically over the past 20 years, but it’s almost exclusively available in a doctor’s office,” noted Nick Greenfield, CEO of Candid Co. “Many people don’t have access to quality orthodontic care that fits their budget and lifestyle. We’ve moved beyond delivering products into delivering customized and personalized service with convenience and affordability.”
Candid Co. will use this round of funding to expand operations and reach new customers, furthering its mission of access, quality, and affordable orthodontics. “Candid Co.’s vision is to use technology to bring access to high quality orthodontic services to more people in the convenience and comfort of their own home,” said John Elton, Partner at Greycroft. “Greycroft is excited to partner with the exceptional Candid Co. team to bring their positive mission to life.”
Candid Co. was founded early in 2017 and raised a $2mm seed round led by Arena Ventures. The latest funding brings total capital raised to $17 million. The Company’s focus on delivering high-quality customer experiences stems from the founding team’s backgrounds in healthcare and hospitality.
About Candid Co.
Candid Co. provides direct-to-consumer clear aligners for 65% less than the cost of traditional in-office solutions. The Company’s nationwide provider network, led by Co-Founder and Chief Dental Officer Dr. Lynn Hurst, features orthodontists averaging more than 20 years in practice. Candid Co.’s core mission is to increase affordability and access to dental care by leveraging modern telehealth practices to diagnose, treat, and monitor orthodontic cases. Candid Co. was co-founded by a team of startup veterans with experience across healthcare, hospitality, tech, and finance at companies such as Lyft, BCG, WeWork, Blackstone, and Hospital for Special Surgery. Candid Co. is based in New York, NY and was founded in 2017.
Candid Co.’s Modeling Kits are available at www.CandidCo.com for $95.
For more information visit CandidCo.com.
