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Hind Al Soulia - Riyadh - Smileneo raises $2 million in Seed investment
Triska Hamid • 07 April, 2021
- UAE-based healtech startup Smileneo has raised $2 million in a Seed round led by UK's Kingsway Capital alongside FJ Labs and other angel Investors
- Smileneo is a dental cosmetics direct-to-consumer brand, helping its customers straighten their teeth using 3D-printed aligners
- It will use the funds to grow its team, expand operations, and enter new markets.
- The startup was founded by Jonathan Doerr, who was previously the co-CEO of Daraz, one of Pakistan's largest e-commerce platforms with presence In Bangladesh, Sri Lanka, Nepal and Myanmar
Smileneo, a UAE-based healthtech startup is coming out of stealth to announce it has raised $2 million in seed funding. Smileneo’s financing is the largest seed round raised by any teeth-straightening direct-to-consumer business in the Middle East and North Africa and includes anchor investments from several prominent international investors. Smileneo will use the funds to grow its team, expand operations, and enter new markets.
London-based Kingsway Capital, one of the region's largest investors, and an early investor in unicorn Emerging Markets Property Group, is leading the round. FJ Labs, a fund led by José Marin and Fabrice Grinda, founder of OLX Group joined the round. Several strategic global super angels also participated in the round including Mato Peric (CARS24, Scalable Capital, Loft etc.), Leonard Stiegeler (Pulse, Paystack, etc.), and Tom Stafford (Managing Partner at DST Global).
Smileneo’s mobile application enables remote monitoring which allows partner clinics to provide personalized, on-demand treatment oversight and saves patients from having to make frequent, time-consuming and costly clinic visits. By fully digitising the patient journey, using end-to-end 3D technology and offering financing plans, Smileneo is enabling a new segment of consumers to straighten their smiles. In turn, Smileneo’s growing network of partner clinics in the region benefit from increased practice receipts while offering high-quality, fully digitised patient experiences anytime, anywhere at a more affordable cost.
Supported by Smileneo’s unparalleled customer service, patients receive custom made 3D printed clear aligners within one week. Smileneo is priced around 65 per cent lower than traditional clear aligner solutions and offers financing plans. Patients take on average six months to complete their treatment.
“Based on our research, 85 per cent of people in the region could benefit from orthodontic treatments, but less than 1 per cent receive it each year. Many of them don’t have access to quality orthodontic care that fits their budget and busy lifestyles.We’re digitising orthodontics to modernise and improve patient experiences while enhancing convenience and affordability. Our mission is to give everyone a straighter and brighter smile with less of the cost and hassle of traditional dental-office driven treatment," said Dr. Jonathan Doerr, Founder and Chief Executive Officer of Smileneo.
Smileneo users start their smile journey with a quick online assessment that involves uploading photos of their teeth. Approved users then book a doctor consultation with the closest Smileneo dental partner. Smileneo’s partner network, which includes the region’s top orthodontists, use 3D intraoral scanners and panoramic dental X-rays to ensure a high-quality orthodontic treatment. The 3D smile preview, a 3D simulation of what the patient’s new smile will look like, is the base of the personalised treatment plan.
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