Candid has successfully raised $86.4 million over three funding rounds, with the latest being a Series B in April 2019. The company offers CandidPro clear aligners, a dental product designed to help users achieve a straighter and healthier smile.
Keep reading to explore the intricacies of Candid's fundraising journey and the investors backing this innovative platform.
What Is Candid?
Candid, founded by Nick Greenfield, Bobby Ghoshal, Lilla Cosgrove, Zach Frankel, Sam Levine, and Spencer, is a company dedicated to redefining oral health through modern technology. Established in 2017, Candid operates out of Columbus and New York City, New York.
The company specializes in providing high-quality orthodontic care with its CandidPro clear aligners, making it easier for users to achieve straighter and healthier smiles. Candid's innovative approach includes remote monitoring and expert support, ensuring accessible and affordable dental care.
With a team of 201-500 employees, Candid continues to grow rapidly, driven by its mission to deliver human-focused care and promote overall wellbeing.
How Much Funding Has Candid Raised?
- Series A
- Amount Raised: $15,000,000
- Date: November 2017
- Lead Investors: Greycroft, Bessemer Venture Partners, Headline
- Motivation Behind the Round: To optimize the product, hire key team members, and establish a market presence.
- Unknown Round
- Amount Raised: $8,000,000
- Date: June 2018
- Lead Investors: blisce
- Motivation Behind the Round: To support ongoing operations and growth before a larger round.
- Series B
- Amount Raised: $63,400,000
- Date: April 2019
- Lead Investors: Bessemer Venture Partners, Headline, Greycroft Partners
- Motivation Behind the Round: To scale operations, expand market reach, and further develop the product.
Total Amount Raised: $86,400,000. Current Valuation: Not specified.
Key Investors
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies. They have a strong presence in both New York and Los Angeles.
- Investment Focus Areas: Technology, media, healthcare
- Notable Investments: Venmo, The RealReal, Scopely
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is one of the oldest venture capital firms, with a history dating back to 1911. They focus on early-stage investments and have a global presence.
- Investment Focus Areas: Cloud computing, consumer, healthcare, financial services
- Notable Investments: LinkedIn, Shopify, Pinterest
- e.ventures
- Details: e.ventures is a global venture capital firm that invests in early-stage companies. They have offices in the United States, Europe, Asia, and South America.
- Investment Focus Areas: Consumer internet, mobile, software
- Notable Investments: Angie’s List, Groupon, Sonos
What's Next for Candid?
As Candid looks to the future, the company is poised to seize significant opportunities in the dental industry. With plans to expand its physical locations from 13 to over 60 across the U.S., Candid aims to increase its market reach and provide more accessible orthodontic solutions. The development of new products, both within and outside the clear aligner space, presents additional avenues for growth.
Future fundraising opportunities are likely, given the favorable market conditions and the recent IPO of competitor Smile Direct Club. However, Candid will need to navigate challenges such as competition from established players and maintaining quality during rapid expansion. Regulatory hurdles related to FDA approval and compliance also pose potential obstacles. Nonetheless, the growing demand for affordable and convenient orthodontic solutions positions Candid well for continued success.
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