Info-tech

CareStack raises $22.5 million

Our Bureau Thiruvananthapuram | Updated on April 27, 2021

Home-grown cloud dental software start-up takes total funding to more than $60 million

Home-grown cloud dental software start-up CareStack has raised $22.5 million from SteadView Capital, Delta Dental of California, Accel Partners, Eight Roads and F-Prime Capital. This is in addition to $28 million raised in 2019 from the the same investors and takes its total funding to more than $60 million so far.

CareStack was founded in 2015 to simplify dental practice management and allow dental practitioners to focus on patient care and business growth. The company, which has an office in Florida , employs more than 300 people, and has been growing rapidly in terms of revenue and customer base.

Doubles revenue in five years

The company doubled its revenue in 2020 and grew its global workforce from 200 employees at the beginning of the year to the current level of 370, a spokesman said here. CareStack will use the fresh capital to expand its operations and to double its workforce and grow the annual revenue four times.

According to the spokesman, existing investors are impressed with CareStack’s product capabilities that serve the unmet needs of the industry and the company’s growth over the last year, particularly among mid-sized group practices and solo practitioners.

 

Shekhar Kirani, Partner at Accel, observes that in a short span of time, CareStack has established as the market leader in dental practice SaaS vertical in North America. “This growth is fueled by the passion and commitment of the CareStack team. Accel is excited to be part of it,” he said.

Girish Mathrubootham, a personal investor in CareStack and CEO of Freshworks, remarked that CareStack continues to build upon India’s growth story in the SaaS landscape. “It is always great to see an Indian SaaS startup become an emerging market leader by focusing on solving a global problem. The fact that existing investors funded the entire round is an indication of the impressive value growth of CareStack,” he pointed out.

Relevance during pandemic

CareStack’s offerings have proven even more useful in recent months as the pandemic has prompted dental offices to move to the cloud to gain better accessibility to practice data and elevate patient experience with contactless workflows for scheduling and patient payments.

CareStack customer Haranchal Bains, CEO, Element Dental said, “After switching to CareStack, we have seen a significant increase in collections without even having to add a single person to the team.”

Another customer David Jones, CEO, Heritage Dental Partners, said that going through a dental software transition is always a challenge. “Even after growing 4-5 times from the last switch, CareStack has given us the smoothest transition experience,” he added.

The award-winning cloud dental software offers a complete solution to manage all major functions of a dental practice ranging from appointments, treatments, claims, payments, patient communication, and reporting to analytics. The all-in-one solution allows dental teams to simplify work, elevate patient relationships and gain more time to focus on patient care and practice growth.

Abhilash Krishna, the CEO and Co-founder, said that for too long, dental practices have unsuccessfully used multiple software solutions bolted on top of traditional dental software to manage daily operations. CareStack enables offices to move away from the complexities of using multiple fragmented solutions and manage everything through single and complete modern dental software.

“We are relentlessly innovating through frequent software upgrades, growing list of third-party integrations and advanced workflow automation capabilities. Our vision is to lead the digital transformation of the dental industry and enable offices to operate at its highest potential,” he said.

Besides offering superior software, CareStack provides a smooth and seamless onboarding process that minimises the disruption associated with software transition. This is accomplished by bringing in specialists with deep understanding of office workflows to lead the implementation process.

Published on April 27, 2021

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