Thiruvananthapuram and Florida-based cloud dental software startup, CareStack on Tuesday said that it has raised $22.5 million from Steadview Capital, Delta Dental of California, Accel Partners, Eight Roads and F-Prime Capital, as the company looks to boost its growth.
This is in addition to the $28 Million, CareStack raised back in 2019 by the same investors, totalling the company’s funding to more than $60 million so far.
According to the company it will use the fresh infusion to expand its operations, double its team size and grow its annual revenue by four times.
The six-year-old company provides a customer management cloud software solution, allowing dental practitioners and clinics to manage appointments, treatments, claims, payments, patient communication, as well as reporting and analytics.
Through an all-in-one solution, CareStack allows dental teams to allow practitioners to elevate patient relationships with customers and gain more time to focus on patient care.
“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 one complete modern dental software. We are relentlessly innovating through frequent software upgrades, growing list of third party integrations and advanced workflow automation capabilities,” said Abhilash Krishna, chief executive officer and co-founder of CareStack.
According to the company, CareStack claims to have doubled its revenue in 2020 and grew its global workforce from 200 employees to 370 employees, at present.
“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.” said Shekhar Kirani, partner at Accel.
CareStack’s offerings have proven even more useful as the pandemic 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, the company said.
“It’s always great to see a software-as-a-service (SaaS) startup from India 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 ” said Girish Mathrubootham, chief executive officer of Indian SaaS unicorn Freshworks, who has invested in his personal capacity in CareStack.
