IDG-Accel Fund, the joint partnership fund set up by media and research firm the International Data Group and venture firm Accel Partners, acquired a 31.4% stake in China-based cosmetic dental service GlamSmile Asia on Friday.
IDG-Accel bought 11.4% of GlamSmile’s shares from Belgium-based dental company Remedent for $2m, though Remedent still owns 29.4% of the company. IDG-Accel then acquired a further 20% from GlamSmile itself for $5m.
GlamSmile is planning to channel the funding into the opening of several of its own clinics in China, while Remedent plans to expand the range of GlamSmile franchise clinics. A portion will also be invested in research and development.
Guy De Vreese, chief executive officer of Remedent, said: "We could not be happier with our strategic relationship with IDG. An investment from a trusted and experienced investor like IDG significantly enhances our profile and resources in China and validates the significant value in both GlamSmile Asia and Remedent branded technologies. We look forward to working with [Hugo] Shong, founding partner of IDG, and his talented team to further expand our dental business in China."
Alongside the stake purchase, Hugo Shong, founding partner of IDG’s China-based investment subsidiary IDG Capital Partners, was appointed to the board of directors of GlamSmile Asia.