PlusDental, a Germany-based dental health technology developer backed by insurance provider Ping An, has received an undisclosed amount in a round led by Cadence Growth Capital, Gruenderszene has reported.
Executives from food delivery app Lieferando, consumer finance provider Klarna and enterprise software provider SAP also invested in the round, according to Gruenderszene.
Cadence acquired shares from unnamed PlusDental shareholders at a valuation lower than the one achieved in its previous funding round, Unquote reported. It typically invests between $12m and $60m per deal, according to its website.
PlusDental, which was formerly known as Sunshine Smile, provides translucent, removable dental aligners that serve as an alternative to traditional braces, and has also developed a digital dentistry platform that utilises 3D scans and photos.
The company works with a network of more than 110 dentists across Europe to provide treatment to patients. Its software can manage patient acquisition and treatment monitoring as well as provide training.
In June this year, PlusDental raised $35.4m in a series C round led by Ping An’s Global Voyager Fund that included HV Capital (formerly known as HV Holtzbrinck Ventures) and Lakestar.
Lakestar had invested $11.4m in PlusDental in January 2019. HV Capital and angel investors including Christian Vollmann and Roman Kirsch von Lesara provided an undisclosed amount for the company in June 2018, and its previous backers have included Elephant & Castle Capital and Saarbruecker 21.