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Thiruvananthapuram-based CareStack, an all-in-one SaaS platform for dental groups to manage their activities, has raised $22 million in Series B round of funding from Steadview Capital and Delta Dental, F Prime Capital, Eight Roads Ventures, and Accel Partners.
The fresh capital shall be used in expanding their operations, doubling their headcount, and increasing their annual revenue fourfold as per CareStack’s statements. With the close of Series C, the total funding of CareStack now stands at $66 million after a $28 million Series B investment in October 2019 and $16 million Series A in September 2018.
Commenting on the funds raised, Abhi Krishna, CEO, CareStack, laid stress on how dental practices have used software solutions yielding little success to manage their daily operations so far. This is where CarStack enters the picture and addresses problems through one complete modern dental software in lieu of multiple fragmented solutions.
“We are relentlessly innovating through frequent software upgrades, a growing list of third-party integrations, and advanced workflow automation capabilities.” Abhi Krishna added.
Founded in 2015, CareStack is a Vertical SaaS company that provides software for dental groups, including private practices, dental support organizations, and dental startups. They make revenue from selling this software, revenue cycle management, and patient financing. Their full-stack features include a patient portal and engagement tools, scheduling capabilities, business analytics, billing information, charting, among others.
Reports also state that CareStack has doubled its revenue in 2020 and has almost doubled its workforce from 200 at the start of 2020 to 370. Following their Series B investment in 2019, CareStack had plans to open a new office in Kochi, apart from the one in Trivandrum, which served as its engineering and product R&D center.