Dental software startup CareStack raises $22.5 Mn in Series C round

Dental software startup CareStack has raised $22.5 million from SteadView Capital, Delta Dental, Accel Partners, Eight Roads and F-Prime Capital in its Series C round.

This takes the total funding raised by the Thiruvananthapuram-based startup to over $66 million which include a $28 million Series B round in October 2019 and a $16 million Series A round in September 2018.

CareStack will use the fresh capital to expand its operations and to double its workforce and grow the annual revenue by four times, according to the company’s press release.

The six-year-old firm led by Abhilash Krishna provides dental practice management software for private practices, dental support organisations and dental startups. The company’s full-stack features include a patient portal, scheduling capabilities, business analytics, billing information, charting, patient engagement tools, among others.

CareStack solely focuses on dentists and connects them with employers and insurance companies and the company makes revenue by selling software, revenue cycle management and patient financing.

It claims to have doubled its revenue in 2020 and grew its global workforce from 200 employees at the beginning of the year to its current 370 employees. India serves as the engineering centre for the firm and is involved in product research, development and support.

Several SaaS-based startups based in India, which operates globally, have raised funds in 2021. Last week, Druva and Chargebee raised $147 million and $125 million respectively. Prior to that, Icertis and CredFlow closed their new rounds and Whatfix is reportedly in talks with SoftBank to raise a $100 million round.