UAE-based HealthTech startup Smileneo has raised $2 million in seed funding to develop its team, operations and expand into new markets.
According to the reports, the funding is the largest seed round raised by any teeth-straightening direct-to-consumer company in the Middle East and North Africa (MENA) region, and it involves anchor investments from a number of well-known foreign investors.
A per the company statement, London-based Kingsway Capital, one of the region’s largest investors, and an early investor in unicorn Emerging Markets Property Group, led the round. FJ Labs, a fund led by José Marin and Fabrice Grinda, founder of OLX Group also took part in the investment round. Mato Peric (CARS24, Scalable Capital, Loft, etc.), Leonard Stiegeler (Pulse, Paystack, etc.), and Tom Stafford (managing partner at DST Global) were among other strategic global super angels who were present at the round.
“Based on our research, 85 percent of people in the region could benefit from orthodontic treatments, but less than 1 percent receive it each year. Many of them don’t have access to quality orthodontic care that fits their budget and busy lifestyles. We’re digitizing orthodontics to modernize and improve patient experiences while enhancing convenience and affordability. Our mission is to give everyone a straighter and brighter smile with less of the cost and hassle of traditional dental-office driven treatment.”
Established in 2019, Smileneo is a health tech company enabling doctors to be part of the digitalization of teeth straightening. With fully digital processes and end-to-end 3D technology, the company seamless experience without compromising on patient care. The mobile application of the firm creates the next level of convenience by saving recurring clinic visits for the patient and allowing remote monitoring by their doctor.