Smileneo, a homegrown UAE-based health tech start-up announces receiving USD $2 Million in seed funding led by international investor Kingsway Capital, one of the Middle East and North Africa’s largest investors. Smileneo’s financing is the largest seed round raised by any teeth-straightening consumer marketplace from the region and includes anchor investments from several prominent international investors. Smileneo will use the funds to grow its team, expand operations, and enter new markets across the Middle East.
Identified for its strong team and successful business model, a strong line-up of prominent investors is backing Smileneo. London-based Kingsway Capital an early investor in unicorn Emerging Markets Property Group is leading the round. FJ Labs, a fund led by José Marin and Fabrice Grinda, founder of OLX Group joined the round. Several strategic global super angels, many of whom are investing in the MENA for the first time, also participated in the round including Mato Peric (CARS24, Scalable Capital, Loft, etc.), Leonard Stiegeler (Pulse, Paystack, etc.), and Tom Stafford (Managing Partner at DST Global).
Founded by Dr. Jonathan Doerr, Smileneo links users with dental clinics which provide safe, effective, doctor-prescribed, and monitored clear aligners to transform their smiles. Smileneo’s business model supports local clinics by sending cases to certified orthodontists. Through Smileneo, local clinics increase their business as patients get directed to them, making it a sustainable concept for the dental ecosystem.
Its partner network, which includes the region’s top licensed orthodontists, is committed to making clear aligner treatments affordable, convenient, and accessible to everyone. Smileneo’s partners offer custom-fit aligners priced around 65% lower than traditional clear aligners with treatments taking on average 6 months.
“Our goal is to provide everyone with access to a straighter and brighter smile. We’re working with healthcare regulators across the region to become the first licensed telehealth marketplace providing contact-light orthodontic treatments at the touch of a button. Based on our research, more than 85% of people in the Middle East and North Africa could benefit from orthodontic care, but less than 1% receive it each year. Cost and convenience are the biggest reasons our users cite for not obtaining orthodontic care.” said Dr. Jonathan Doerr, Founder and Chief Executive Officer of Smileneo.
Through fully digital processes and end-to-end 3D technology, Smileneo enables a contact-light and affordable, yet the high-quality approach to dental care, enabling a new segment of consumers to straighten their smiles. In turn, Smileneo’s growing network of partner clinics benefits from increased practice receipts and a digitized high-quality, efficient patient experience.