Tend, an NYC startup determined to be the first dentist office people actually want to go to, announced Thursday it closed on a $37 million Series B round led by GV, along with new investors Tiger Global and Good Friends.
The company is less than a year old but has already raised more than $70 million total, taking a bite out of the $5.2 billion dental industry with its manicured hospitality elements, visit customization, fixed pricing and tech-enabled dentist offices. Tend also rolled out a suite of its own oral care products like toothbrushes, tongue cleaners and tooth whitening kits. The goal is to create an experience that patients will enjoy while they’re there and look forward to returning to later.
And it seems to be working. CEO Doug Hudson says the company couldn’t open new offices fast enough when it first launched in the Flatiron District last October. More than 90 percent of its patients were satisfied, and things were really humming along.
Then, of course, the COVID-19 pandemic brought dentist offices around the country to a screaming halt, including Tend’s.
“New York City had become the global epicenter of the pandemic. And we had just started a business there that involved putting hands in people’s mouths,” Hudson said in a recent blog post. “But as the city weather peaked, and cases fell, we realized that perhaps we hadn’t launched Tend in the worst place at the worst time. Dentistry is a vital service: emergency care can’t wait, and preventative care is key to avoiding issues down the line. ... And in appointment-only studios, patient volume can be carefully managed. PPE is standard in dentistry: uniforms, gloves, masks, face shields. So are medical-grade cleaning products and single-use or sterilized equipment.”
More specific to Tend, its tech-enabled business model has proven beneficial at a time when physical contact and crowded waiting rooms don’t fly. For instance, the company reworked its digital booking system to include a pre-visit health check, insurance and credit card information are collected online, and all check-ins and check-outs are contactless. Plus, Tend offers teledentistry, which allows it to more efficiently triage emergencies and reduce the number of in-person visits.
As a result, Tend’s business has bounced back fairly quickly, and revenue has recovered by 150 percent, according to the company.
Looking ahead, Hudson says Tend doesn’t intend to slow down. The company has opened two new dentist offices in Chelsea and near Grand Central and plans to expand into other cities like Boston and Washington, D.C. It is also growing its team, with plans to hire in its marketing, engineering, people and development teams at its corporate offices in NYC and Nashville.
