India's MyDentist raises $8m Series C round
Indian dental clinic chain MyDentist has raised a INR500 million ($8 million) funding round led by Swiss impact investor LGT Venture Philanthropy, with participation by existing backers Seedfund and Asian Healthcare Fund (AHF).
LGT contributed INR400 billion to this round, with Seedfund committing INR70 million and AHF committing INR30 million. The company, which currently runs 100 clinics in four cities, will use the new capital to open up to 40 new clinics in those cities. It also plans to expand into Gujarat, according to Livemint.
MyDentist was founded in 2011 to take advantage of the growing demand for dental services in India. The dental industry is expected to see overall revenues of INR127 billion by 2018.
Seedfund and AHF committed INR500 million to MyDentist in 2013. Prior to that, the company raised $2 million from Seed Advisors in 2011.
LGT Venture Philanthropy is part of the LGT Group, the asset management and banking arm of the ruling family of Liechtenstein. It invests in companies that offer to improve quality of life in the developing world. The firm's areas of interest include South America, Africa, China, India and Southeast Asia.
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