Dentolo secures €3 Million in seed financing
- Round led by Yabeo Capital, IBB Beteiligungsgesellschaft and Atlantic Labs
- Well-known angel investors from the insurance industry also participated
- The new financing will be used to further develop its technology platform, strengthen the team and deepen its product portfolio for patients and insurers
Berlin, July 26th 2017. Dentolo, Germany’s leading dental technology platform, today announced that it closed a seed funding round of €3 Million. The Berlin-based Insurtech allows a more cost- and time-efficient dental treatment process for patients and insurance companies. Led by Julian Benning and Philipp Krause, the company raised capital from Yabeo Capital (solarisBank, Clark), IBB Beteiligungsgesellschaft (Thermondo, Getsurance) and Atlantic Labs (GoEuro, EyeEm). Renowned Business Angels from the insurance industry and Axel Springer PnP (N26) also participated in the financing round. The raised capital will be used to further develop the company’s technology, strengthen the team and deepen the company’s product portfolio.
‘In a short time, the team has brought cost transparency to the market of dental treatments and developed a pricing algorithm which unlocks true value for both patients and leading insurers alike. The funding round with industry experts validates that the company is addressing the right pain points and positioned Dentolo to add further value to dental care in the months to come’, says Julian Benning, Co-Founder and Co-CEO of Dentolo.
Launched in April 2016, the fast-growing tech-company (www.dentolo.de) already operates with over 300 partner dentists across Germany and consists of a team of IT professionals, dentists and experienced entrepreneurs from the tech industry.
‘Dentolo’s platform-approach, its pricing technology, fast expansion of its dentist network and the strong team convinced us of the company’s potential. Dentolo is well-positioned to become a leading digitisation partner for an entire industry’, says Matthias Sohler, Managing Director at Yabeo Capital.
Leading insurers use Dentolo’s technology
Insurance companies benefit from its proprietary pricing-algorithm and its managed dentist network, significant improvements in cost-efficiency and increased customer satisfaction. Several German insurers already use the platform. Dentolo’s technology is capable of reducing treatment costs for insurance companies by up to 20 percent. According to a recently published study, the auditing and advisory firm KPMG estimates the market for dental treatments to be worth €28bn in Germany alone.
Strong initial demand for Dentolo
Dentolo offers its existing product portfolio – the pricing technology and the dentist network – to insurers and patients alike. ‘The traction of Dentolo with over 15,000 treatment requests, approximately €40 Million in volume and unlocked savings of over €10 Million in the past 12 months have impressed us and underscores the presence of strong demand on the B2C side’ says Christian Seegers, Senior Investment Manager at IBB Beteiligungsgesellschaft. Patients appreciate the value Dentolo has to offer: They receive an online cost estimation of their desired treatment and are able to book a consultation at a specialised partner dentist within a few days.
Dentolo is right on target: ‘Today, patients expect quick results and transparent information. Insurers who understand this will improve customer satisfaction, decrease operational costs and open new digital revenue channels. Those at the forefront of the digital transformation will gain significant competitive advantages’, explains Dr. Johannes-Tobias Lorenz, Director and Leader Digital Insurance Europe at McKinsey & Company.
Experienced team with a clear vision
Dentolo currently employs 25 people, half of which work in IT and development. ‘We have set our eyes on further developing our technology platform. In the past 14 months we gained a thorough understanding of patients and insurers’ needs, which we now leverage to enrich our platform with solutions the market demands’ explains Philipp Krause, Co-Founder and CEO of Dentolo.
About Dentolo Deutschland GmbH
Das Berliner Unternehmen Dentolo reduziert Leistungs- und Prozesskosten bei zahnmedizinischen Behandlungen auf Patienten- und Versicherungsseite. Dentolo arbeitet deutschlandweit mit über 300 Zahnärzten zusammen, bei deren Auswahl neben transparenten Preisen auch besonderer Wert auf Behandlungsqualität und Beratungskompetenz gelegt wird. Mithilfe des proprietären Preis-Algorithmus und Netzwerk-Zugangs sorgt die Plattform, die von Julian Benning und Philipp Krause geführt wird, seit Markteintritt im April 2016 für mehr Transparenz bei Behandlungspreisen und informierte Gesundheitsentscheidungen.