SmileDirectClub, a Nashville, Tenn.-based teeth-straightening startup, completed an institutional private placement of equity capital for a total of $380m.
The round, which valued SmileDirctClub at $3.2 billion, was led by Clayton, Dubilier & Rice (CD&R), with participation from Kleiner Perkins and Spark Capital. As part of the transaction, Rick Schnall, a CD&R Partner, will join SmileDirectClub’s Board of Directors.
The company intends to use the funds for innovation, research and development, and international expansion.
Founded in 2014 by Alex Fenkell and Jordan Katzman in partnership with Camelot Venture Group, SmileDirectClub operates platforms and technology for doctor-directed, at-home aligner therapy conducted via a digital network of more than 200 affiliated licensed dentists and orthodontists overseeing customer treatment plans, from impressions made with an at-home kit or from a digital scan at one of the 150 SmileShops across the United States.
To date, the company has conducted more than 300,000 theraies and has hired more than 3,200 employees. It is currently profitable.