Dental insurtech Bento has secured US$8.1mn as part of its Series A round led by Boston-based Schooner Capital, as it bids to improve access to oral healthcare for all Americans. Other participants in the latest raise include York IE Capital and Companyon Ventures.
Bento, which says it is on a mission to “expand access to better oral healthcare for all Americans”, has developed an AI-powered platform that connects consumers, employers and associations with dentists and dental service organisations.
The platform utilised by 100,000 dentists US-wide and is endorsed by the American Dental Association. Bento says that the platform improves transparency around pricing and improves access, tapping into a potential $140bn market opportunity.
The latest raise follows little more than a year after Bento’s US$2.1mn seed round. It will use the fresh capital to develop its app further and launch a nationwide sales effort. Last week, it recruited Chip Huffman, a veteran of the dental benefit industry, as its new Chief Sales Officer.
We are very pleased to announce this new funding and welcome Schooner Capital and York IE as investors alongside Companyon Ventures, bringing the total capital raised to US$19mn.Ram Sudireddy, Bento Founder and CEO
The need for digital access and transparency has never been greater and Bento is at the forefront of a seismic shift in the way dental benefits are administered and delivered.
It’s quite clear that the traditional dental insurance industry is mired in inefficiency and the time is ripe for change and transformation.
We are thrilled to lead Bento’s Series A round. Bento has the vision and proven leadership to reimagine oral health care benefits and brings welcome change to an outdated industry, which drove our decision to invest.Orhan Gazelle, Associate Principal at Schooner Capital
by Peter Sonner