UAE-based HealthTech start-up Smileneo raises $2m seed funding

UAE-based HealthTech start-up Smileneo raises $2m seed funding

UAE-based HealthTech start-up Smileneo has raised $2 million in seed funding to grow its team, expand operations and enter new markets.

The financing is the largest seed round raised by any teeth-straightening direct-to-consumer business in the Middle East and North Africa and includes anchor investments from several prominent international investors.

London-based Kingsway Capital, one of the region's largest investors, and an early investor in unicorn Emerging Markets Property Group, is leading the round.

Survey predicts healthcare analytics market in the MENA region will reach $1.49bn by 2024

FJ Labs, a fund led by José Marin and Fabrice Grinda, founder of OLX Group joined the round. Several strategic global super angels also participated in the round including Mato Peric (CARS24, Scalable Capital, Loft etc.), Leonard Stiegeler (Pulse, Paystack, etc.), and Tom Stafford (managing partner at DST Global).

“Based on our research, 85 percent of people in the region could benefit from orthodontic treatments, but less than 1 percent receive it each year. Many of them don't have access to quality orthodontic care that fits their budget and busy lifestyles," said Dr Jonathan Doerr, founder and chief executive officer of Smileneo, which is currently operating in the UAE, Saudi Arabia, Kuwait, and Bahrain.

“We're digitising orthodontics to modernise