Most people dread going to the dentist for a multitude of reasons whether its long wait times, the sound of the drill, or even the pain, with approximately 36% of the population suffering from some form of anxiety when going to the dentist. Dental company Tend completely modernizes the experience of going to the dentist. The company’s just opened its first location in Flatiron, where patients are welcomed at a state-of-the-art dental clinic that uses technology and the most advanced machinery to ensure that your dental visit is a pleasant experience. The “studio” experience is designed with wellness and overall oral health in mind rather than going to a dental office for routine cleaning.
AlleyWatch sat down with CEO and Cofounder Doug Hudson to learn more about the inspiration for creating a dental experience that people want to go to, the company’s expansion plans in New York and nationwide, and latest round of funding, which brings its total funding raised to $36M across two rounds.
Who were your investors and how much did you raise?
Tend has raised over $36M in funding, inclusive of our initial seed round and Series A. The round was led by Redpoint Ventures and Juxtapose, with additional investors including Tom Lee of OneMedical, Neil Blumenthal and Dave Gilboa of Warby Parker, and Zach Weinberg of Flatiron Health.
Tell us about the product or service that Tend offers.
The Tend experience starts online, with easy one-click booking and transparent pricing based on your insurance provider. As you book, you can also curate your visit based on what you like (and don’t like). When you arrive, you’ll notice the Tend Studio is thoughtfully located and beautifully designed. Patients are greeted and shown to Tend’s brush bar, The Brushery, which is fully stocked with a curated mix of the newest products for freshening up. We use cutting edge technology such as low-noise drills and 20 second X-ray scans to provide smarter, faster care. We also make it easy for patients to access their records, reference treatment plans and connect with their clinician through our online portal.
What inspired Tend?
The idea for Tend stems from the need I saw for systemic change across the highly fragmented dental industry. Everybody goes to the dentist, and yet, consumers consistently express dissatisfaction with their experiences and, in turn, primarily seek out care reactively, rather than ongoing preventative services. We built Tend to create a new standard for oral health, starting at the dentist and ultimately extending into daily life.
How is Tend different?
Tend brings patients into the process, with clear explanations from doctors who are never rushed and won’t push unnecessary procedures. Our doctors and hygienists inform and encourage patients, without guilting them about their flossing habits. Beyond cleanings and cavities, our doctors educate patients on the many factors that impact oral health, such as sleep and diet, in order to provide a holistic approach to care. We’ve also reimagined the experience for providers by introducing a new model that compensates doctors based on experience level and overall patient happiness, not the number of procedures performed.
What market does Tend target and how big is it?
We chose to launch Tend in New York for a lot of reasons. Not only does NYC make up $9B of the $124B dental market, but it’s also one of the top hubs for education in the space. Beyond this, the biggest operators in the space have stayed away from NYC, with over 40% of dental providers being privately owned practices. There was a clear opportunity to own this market and we’re excited to see what New Yorkers think!
Who do you consider to be your primary competitors?
Unlike traditional practices, our backend technology delivers customization previously unseen across the industry. Tend offers more than a cleaning bar or mobile check-up, with a full range of services and beautifully designed spaces that encourage patients to view oral health as part of their overall wellness.
What’s your business model?
We created an entirely new model that reimagines the dental experience for patients and providers. Beyond infusing hospitality into the experience and using cutting edge technology to provide smarter, faster care, we compensate our doctors based on overall guest happiness and retention, ensuring the focus is where it should be – on creating a better experience for all.
What was the funding process like?
We’re very fortunate to work with like-minded leaders who are well-versed in redefining standards of care in their respective industries. Our investors and advisors share the same vision for the future of the broader healthcare industry and their support and guidance has been critical.
What are the biggest challenges that you faced while raising capital?
Dentistry isn’t exactly the hottest industry in venture, so we had to do a bit of legwork to help investors understand why it was so exciting and how this was a venture business.
What factors about your business led your investors to write the check?
Our investors know what it takes to reinvent outdated healthcare practices (many first-hand through their own ventures). Beyond believing in our vision of what oral health should be, it was our team of experienced leaders across all verticals of the business that made them confident in our ability to make it happen.
What are the milestones you plan to achieve in the next six months?
Our first Studio opened in the Flatiron neighborhood in New York City and our second is set to open in the Financial District before the end of the year, with several more slated for early 2020. Beyond expanding our footprint, we’re also focused on growing our team.
Our first Studio opened in the Flatiron neighborhood in New York City and our second is set to open in the Financial District before the end of the year, with several more slated for early 2020. Beyond expanding our footprint, we’re also focused on growing our team.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
It depends a bit on what stage you’re at, but typically investors are looking for some mix of an experienced team, exciting market, and strong unit economics. If you can show investors that you’re trending in the right direction in terms of traction, are tackling a big opportunity, and have a great team to execute on it then hopefully capital will become easier to come by.
Where do you see the company going now over the near term?
We’re focusing on expanding throughout NYC first but are excited to turn our attention to expansion opportunities across the US in the near future.
Where is your favorite fall destination in the city?
Our team is excited to have Madison Square Park right around the corner from our new space in Flatiron!
