A Flatiron-based dental supply startup that helps clinicians procure equipment and medications has raised $17 million to fuel its nationwide expansion.
Torch Dental, which announced its recent fundraise Tuesday, will use the funds to open a new office in Austin, Texas as a part of its growth strategy. The office will serve customers in the South, Mountain and West Coast regions as the startup expects to boost the number of practices it works with in 2025, it said in a press release.
Amex Ventures, Alumni Ventures and Parameter Ventures contributed to the fundraise alongside existing investors Raga Partners, Bessemer Venture Partners and Health Velocity Capital.
A spokesperson from Torch Dental did not respond to multiple requests for comment before publication.
Brothers Khaled Boukadoum and Yassine Boukadoum founded Torch Dental in 2017 after hearing gripes from their sister, who is a dentist, about keeping track of her dental equipment purchases and negotiating with vendors. The co-chief executives partnered with Drew Werner, co-founder and chief technology officer, to create an artificial intelligence-powered platform to help dentists manage their equipment purchases and find the best deals.
Torch offers customized dashboards with more than 100,000 SKUs from thousands of dental brands, the company said. The software takes into account price, quality and availability, which can cut practices’ budgets by 32% and save hours of time, it noted in the press release.
More than 3,000 dental practices nationwide use Torch Dental’s platform, up roughly a third from its last funding round in July 2023. Torch Dental has raised more than $65 million to date, according to data from research platform Pitchbook.
The company isn’t seeking additional capital for now. Khaled told Axios that he expects Torch Dental to achieve profitability within the next two years, and after it breaks even the firm may seek additional funding. He said that the startup is hoping to expand its customer base to 5,000 practices in the next 18 months.
