Flossy, a Santa Monica-based health care company that focuses on affordable dental care, announced last week that it had raised $14.7 million in funding, rounding its total funding amount to $17.8 million. TTV Capital led the round with participation from Slow Ventures, 8VC, SV Angel and Clocktower Technology Ventures.
The company was founded in 2020 by serial health care entrepreneurs Miles Beckett and Steve Seigel, who want to change the way people pay for dental care by helping connect users to a dentist at an affordable price. The company is currently operating in Arizona, New Mexico and Michigan, and will use the funds to further expand across the country to give everyone, especially the uninsured and underserved, access to quality dental care.
According to the company, 94% of adults plan to visit the dentist this year due to an appointment backup during the pandemic, however, 76 million of these adults, many of which are seniors, are uninsured and are forced to pay entirely out of pocket for critical dental care, racking up thousands of dollars in bills a year.
“We’ve seen how many Americans struggle to understand their dental insurance, often finding out the hard way that their policies are capped, and their deductibles and copays cover far less than they expect. And for those who are uninsured, they don’t even attempt to see a dentist,” Beckett said. “We are completely changing the way that patients receive dental care, offering discounted and transparent pricing, a curated dental experience and financing options for patients that have been traditionally underserved in the system. This is what the future of dental care looks like and we couldn’t be more grateful to our new and existing investors for helping us on this important journey.”
Flossy is a pay-as-you-go discount dental solution that connects patients to a dentist of their choosing. The company evaluates and only accepts the top 20% of dentists from its dental network partners, ensuring patients don’t have to sacrifice quality of care. Through its network partnerships and direct deals, Flossy provides patients with up to 50% off normal rates, however, the patient is charged a 10% service fee by the company along with a 3% credit card processing fee. With Flossy, patients can connect directly with dentists through its curated network, easily book an appointment, and pay with the app. Flossy eliminates the need for confusing dental insurance by offering a pay-as-you-go membership, according to the company.
“Flossy has been a game changer for our business here in Arizona, bringing me more patients than I ever could have expected during a difficult time for the dental industry,” said Fadi Naioom of Restoration Dental. “Instead of having to figure out things like how to take online payments and offer online booking, Flossy’s platform allows me to focus on what I do best: giving the highest quality care to my patients, helping them feel and look better at an affordable price.”
