Bento, which aims to transform the traditional dental insurance industry, has collected $8.1m in its Series A funding round.
Boston-based Schooner Capital served as the lead investors, additional participation coming from York IE Capital and existing investor Companyon Ventures.
With the funds, the company plans to expand its nationwide sales and ensure patients can receive the right oral health care with full transparency in pricing, anytime and anywhere.
The InsurTech company provides a technology-powered platform that connects consumers, employers and associations with dentists and dental service organisations to give better oral benefits without the need of complex traditional insurance processes and overhead.
It claims to be the only dental benefits solution of its kind to be endorsed by the American Dental Association.
Bento’s platform is currently used by around 100,000 dentists in the US and has 36,000 access points.
Bento founder and CEO Ram Sudireddy said, “This investment is validation of Bento’s mission to democratise care in the light of inequities and disparities today. 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. We are thrilled to be a pioneer for change and technological innovation in the dental benefit industry.”
With the close of the round, the InsurTech company has raised a total of $19m in funding.
Earlier in the week, Cloud Insurance announced it has partnered with Kanguro as it enters the pet insurance industry.
Kanguro co-founder, Andrés Mishaan said, “We wanted a quick go-to-market opportunity for our pet offering. Using a modular software-as-a-service would really allow us to integrate all of our moving parts of our tech ecosystem… Speed and quality was something we were looking to solve with Cloud Insurance.”
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