OFFOR Health Closes Series A Round at $5 Million
COLUMBUS, Ohio, Jan. 26, 2021 /PRNewswire/ -- OFFOR Health, the operating company under SmileMD Holdings, announced the close of a $5M Series A funding round led by Seattle-based SpringRock Ventures. SpringRock is joined by Columbus-based LOUD Capital and existing investors.
OFFOR Health's services include SmileMD, an oral health offering that enables office-based procedures by providing dental and clinical specialists, medical supplies, and equipment to treat patients in their local communities. This latest round of funding will be used to further develop the logistical infrastructure, scale business initiatives, recruit for key positions, as well as continue to develop its technology platform.
OFFOR Health is expanding on-site medical delivery across practice areas and offerings to make healthcare more accessible and more affordable for all patients. Over the last six years, mobile, on-site anesthesia services for dental care under SmileMD has already demonstrated significant impact in patients' lives. OFFOR Health will continue to develop innovative solutions to optimize where and how patients receive care, removing healthcare barriers and increasing access to specialists in local communities.
"This funding round will allow us to further build the infrastructure to scale our business and move towards our mission of reducing disparities of care," said Saket Agrawal, CEO of OFFOR Health. "We couldn't do this without our team of doctors, nurses, paramedics, and support staff. Our ability to attract and hire highly qualified providers as part of our clinical team and advisory board has allowed us to partner with major health insurance providers to deliver on value-based care initiatives."
OFFOR Health served thousands of patients in 2020, increasing patients served by 155% year over year. In addition, the number of case days increased 164% over the previous record year. OFFOR Health is projected to continue this growth momentum in 2021, increasing the patients served per quarter by triple-digits yet again this year. To date, OFFOR Health has saved patients over 33,000 months of wait time which reduces progression of disease, unnecessary ER and urgent care visits in addition to saving over 300,000 miles traveled.
"As the healthcare industry adapts to evolving patient needs, especially post-pandemic, we anticipate that mobile, on-site health services will play a major part by meeting patients where they are," said Eric Bell, Managing Director at SpringRock Ventures. "Being experts and investors in the healthcare space, we see OFFOR Health and SmileMD as a much-needed service for these patients."
The funding will be used to attract clinicians, employees, and partners to continue to grow the business in 2021. This growth will include expanding the company's logistical services into more medical sectors, developing best-in-class clinical quality initiatives, as well as launching in new markets.
"We see a huge need to take care of patients in their communities," said Navin Goyal, MD, CEO and Co-founder of LOUD Capital. "There are socioeconomic factors, logistical factors, and limited capacity factors that don't allow a large number of people in this country to get care. It's time to serve the underserved. We see OFFOR Health as a solution for this critical need."
About OFFOR Health, Inc.
OFFOR Health is on a mission to increase accessibility to care and decrease cost for every aspect of healthcare by envisioning a world in which healthcare has no barriers. OFFOR Health delivers equal access to care by connecting healthcare professionals and patients in local communities.
About SmileMD
SmileMD, a service of OFFOR Health, Inc., is an on-site oral healthcare business company founded by anesthesiologists. SmileMD provides specialty dental services and anesthesia to pediatric and adult dental patients in office settings, increasing access to care for thousands of patients each year. SmileMD currently offers services in Ohio, Illinois and Kentucky, and is continuing to roll out its offerings across the country this year.
To learn more about SmileMD, visit smilemdsedation.com or email us directly at contact@smilemdsedation.com.
About SpringRock Ventures
SpringRock focuses on digital health, devices, services, oral health, SAAS, consumerization/e-commerce of healthcare, IT, wellness, HIPAA and other innovative companies improving general health. SpringRock invests in early to late stage, high growth-potential companies with some demonstrated customer acceptance, investing $2 million to $5 million in a company. SpringRock also invests at the seed/EIR stage of oral health innovation. SpringRock is based in Seattle, Washington, but invests throughout North America.
About LOUD Capital
LOUD Capital is a venture capital and alternative investment firm based in Columbus. They invest in early-stage companies across diverse industries, with an affinity toward social impact driven businesses. LOUD has offices in Chicago, Raleigh, and Beijing, and pursues various education and community building initiatives to fulfill their ethical approach to venture investing, known within the organization as Venture For People™.
Mellissa Gallagher
[email protected]
SOURCE OFFOR Health
Share this article