13 May 2024

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Flossy Secures Major Investment From Forecast Labs to Expand Affordable Dental Care Reach

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Flossy, a company bringing high-quality, affordable dental care to everyone, today announced that it has closed a new equity round with Forecast Labs, a consumer venture group within Comcast NBCUniversal. Forecast Labs has worked with leading fintech and health companies such as Public.com, Nurx, and Acorns. Current investors TTV Capital and The Family Fund also participated in the round, along with new investor, B Capital.

Flossy is the first pay-as-you-go discount dental solution that connects patients with and without dental insurance to a highly rated dentist in their area, with discounts on all services, including orthodontics and cosmetics. According to the American Dental Association, one-third of adults aged 19 to 64 don’t have any dental benefits, and this number is even higher for seniors, 70% of whom don’t have insurance.

When dental issues arise, these groups historically had to choose between paying 100% of expensive procedure fees out of pocket or forgo treatment altogether, which can lead to even more health problems like heart attacks and strokes. A recent study showed that patients who go to the emergency room to treat preventable dental conditions cost taxpayers, hospitals, and the government about $2 billion a year. Flossy is giving people a way to receive care from a high-quality dentist for an affordable price.

“With dental insurance plans being confusing and costly, and tens of millions going without any coverage at all, far too many Americans are having to choose between their health and their financial wellbeing,” said Miles Beckett, co-founder, and CEO of Flossy. “Our country’s dental problem is only going to increase as the population ages. In just a few years, for the first time ever, there will be more senior citizens in the country than children under 18. To meet this rising demand, the nation’s dental spending is forecasted to hit $230 billion by 2030, up from $165 billion in 2022. With this funding and partnership from Forecast Labs, Flossy will be able to help even more people receive and afford the quality dental care they deserve.”

Flossy currently operates in seven states including Arizona, New Jersey, Pennsylvania, and Washington DC. With this investment, Forecast Labs will promote Flossy in its current and future regions via TV and streaming advertising to raise awareness of Flossy’s affordable and accessible solution for dental care. This past year, Flossy expanded into five states and launched “Flossy for All,” a version of its platform for people with dental insurance, to help them pay for the high-cost care that their dental plans don’t cover, including cosmetic procedures.

“Dental insurance is broken and despite paying hefty insurance premiums, far too many people are left with unexpectedly high out-of-pocket costs for dental procedures. We are really excited about how Flossy has built a scalable and patient-friendly business that can help reduce the cost of dental care for millions of Americans, regardless of their insurance status,” said Arjun Kapur, Managing Partner at Forecast Labs.

Source: http://www.flossy.com