Homewood-based HighFive Healthcare has closed a $100 million growth investment round.
The round was led by Norwest, a venture capital and growth equity investment firm. Norwest General Partner Dr. Ryan A. Harris and dental services industry veteran David Willens will also join the company’s board of directors. The strategic investment and partnership will enable HighFive, a specialty dental partnership organization focused on endodontics and oral surgery, to continue its growth across the Southeast and beyond.
HighFive doctors and management Krowten Capital and Jemison Investment Co. Inc. also participated in the round, which comes as HighFive is experiencing rapid growth.
In 2022, HighFive doubled its practice size through the acquisition of partnering practices and organic growth, and this momentum has continued in 2023. From 2021 to 2022, HighFive’s headcount increased by 142% and annual revenue increased by 150%.
HighFive CEO and founder Chad Trull said the partnership will strengthen the company and that Norwest shares its vision.
“The transparency and culture of HighFive are unmatched," said HighFive partner Dr. David Roden. "We are doing this totally differently. It is incredible to have the opportunity to own and manage a business of this scale, keep clinical autonomy and watch the financial successes of all of my partners and peers."
In a January interview with the BBJ, Trull said he was in the first inning of building HighFive.
“We’re really just getting started in figuring out our space,” he said. “Our model is to, over the next four or five years, build a $2 billion business, which obviously will attract a lot of jobs from Birmingham and support the local economy and also take us into other areas throughout the country.”
