A technology firm based in Durham with software aimed at the “outdated” dental industry is aiming to raise $2 million.
CureMint, with technology intended to help dental organizations grow faster using an automated, all-in-one procurement platform, has so far raised $550,000 in debt financing from three investors, according to a securities filing dated May 20.
But even as he makes his pitches, CEO Brandon McCarty knows sky-high valuations are correcting.
Median valuations for public software companies have seen a 60 percent decline – dropping from 12-times forward revenue to 5-times or less since their peak last fall, according to Andreessen Horowitz’s Future publication. And reports suggest startup valuations,are falling at a similar pace.
McCarty said he’s not worrying about that.
“We’re well equipped where we’ve never looked at CureMint as one raise to the next raise to the next raise,” he said. “We’ve built our company for sustainability long term.”
He said CureMint has been heads-down, focused on its customers. Involvement from investors has been a “bonus,” helping it accelerate the growth trajectory it was already on.
CureMint is “solving a pretty big problem,” McCarty said.
Dental practices are often using the same systems they used years ago. CureMint, founded by McCarty and Chris Rathgeb, seeks to modernize and simplify with its solution. The company says it manages more than $42.7 million in spending on its platform.
McCarty said investors see the problem – they see the solution, and so far they've been willing to make big bets on CureMint.
The company, at between 20 and 25 employees, is currently hiring, including in engineering and product marketing.
The firm filed two fundraises with the SEC last week, the debt round and a $2.2 million equity fund that McCarty said closed in October. Its investors include Cofounders Capital, JumpStart Foundry, Front Porch Venture Partners and VentureSouth.