The money will come from two funding streams. The Midlands Engine Investment Fund (MEIF) will provide £500,000 through the MEIF West Midlands Equity Fund, which is dedicated to supporting economic growth in the Midlands.
An additional £392,000 will come from the West Midlands Co-Investment Fund, set up by the West Midlands Combined Authority (WMCA) to promote innovative business growth in the region. Midven, part of the Future Planet Capital Group, manages both.
The remaining £392,000 will come from co-investment from Haatch Ventures and US-based dental-specific venture fund Revere Partners.
The initial investment will propel Denturly to more than 50 locations nationwide over the next 24 months. The company will also be able to triple employee numbers, rising from 15 to 45. This expansion coincides with an expanding management team and increased expenditure on marketing. Denturly also plans to build out other avenues for the business, such as care home and dentist referrals.
Denturly’s strategy is to disrupt the highly inefficient global dentures market. The aim is to emulate the effect caused by Invisalign in the orthodontics market in 2022. The company will achieve this by using digital scanning and 3D printing technology to improve fit, reduce cost, and take time out of the currently highly laborious fitting and manufacturing process.
The covid pandemic escalated problems within NHS dentistry services, resulting in severe waiting lists. According to the BBC, this has also exacerbated the NHS funding gap, which means more dentists have to take on private work. The research shows that nine in 10 practices are not taking on new adult patients.
Denturly’s simple, fast, and convenient solution eliminates many pain points in the denture fitting process. This will have immediate advantages for patients and dentistry providers around the globe, as well as long-term benefits for the NHS.
Denturly has a proven and profitable business model and has achieved impressive traction to date. The business is armed with a highly competent management team that has notable experience scaling SMEs. Midven has provided strategic guidance to Denturly in the lead-up to investment and will make key introductions to potential new hires. Wanting to empower the entrepreneurs, Midven will also assist wherever necessary to ensure the continual growth of the company.
Rupert Lyle at Midven said, “This infusion of capital will not only propel Denturly to over 50 locations nationwide but also triple employee numbers, showcasing the immense growth potential of this innovative digital denture care company. We believe in Denturly's vision to revolutionise the global dentures market, and we're dedicated to providing the strategic guidance and introductions needed to fuel their success.”
Graham Byrne, CEO of Denturly, said, “We are excited to be partnering with Midven, the Midlands Engine Investment Fund and the West Midlands Co-Investment Fund. Our business is centred in Birmingham which has been a fundamental factor in our ability to scale. We are grateful that Midven took the time to explore our vision to democratise quality digital denture care.”
The West Midlands Co-Investment Fund is a ground-breaking initiative launched by the WMCA in partnership with the West Midlands Pension Fund to provide innovative businesses with equity investment of up to £1m. Investments are focussed on SMEs that offer high-growth potential and the ability to help supercharge the West Midlands economy by growing the region’s industries of the future. The partnership looks to invest on a one-to-one basis matched by private co-investment across a variety of sectors, including green technology, advanced manufacturing, life sciences and creative and digital, helping them to scale up operations.
Andy Street, mayor of the West Midlands and chair of the WMCA, said, “Denturly is exactly the sort of forward-looking, locally headquartered company that the novel West Midlands Co-Investment Fund was set up to find, fund and foster. Companies like Denturly show how technology can be harnessed to drive innovation, generate value and unlock new growth opportunities. These are the building blocks of a regional economy that is fit for the future, so it's important to improve access to finance for players like this. I look forward to the West Midlands Co-Investment Fund continuing to do good work in the months and years ahead.”
Mark Wilcockson, senior investment manager at the British Business Bank, said, “The Midlands Engine Investment Fund invests in Midlands SMEs with huge growth potential and innovative business structure. Companies like Denturly help boost local economies through job creation and making much-needed services more accessible to people in need.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.