- SmileDirectClub, a company that provides clear aligners, on Friday filed paperwork with the US Securities and Exchange Commission to go public.
- The company most recently had a private valuation of $3.2 billion.
- Here are the top investors in SmileDirectClub, including CEO David Katzman and co-founders Jordan Katzman and Alex Fenkell.
- Click here for more BI Prime stories.
When SmileDirectClub goes public, it could give a number of investors a reason to grin.
The company filed paperwork with the US Securities and Exchange Commission for its IPO on Friday. According to the filing, the company is seeking to raise $100 million, though that's a placeholder amount that can change.
SmileDirectClub is a startup that provides clear aligners for teeth. While it typically costs anywhere from $3,000 to $7,000 to get traditional braces or Invisalign-brand aligners, SmileDirectClub goes for a fraction of that - you can either pay $1,895 up front, or a total of $2,290 total spread out over two years.
Never miss out on healthcare news.Subscribe to Dispensed, our weekly newsletter on pharma, biotech, and healthcare.
The idea behind SmileDirectClub is to make straightening teeth more affordable by cutting out the steps of going in-person to a dentist or orthodontist to get braces or other alignments. The company was started by Alex Fenkell and Jordan Katzman in 2014.
In October 2018, SmileDirectClub raised $380 million from private equity firm Clayton, Dubilier & Rice as well as venture firms Kleiner Perkins and Spark Capital. The round valued the company at $3.2 billion- up from $275 million just two years earlier.
In its filing, SmileDirectClub listed out the top shareholders in the company, though it didn't break down how big of a stake each investor has. These are SmileDirectClub's top investors:
- David Katzman, 59, is chairman and CEO of SmileDirectClub. Katzman is the largest shareholder in SmileDirectClub, and the filing noted that at the completion of the offering, he will control a majority of the voting shares of the company. Katzman is the founder and managing partner of Detroit-area-based Camelot Venture Group, which has invested in Quicken Loans, Sharper Image, and 1-800 Contacts. Katzman is the father of co-founder Jordan Katzman.
- Jordan Katzman, 29, is a co-founder of SmileDirectClub and a director on its board.
- Alex Fenkell, 30, is a co-founder of SmileDirectClub and a director on its board. (The two met at summer camp)
- Steven Katzman, 56, is SmileDirectClub's chief operating officer and a member of the board. Steven Katzman is an adviser to Camelot, and is David Katzman's brother.
- Rick Schnall, 49, is a member of SmileDirectClub's board and a partner at Clayton, Dubilier & Rice, which led SmileDirectClub's $380 million round.
- Kyle Wailes, 35, is SmileDirectClub's chief financial officer. He joined the company in May 2018 after working at Intermedix, a billing technology company.
- Susan Greenspon Rammelt, 54, is SmileDirectClub's general counsel secretary and a member of the board. Greenspon Rammelt also serves as Camelot's general counsel.
