When SmileDirectClub goes public, it could give a number of investors a reason to grin.
The company filed paperwork on Friday with the US Securities and Exchange Commission for its initial public offering. 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 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, SmileDirectClub raised $380 million from the private-equity firm Clayton, Dubilier & Rice and the 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 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 the chairman and CEO of SmileDirectClub. Katzman is the largest shareholder in SmileDirectClub, and the filing said 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 the Detroit-area-based Camelot Venture Group, which has invested in Quicken Loans, Sharper Image, and 1-800 Contacts. Katzman is the father of cofounder Jordan Katzman.
- Jordan Katzman, 29, is a cofounder of SmileDirectClub and a director on its board.
- Alex Fenkell, 30, is a cofounder of SmileDirectClub and a director on its board. (He and Jordan Katzman 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 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.
- Pandemic thriller Utopia on Amazon might be the perfect viewing
- 2021 Jaguar F-Pace refreshed with new styling, luxury and tech
- 2020 Halloween full moon: This year’s spooky spectacle brings a rare twist
- The best minimalist wallet for 2020
- NASA chief calls for prioritizing Venus after surprise find hints at alien life
- YouTube is adding a new Shorts feature to rival TikTok and Instagram Reels
- Paul Rudd, world’s youngest 51-year-old, tells fellow kids to mask up
- Jonathan Majors to join MCU as villain Kang the Conquerer, report says
- TikTok ban won’t prevent employees from being paid, US says in filing