DTC’s Daily Digest brings you the latest news about the world's fastest growing brands. In today's edition: Norex gathers US $ 32 million birth control loans to get Monzo to pay profitability. The SmileDirectClub is looking forward to the IPO.
Norex raises US $ 32 million for birth control
Start birth control Nurx Approaching a valuation of $ 300 million (£ 247 million), It raised $ 32 million (£ 26 million) in Class C equity financing. The San Francisco-based business has raised more than US $ 90 million (£ 74 million) in debt and equity financing to date.
Varsha Rao, CEO of Nurx, explains that the goal is to become a telehealth platform focused on all critical health needs.
“We feel that there is a need to help people who may face stigma and governance issues often by providing a simplified platform. What the company does to provide greater physical and economic access to vital health services is something that is important,” she told TechCrunch. Very inspiring for me. "
Business plans to use the funding to double its engineering team and launch additional "sensitive" healthcare services. In addition to shipping contraceptives via DTC, including birth control pills, firing, ring and patches, Nurx offers emergency contraception, STI and HPV screening and testing, and PrEP medications, a once-daily pill that reduces Of the risk of HIV infection.
Get Monzo loans to pay profitability
Bank of the UK online MONZO she has He started making loans For their customers in the current account, they are stepping up efforts to become profitable and challenge street lenders.
Company£ 2bn in fundraising this year, it began testing loans with a small number of customers in 2018, but launched the service more widely on Thursday, offering loans worth £ 200-15,000. As of last year, it also offers overdrafts.
The move to customer loans represents a major step in the company's attempts to increase revenue and move towards sustainability. It has attracted more than 2 million users to its current application-based account with privileges such as spending analysis and cheap foreign exchange transactions, but has incurred more than £ 85 million in losses since its inception in 2015. It has previously rejected the importance of lending to clients, focusing instead This is to earn fees by recommending products from other providers.
It is the second digital bank in the UK to start providing personal loans, after the launch of the smaller Starling Bank last year. Starling lends up to £ 5,000 at rates ranging from 11% to 15%.
SmileDirectClub is looking forward to subscribing
SmileDirectClub, The DTC brand sells invisible tooth alignment, Submit a registration for the proposed IPO, With th The number of shares to be offered and the price range for the proposed offer is not specified.
before that, SmileDirectClub It reached a valuation of $ 3.2 billion (£ 2.6 billion) after a $ 380 million financing round last October. Investors from Clayton, Dubilier & Rice led the tour, in which Kleiner Perkins and Spark Capital participated. This funding came at the forefront of Invisalign's Align Technology investments of $ 46.7 million (£ 38.5 million) in SmileDirectClub in 2016, and another $ 12.8 million (£ 10.6 million) in 2017 to acquire a total of 19% of the company .
In 2018, SmileDirectClub's revenue was $ 432.2 million (£ 356.4 million), a significant increase from just $ 147 million (£ 121 million) the previous year. Before shipping matrices, patients either take their impressions of the teeth at home and send them to SmileDirectClub or visit one of the company's "SmileShops" to be scanned. SmileDirectClub says it costs 60% less than other types of orthodontic treatments.
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