Industry: Dental
Dental private equity
Private equity grows dental groups by buying practices, and dental software and AI raise venture rounds. Waveup prepares the CIM, model and investor materials behind a sale, recapitalization or raise.
- Buyer, investor and lender lists for DSOs and dental tech
- CIMs and models built on office-level EBITDA
- Waveup prepares investor materials for dental groups, DSOs and dental technology companies: $3B+ raised for 600+ startups since 2014
In short
What is dental private equity?
Dental private equity is investment by private equity funds in groups of dental practices. Funds usually buy a dental support organization (DSO), which runs billing, staff and supplies for many offices. Selling dentists often keep a stake and stay on. The ADA's Health Policy Institute found 17% of US dentists were affiliated with a DSO in 2025.
- Who it's for
- Dental groups, DSOs and dental tech companies, from first round to sale
- What we build
- CIM, financial model, valuation, investor deck, buyer and investor lists
- Prices
- Deck from $6,000, model from $3,000. Flat fees
- Track record
- $3B+ raised for 600+ startups since 2014
Market data checked on 8 November 2026. Sources are under each section.
Is private equity still buying dental practices in 2026?
Yes, steadily, but buyers are choosier and the rules are tighter. Most deals now add one practice to a group that private equity already owns.
The opportunity
Dentistry is still a market of small local offices, which suits buyers who combine them.
- New dentists join groups far more often than experienced ones
- Oral surgery, orthodontics and other specialties are drawing new platforms
- Large dental groups are signing up for AI that reads X-rays
The problem
An independent office pays its owner less than it used to. General dentists' net income fell 8.1% after inflation between 2016–20 and 2021–25.
Market size
How big is US dentistry, and how much of it do DSOs hold?
Americans spent $189 billion on dental care in 2024. Four trends move more of that spending into DSOs:
- Younger dentists: 31.4% of those under five years out of dental school were DSO-affiliated in 2025
- Specialists: private equity ties more than doubled among oral surgeons, orthodontists and pediatric dentists from 2015 to 2021
- Regional hubs: about 1 in 4 dentists in Nevada, Arizona, Colorado, Oklahoma, Georgia and Florida were DSO-affiliated in 2025
- Steady demand: dental spending grew 4% after inflation in 2024
Private equity and venture capital
How much private equity and venture money goes into dentistry?
Private equity grows dental groups mostly by adding one practice at a time. Venture rounds go mainly to software and AI that dental offices buy.
of 2025's dental deals were add-ons bought by groups that private equity owns
of the most active PE-backed healthcare platforms in 2025 were dental groups
Series C for Archy, a dental practice software maker, in September 2026
Who invests in dental groups and dental startups?
Healthcare private equity firms that back DSOs, investors in dental software and AI, and lenders to practices. Six examples; for more names, see our list of healthcare venture capital firms.
Investor database
Healthtech investors in our database
The funds with the most healthtech investments. Pick a stage, or open a fund for its cheque sizes.
Top 5 by healthtech investments
Investments by industry
- Healthtech & Wellness48%
- Biotech24%
- Pharma21%
- Rounds
- Series ASeries BSeries C+
- Average cheque
- $500K–$1M$1M–$3M$3M–$10M$10M–$50M
- Based in
- New York, United States
- Invests in
- East Asia, USA
704 investments in total, 49 tagged Healthtech & Wellness.Open the full fund profile
Investments by industry
- Healthtech & Wellness42%
- Biotech26%
- Pharma18%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $100K–$500K$500K–$1M
- Based in
- Cambridge, United States
- Invests in
- Southeast Asia, USA
613 investments in total, 40 tagged Healthtech & Wellness.Open the full fund profile
Investments by industry
- Healthtech & Wellness56%
- Software & Apps12%
- AI & Deep Tech7%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $3M–$10M$10M–$50M
- Based in
- San Francisco, USA
- Invests in
- USA
83 investments in total, 38 tagged Healthtech & Wellness.Open the full fund profile
Investments by industry
- Healthtech & Wellness45%
- Biotech30%
- Pharma19%
- Rounds
- Series ASeries BSeries C+
- Average cheque
- $0–$100K$100K–$500K$500K–$1M$1M–$3M$3M–$10M
- Based in
- Menlo Park, United States
- Invests in
- Europe, USA, Canada
382 investments in total, 30 tagged Healthtech & Wellness.Open the full fund profile
Investments by industry
- Software & Apps36%
- AI & Deep Tech17%
- Healthtech & Wellness16%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $3M–$10MOver $50M$10M–$50M
- Based in
- Boston, United States
315 investments in total, 27 tagged Healthtech & Wellness.Open the full fund profile
From our investor database.
What do buyers and investors check in a dental deal?
Our Fundraising 2025 study asked 56 VCs why they say no. Revenue growth, unit economics, burn and missed milestones led, then defensibility and crowded categories. Dental deals add four questions of their own.
Who makes clinical calls
California's SB 351, signed on 6 October 2025, bars private equity owners from interfering in dentists' clinical judgment. It also stops them controlling coding, billing or payer contract terms.
What investors ask
- Who decides on treatment, coding and payer contracts after the deal?
What your deck shows
- A governance chart that leaves clinical calls with dentists
- Management agreements checked against each state's rules
Prices under study
Dental offices raised their charges by 3.3% after private equity bought them, a study in Health Services Research found. Their work also shifted toward restorative and surgical care.
What investors ask
- Does your growth come from more patients, or from more treatment per patient?
What your deck shows
- Growth split into new patients, visits and revenue per visit
- Preventive and hygiene share, before and after each purchase
Less cash at closing
Few DSOs pay more than 65–70% of the price in cash at closing, a practice broker told Becker's in January. Many also ask the selling dentist to stay on for five years.
What investors ask
- How much of the price is cash, and how much depends on the next sale?
What your deck shows
- Cash, rollover equity and earn-out, side by side
- Which dentists stay after closing, and on what contracts
Costs rising faster than fees
General dentists' expenses rose 4.9% after inflation between 2016–20 and 2021–25, ADA data show. Revenue per dentist barely moved.
What investors ask
- How will you protect margins if insurance fees keep lagging inflation?
What your deck shows
- Revenue and cost per visit, office by office
- Savings from shared billing, purchasing and hiring
How we help you raise
Flat fees agreed before we start. No success fee on advisory work.
For a DSO platform raise or a dental tech round, built on office economics.
Office-level revenue, EBITDA and add-on purchases, month by month.
A range built on dental group and dental software deals.
PE firms behind DSOs, dental tech investors and practice lenders.
Provider contracts, payer mix and billing files, set out for review.
The CIM and teaser a DSO or PE buyer reads before an offer.
Who we are
Waveup is a London-based fundraising and growth advisory, working in 60+ countries and 90+ industries. Since 2014 we have built the decks, models, CIMs and valuations behind $3B+ raised for 600+ startups.
About usDental private equity FAQ
What is a DSO, and how does private equity use one?
How does selling a dental practice to a DSO work?
How do private equity buyers value a dental practice?
Which private equity firms own large dental groups?
How do dental tech startups raise money?
How much does help with a dental sale or raise cost?
Raising or selling in dentistry?
Tell us about your offices or your product, and your timeline. We'll point out what a buyer or investor will check first.
