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Added By Eric Block

Revere Partners Advisors and Consultants

The first independent VC fund for oral health. 

Investment Thesis:

Revere is the first-ever venture fund with a focus on oral health, bringing the best oral and systemic health start-ups and the brightest founders to market by matching them with exceptional investors and industry experts. Jeremy and David have a combined 30+ years of key operator experience, 30+ portfolio start-ups, $800M+ valuation, 4 exits, and 2 IPOs. With an intimate knowledge of the industry, which sees $180bn of spending on dental care annually, Revere can help foster unrivaled strategic partnerships that will improve care delivery, as well as patients’ and providers’ experiences — thereby maximizing value for investors.

Investment Strategy:

While there are many excellent investment opportunities in the industry, our data and track record highlight the value of focusing on Seed and Series A rounds (roughly a 2:1 allocation). In addition, we have carved our space in our portfolio for small allotments to special opportunities (pre-seed, innovation competitions) and follow-on investments (Series B and beyond). We believe our industry reach and expertise would afford the opportunity to take Board seats at many of our portfolio companies.

Investment Targets:

  1. Tech – Diagnostics
  2. Dental Services – Biotech
  3. Consumer – Brands
  4. Payments – Reimbursement
  5. Access to care 

Our thesis is three-pronged:

  1. Capital Access: We are a strategic, active investor, and a thought leader. We are not a service provider, incubator, accelerator, or venture studio. 
  2. Industry access: We have built an all-star 25+ person team to connect startups with leadership at the top dental chains, manufacturers, distributors, insurers, academics, professional associations, nationwide labs, and retailers. 
  3. Insights. We conducted a 20-month research project leading to a first-of-its-kind publishable paper proving the strong return profile of early-stage oral health investments. We plan to bring awareness and education to elevate dental investments. 

Research and Insights:

Our analytically rigorous research process enables us to deliver unique insights. We compiled data from over 300 transactions, comprising the largest database of its kind, and found that investments in early-stage dental start-ups earn higher returns relative to other investments on both an outright and risk-adjusted basis.

The Facts: 

  • There is $180bn spent on oral care delivery in the US per year, accounting for roughly 4% of healthcare spending. 
  • Approximately 8% of all VC deals are on healthcare, including oral health, and have been increasing over the last 10 years. 
  • Oral care startups are under-invested in compared to the market size, leaving room for opportunity to capture market share. 
  • On an annual return basis, oral care startups have a 35% IRR, and even outperform PE investments in dental practices, PE acquisitions of late-stage products, public dental equities, and the single practice on both an outright and risk adjusted basis. 

Fund Structure and Terms:

  • Revere is an AngelList Rolling Fund, a cutting-edge subscription model for investing that allows investors to contribute funds quarterly to a series of consecutive open-ended investment vehicles.
  • Average LP commitment of $25k for four quarters – but we prefer you stick around longer!
  • Industry-standard fees: 0.15% admin fee, 2% management fee, 20% carried interest (charged only after all committed capital has been returned).

We welcome investors both in and out of the industry to join us in revolutionizing oral care and beyond (and earning strong returns along the way)!

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