Jordan-based dental technology company Eon Dental raised $26 million in a series B financing round from a group of investors led by a global MedTech fund together with the Arab Palestinian Investment Company, otf Jasoor Ventures, Endeavor Catalyst, Spartech Ventures and Bank al Etihad.
Existing investors Hummingbird Ventures and Silicon Badia also participated in the funding round, the company said.
Series B financing is the second round of funding for a company that has met certain milestones and is past the initial start-up stage.
The new funds will be used to advance Eon’s manufacturing automation and clinical capabilities, invest in its software solutions and strengthen its commercialisation and distribution, the company said.
“Since founding the company, we have been mission-driven to provide quality orthodontic solutions to our customers,” Qais Sabri, co-founder and chief executive of Eon Dental, said.
Founded in 2011, Eon Dental is a full-service clear aligner company with a worldwide distribution network. Clear aligners are a transparent, plastic form of dental braces used to adjust teeth.
Eon provides clear aligners to dentists and orthodontists in the Middle East and North Africa.
The total funding secured by start-ups in the Mena region rose 64 per cent to $1.2 billion in the first half of the year, according to data platform Magnitt. This was more than the $1.09bn raised last year.
However, the number of deals dropped by 20 per cent to 254 as angel investors diverted funds towards more traditional asset classes such as stock markets and property.
The top three Mena centres – the UAE, Egypt and Saudi Arabia – accounted for 71 per cent of total capital invested during the period, the Magnitt data showed.
The UAE led in terms of deal numbers, securing 61 per cent of all investment. Major funding rounds in the first-half included $415m for Dubai’s cloud kitchen company Kitopi, $30.5m for Saudi Arabia’s e-commerce platform Sary and $30m for Egyptian freight start-up Trella.
“The original equipment manufacturer market is extremely underserved,” said Eon’s lead investor, whose name was not disclosed by the company. “Eon’s innovations in rapid manufacturing of clear aligners and integrated clinical care solutions deliver a better experience for customers at a lower total cost.”
Jordan’s economy is forecast to grow 2 per cent this year – little changed from 2020 – as the gradual return of tourists, Covid-19 vaccination efforts and rising global demand support a rebound in the second half of 2021, according to the International Monetary Fund.
SMEs make up about 98 per cent of all businesses in Jordan, accounting for more than 50 per cent of its gross domestic product, and employ about 60 per cent of the workforce, according to ResearchGate estimates.
“It is exciting to see a Jordanian start-up mature as an organisation and make the transition to become a global player,” Ahmad Hanandeh, Jordanian Minister of Digital Economy and Entrepreneurship, said.
“Eon receiving regional and international investor recognition reaffirms what Jordan has to offer in terms of talent, capabilities and entrepreneurial spirit.”