HighFive Healthcare Secures $100 Million Investment Led by Norwest to Fuel Growth of Oral Surgery and Endodontic Practices
21 Jun 2023
Acquisition
BIRMINGHAM, Ala., June 21, 2023 /PRNewswire/ -- HighFive Healthcare (HighFive), a leading specialty dental partnership organization focused on endodontics and oral surgery today announced that they have closed a $100 million growth investment led by Norwest, a leading venture capital and growth equity investment firm. Norwest General Partner Dr. Ryan A. Harris and dental services industry veteran David Willens will join the company's board of directors. The strategic investment and partnership will enable HighFive to continue its rapid growth across the southeast United States and beyond. HighFive doctors and management, Krowten Capital, LLC and Jemison Investment Co., Inc. also participated in the round.
HighFive experienced rapid growth in 2022, doubling its practice size through the acquisition of partnering practices and organic growth, and this momentum has continued in 2023. From 2021 to 2022, HighFive's headcount increased by 142% and annual revenue increased by 150%. As specialty dental practices continue to consolidate across the country, HighFive is well-positioned to continue its positive trajectory.
"I am grateful for our doctor partners and the HighFive homebase team. Together we've led rapid innovation in the specialty dental space," said HighFive Healthcare CEO and founder Chad Trull. "Our partnership with Norwest will only strengthen our ability to support industry-leading specialists in providing the highest quality patient care. Norwest shares our collective belief that high-quality patient care starts with supporting the best doctor partners and teams across the country, and has an established track record of building leading brands and businesses."
"We're excited to partner with HighFive in building a best-in-class specialty dental platform," said Dr. Ryan Harris, General Partner at Norwest. "In getting to know HighFive's clinicians and corporate team, we've found a laser focus on outstanding patient care. Together we are dedicated to developing partnerships with the country's most talented, driven specialty dentists while maintaining HighFive's patient-centered culture."
"The transparency and culture of HighFive are unmatched. We are doing this totally differently. It is incredible to have the opportunity to own and manage a business of this scale, keep clinical autonomy, and watch the financial successes of all of my partners and peers," said HighFive partner Dr. David Roden DMD, MD.
About HighFive Healthcare
HighFive's partnership philosophy is simple: take care of your patients and HighFive will handle the rest. HighFive is an elite group of oral surgeons and endodontists and is majority doctor owned. This is not your typical DSO Model. The collaboration between the best surgeons, doctors and management team members elevates private practice with scale and optimization and maximizes the success of partnership. HighFive's goal is for every patient to have an exceptional experience in each of its practices. HighFive's transparent, fun and collaborative culture creates an innovative approach to operations, quality and buying power. The company, founded in 2018, is headquartered in Birmingham, Alabama and was named a 2023 Best Places to Work by the Birmingham Business Journal. For more information visit www.high5health.com.
About Norwest
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
SOURCE HighFive Healthcare
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