Remedent has sold a slice of its own stake in GlamSmile to IDG-Accel, which now holds 31% of the stock, in return for a $7m investment.
IDG-Accel Fund, the joint partnership fund set up by media and research firm the International Data Group and venture firm Accel Partners, acquired a 31.4% stake in China-based cosmetic dental service GlamSmile Asia on Friday.
IDG-Accel bought 11.4% of GlamSmile’s shares from Belgium-based dental company Remedent for $2m, though Remedent still owns 29.4% of the company. IDG-Accel then acquired a further 20% from GlamSmile itself for $5m.
GlamSmile is planning to channel the funding into the opening of several of…
