Quip is on a quest to become the go-to platform for both personal and professional oral care, and a fresh $100 million funding infusion will help it get there.
The Series B round from Cowen Sustainable Investments (CSI) comes after the company reached profitability in April 2020, giving Quip total funding of more than $160 million since its founding in 2015. In 2018, it raised $40 million in a public offering, in 2015, the startup its service at TechCrunch Disrupt NY’s Startup Alley.
Quip was best known at the time as a subscription-based toothbrush replacement service, but it has steadily expanded its market share of the $435 billion global oral healthcare market by adding flossers, mouthwash, gum, smart electric toothbrushes, and, most recently, a virtual orthodontist-enabled clear aligner service, which launched in April. The company’s long-term objective, according to co-founder and CEO Simon Enever, is to “create an enduring worldwide business in the dental care area, and it is crucial to keep the business on the correct scale.” Quip’s approximately 7.5 million customers in 100 countries are focused on growth, innovation, and community building.
He continued, “The timing of this round, as well as raising such a substantial round, was purposeful and strategic.” “We wanted to show a couple of things: that we could build a high-profile, lucrative core business that people recognize today, aligning the first bits of the pie on our oral care app and then services like the clear aligner we introduced a few months ago.”
There were very few oral care firms and not much financing going into the field when Quip first began and secured funding six years ago, according to Enever.
In fact, it was a dental visit eight years ago that inspired him to launch the company in the first place, when he discovered how little money was being invested in improving the space. Since then, he continued, additional entrepreneurs have been developing dental care, and there has been investment in both the personal and professional sides, particularly in sub-areas like orthodontics and appointment scheduling, which Quip is working on.
The new capital will allow the company to expand its personal care platform, which now has over 7.5 million members and connects them to a network of over 50,000 dental practitioners.
It will also enter new verticals, extend its global footprint, and update its oral care companion mobile app with additional features.
According to Enever, Quip plans to have over 1 million app users by 2022. The company’s aim of tracking oral habits, counseling, and health monitoring will be enhanced with the addition of new capabilities. Members can then redeem points for products and discounts from Quip and other partners by improving their habits and health.
