Brooklyn-based electric toothbrush maker and oral care startup quip, announced the completion of a $40 million fundraising round to support a new line of consumer products and professional service launches. quip, who completed the venture funding round through a combination of equity and debt financing off the back of its launch at Target, has raised more than $60 million. The equity financing was led by existing investor Sherpa Capital, alongside debt financing from Triplepoint Capital.
“We are thrilled to significantly increase our investment in quip ahead of several new growth initiatives across distribution, product expansion and new service offerings,” Brian Yee, Partner at Sherpa Capital said. “We are impressed by how quickly the team has been able to reach over 1 million consumers and how Simon is leveraging his design mindset beyond just physical products to architect a completely new end-to-end oral care experience for both consumers and dental providers.”
quip has sold over one million of its award-winning, American Dental Association accepted electric toothbrushes direct to consumer online since 2015. In October 2018, quip launched nationwide in Target stores.
“My co-founder Bill May and I built quip with the vision to create a full-service oral care platform that serves every oral care need, from the products our members use everyday, to the professional care services they require at least twice a year,” Simon Enever, CEO and co-founder of quip said. “We’ve been working closely with our full time dental professional staff and ever expanding provider network to make the full range of dental products and professional care services more simple, accessible and enjoyable to more people. Our momentum is extremely strong, and this additional funding will allow us to further scale the business while investing more into growing our operations and talented team.”
Get more information about quip and its products at Getquip.com