quip Raises $100 Million in Funding to Redefine Oral Healthcare Globally
NEW YORK--(BUSINESS WIRE)--Aug 31, 2021--
quip, the modern oral healthcare company with over 7.5 million users, today announced it has raised $100 million in growth funding from Cowen Sustainable Investments (CSI) an environmental sustainability focused growth investment strategy. On the heels of reaching profitability, expanding into new oral care verticals, and launching its first professional services, CSI recognized quip’s unique potential to disrupt the $450 billion global oral healthcare market through its digital platform connecting personal and professional oral care, and become the center for oral health.
“quip is well on its way to becoming the iconic oral care brand in the way we’ve seen companies revolutionize other industries like fitness, pet care and eyewear. No other oral care company can match quip’s engaged customer base, data expertise, professional network and digital platform that helps people take control of every aspect of their oral health,” said Ewa Kozicz, Co-Head of CSI.
Since launching in 2015, quip has upended the personal oral care market becoming the first and most prolific brand putting design, accessibility and simplicity at the forefront of oral care while providing a tangible benefit to the environment with its innovative, first of its category, refillable oral care products and all-paper recyclable packaging. With the Series B funding, quip will further scale its existing consumer packaged goods (CPG) business and fuel the development of new verticals, innovations in professional services and global expansion, taking aim at the entire global oral healthcare market.
Key areas of investment include:
- Channel Growth: quip will continue to grow its multi-million member subscriber base through its ecommerce, retail, partner and provider omni-channel approach. Retail sales of quip oral care products year to date are up more than 100% compared to last year thanks to new product launches and an expanding 10,000+ door retail footprint (most recently, launching nationwide in Walmart following its successful roll-out with Target in 2018).
- Product Innovation: With an ambitious endeavor that started with an electric toothbrush and toothpaste, quip brought more delight to oral care routines this past year with refillable floss pick, refillable mouthwash, refillable gum and smart electric toothbrushes. These new innovations alone are on pace to hit 1 million units sold later this year. The company, which designs and develops all its products in-house, will continue to expand its portfolio of professionally-backed and ADA accepted dental solutions.
- Oral Care Companion App: As the largest digitally native oral care brand and subscription service, quip expects its app, currently accessible to users of its smart brush, to reach over 1 million users in 2022 through expanded access and strategic healthcare partnerships. The app will continue to build upon its focus on oral care habit tracking, coaching and health monitoring where members earn points for practicing good oral care habits and redeem them for free products, gift cards and other perks from quip and its partners. Features from quip’s Dental Care Booking and Aligner Monitoring apps will also be integrated to form a single place for members to manage all their personal and professional oral care needs and benefits.
- Professional Services & Virtual Care: Following the launch of a virtual orthodontist enabled clear aligner service in April, and the quipcare dental plan in 2019, quip plans to continue creating professional services that better connect its millions of members to its network of 50,000+ providers, to improve and integrate the experiences of patients, payors and providers.
- Sustainability: Through recyclable paper packaging and refillable products, quip estimates over 100,000,000 single use plastic components have been diverted from entering landfills from its efforts to date. The brand will continue to be champions of change with sustainable packaging and innovative product design, aiming to have reached over 1 million pounds of plastic reduction or diversion within the next 12 months.
- Global Expansion: With members in over 100 countries, quip plans to meet international demand for its products by launching international ecommerce and brick and mortar channels.
- Talent Acquisition: quip aims to expand its leadership team and significantly grow its 200-person NYC and SLC teams by the end of 2022 to support the continued build-out of its oral care platform.
“At quip, we want to improve every step in your oral health journey...whether that’s rewarding you for regularly brushing your teeth for two minutes twice a day, tracking changes in your oral health, or seamlessly scheduling your next dentist appointment through our app,” said quip co-founder and CEO, Simon Enever. “We want to redesign the way the industry conventionally views, provides, and integrates oral health into everyday life.”
Vusal Najafov, Co-Head of CSI, added, “quip has established itself as a leading platform for oral health solutions, with an innovative model underpinned by sustainability and high quality, affordable products. We are excited to support quip in its mission to make dental care services more simple, accessible and enjoyable for everyone.”
Artem Mariychin, Managing Director at CSI, will join the company’s board.
Citi acted as exclusive financial advisor to quip in this growth financing.
To learn more about quip, its products and professional services, please visit getquip.com
quip is a modern oral health company launched in 2015 that provides thoughtfully designed personal oral care products and professional dental care services to make oral care more simple, accessible, and enjoyable. The current personal care offerings include a wide selection of American Dental Association accepted (ADA seal) adult and kid electric toothbrushes, smart brushes, refillable floss pick and string, mouthwash and gum, all kept fresh with a refill delivery service. quip’s professional platform, which is behind quip Aligners and quipcare, is part of the company’s future vision to combine personal and professional care. quip was co-founded by Simon Enever and Bill May. Learn more at getquip.com.
About Cowen Sustainable Investments
Founded in 2018, Cowen Sustainable Investments (CSI) provides tailored financing and data analytics solutions to companies that are accelerating the world’s transition to an environmentally sustainable economy by addressing pollution, waste, and resource constraints. The CSI strategy is managed by Cowen Sustainable Advisors LLC, a division of Cowen Inc. (“Cowen”). Cowen is a diversified financial services firm offering investment banking services, research, sales and trading, prime brokerage, global clearing, commission management services and investment management. Cowen focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, Cowen is headquartered in New York and has offices worldwide. Learn more at Cowen.com
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CONTACT: Maria Kennedy
Moxie Communications Group
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: RETAIL HEALTH TECHNOLOGY DEPARTMENT STORES MOBILE/WIRELESS DENTAL HARDWARE
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PUB: 08/31/2021 09:00 AM/DISC: 08/31/2021 09:02 AM