This summer Quip raised $10 million in funding from Silicon Valley Bank and acquired dental insurance start-up Afora. They launched in Target and have just raised another $40 million more in venture capital, bringing the total in funding raised to over $60 million.
WHO: Quip, a New York-based start-up founded by Simon Enever and Bill May, launched in 2015 and makes subscription electric toothbrushes. The Quip toothbrush is simple, with an elegant design and minimal features. The brushed-metal version comes in starting at $40. For bargain hunters, it comes in less-expensive blue or green plastic starting at $25.
WHY: The latest line of financing will be earmarked for growing its subscriber base, notably through an offline distribution program to recruit more dental providers to its network.
IN THEIR OWN WORDS: “I think the mix of debt and equity is a great thing for us,” Quip CEO Simon Enever told TechCrunch. “It’s more attractive than ever to get alternative types of financing.”
“My cofounder 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 every day, to the professional care services they require at least twice a year,” Quip CEO and cofounder Simon Enever told Venture Beat. “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.”
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