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Quip Raises $100 Million Series B

September 10, 2021 BeautyMatter
September 10, 2021
Quip

Modern oral health care brand Quip raised $100 million in growth funding from Cowen Sustainable Investments on the heels of reaching profitability.

WHO: Co-founded by Simon Enever and Bill May in 2015, Quip has upended the personal oral care market. The modern oral health company 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 picks 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.

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., a diversified financial services firm offering investment banking services, research, sales and trading, prime brokerage, global clearing, commission management services, and investment management. Founded in 1918, Cowen is headquartered in New York and has offices worldwide.

WHY: 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. With the Series B funding, Quip will further scale its existing consumer packaged goods business and fuel the development of new verticals, innovations in professional services, and global expansion, taking aim at the entire global oral healthcare market.

IN THEIR OWN WORDS: "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.

“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."

DETAILS:

  • Quip raised $100 million in a Series B growth funding round from Cowen Sustainable Investments.
  • The brand, with 7.5 million users, has reached profitability, is expanding into new oral care verticals, and is launching its first professional services.
  • Retail sales of Quip oral care products year to date are up more than 100% compared to last year, driven by new product launches and an expanding 10,000+ door retail footprint, most recently launching nationwide in Walmart following its successful rollout with Target in 2018.
  • With members in over 100 countries, Quip plans to meet international demand for its products by launching international e-commerce and brick-and-mortar channels.
  • Artem Mariychin, Managing Director at CSI, will join the company's board.
  • Citi acted as exclusive financial advisor to Quip in this growth financing.
  • According to Crunchbase, Quip has raised $162.2 million in funding to date.
  • In November 2017, Quip raised $10 million from Sherpa Capital, Blue Scorpion VC, Demi Lovato, and others.
  • In May 2018, Quip raised a $10 million funding round from Silicon Valley Bank and acquired dental insurance start-up Afora.
  • In November 2018, Quip raised $40 million with about half of the funding coming in an equity deal led by Sherpa Capital and the balance in debt financing from TriplePoint Capital.
  • In November 2019, Blue Scorpion Investments reinvested in a $40 million round of financing, co-investing with Sherpa Capital for the round.
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