Spotlight Oral Care has enlisted a new shareholder to fuel US expansion. Dermot Desmond’s equity fund IIU invested €2 million in exchange for a 10 percent share of the company.

WHO: Based in Galway, Ireland, dental care brand Spotlight Oral Care was founded in 2016 by Dr. Lisa Creaven, Dr. Venessa Creaven, and Dr. Barry Buckley to fill a gap in the market for safe, effective products with a clean, high-performance oral care brand. Every Spotlight Oral Care product is cruelty-free, vegan, free from toxic ingredients, and is not tested on animals. In addition, their dental floss is made from recycled ocean plastic and their toothpaste tubes are made from sugar cane. Spotlight Oral Care products are distributed in Boots, Tesco, and Dunnes Stores, and most pharmacies throughout Ireland and in 15 countries around the world.

WHY: The capital was required to help the brand fund its US full chain rollout launches in Target, Ulta Beauty, and CVS.

DETAILS:

• Dermot Desmond’s private equity fund, International Investment & Underwriting (IIU), has invested €2MM in Spotlight Oral Care in exchange for a 10% stake in the business.
• Three UK-based venture capital firms were also interested in investing in the brand.
• Spotlight Oral Care offers worldwide shipping, contributing to their 3,000% growth online in 2020.
• The company projects revenues of €20 million in its current financial year, having reached a turnover of €5.8 million in its financial year for 12 months to the end of June 2020. In the financial year 2021 to 2022, the company has a forecast turnover of between €40 million and €50 million.
• Dr. Buckley, co-founder and Chief Operating Officer, told the Irish Times the company would seek to raise an additional €10 million in a Series B investment round in the coming years to fuel further expansion after reaching the €20 million target.