Quip (oral care)
|Founded||2014Brooklyn, New York, USAin|
|Founders||Simon Enever, Bill May|
|Products||Electric toothbrushes, toothpaste, dental floss|
Quip (stylized as quip) is a Brooklyn, New York based company that provides oral care products and dental services online. It delivers products by mail, including electric toothbrush replacement heads and toothpaste, on a subscription basis every three months.
Quip was founded by industrial designers Simon Enever and Bill May in 2014. The concept for Quip stemmed from a discussion Enever had with his dentist regarding the large population of people who do not follow proper oral care. After a year of research and project development, the founders struggled to secure investors. Eventually Enever and May were introduced to a group of NYC investors who believed in their vision and were able to secure angel funding. Among the first investors were Ben Zises (Investor #1), Sam Zises, CEO of [L]earned Media and Aaron Zises who became Founding Advisors. Other first round investors included Evan Kraut of Milkbox Partners and Kal Vepuri. By February 2015, Quip was able to begin shipping the first version of its toothbrush.
In March 2018, Quip announced a network of 15,000 dental professionals, who can be connected to patients’ Quip devices to remind them when to schedule their next dental cleaning.
CNN reported as of January 8, 2019, the company had sold more than one million toothbrushes and had more than one million subscribers.
With help from angel investors, seed money, and revenue-based financing from Lighter Capital, the company raised $2,205,000 in growth capital from 2014 through 2016. By the end of 2016, it sold 100,000 toothbrushes.
By the end of 2018, the company's total funding reached over $60 million following the $40 million in venture capital raised in November. Following the November funding, the company also announced the launch of a practice program where dental service providers could offer Quip’s products to their patients at a lower cost.
In May 2018, Quip acquired Afora, a New York-based dental care membership plan. Afora became the first company to join Quip Labs, a venture studio created to invest in products and services related to dental health. The company also raised an additional $10 million in debt funding from Silicon Valley Bank.
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