Quip (oral care)

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Quip
Private
IndustryOral hygiene
Founded2014; 5 years ago (2014) in Brooklyn, New York, USA
FoundersSimon Enever, Bill May[1]
Area served
Worldwide
ProductsElectric toothbrushes, toothpaste, dental floss
Websitewww.getquip.com

Quip (stylized as quip) is a Brooklyn, New York based company that provides oral care products and dental services online.[2] It delivers products by mail, including electric toothbrush replacement heads and toothpaste, on a subscription basis every three months.[3][4]

History[edit]

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.[5] 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.[6] By February 2015, Quip was able to begin shipping the first version of its toothbrush.[7]

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.[8]

In late 2018, Quip began retailing at Target, its first brick and mortar location.[9] There is some speculation as to how a subscription-based product will thrive in an offline space.[10]

CNN reported as of January 8, 2019, the company had sold more than one million toothbrushes and had more than one million subscribers.[5]

Funding[edit]

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.[11] By the end of 2016, it sold 100,000 toothbrushes.[12]

In November 2017, the company raised $10 million in a Series A round of funding from investors including Sherpa Capital, Blue Scorpion VC and Demi Lovato.[13]

By the end of 2018, the company's total funding reached over $60 million following the $40 million in venture capital raised in November.[14] 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.[15]

Acquisitions[edit]

In May 2018, Quip acquired Afora, a New York-based dental care membership plan.[16] Afora became the first company to join Quip Labs, a venture studio created to invest in products and services related to dental health.[17] The company also raised an additional $10 million in debt funding from Silicon Valley Bank.[2]

Awards[edit]

References[edit]

  1. ^ "Simon Enever + Bill May: Founder Q&A". Quip.
  2. ^ a b Schatz, Robin D. (2018-05-16). "Two dental startups join forces to further oral health". Crain's New York Business. Retrieved 2018-06-26.
  3. ^ Pulvirent, Stephen (2015-08-06). "Is Quip the Tesla of Toothbrushes?". Bloomberg News. Retrieved 2018-06-26.
  4. ^ Segran, Elizabeth (2015-11-24). "An Idea With Teeth: This Gorgeous Toothbrush Is Made To Fix Our Bad Brushing Habits". Fast Company. Retrieved 2018-06-26.
  5. ^ a b Kavilanz, Parija (January 8, 2019). "More than 1 million people subscribe to this electric toothbrush startup". CNN Business.
  6. ^ Carpenter, Shelby (2016-05-25). "Quip Brings The Delivery Box Experience To Teeth-Brushing". Forbes. Retrieved 2018-06-26.
  7. ^ "Electric Toothbrush Company Begins Offering Automatic Refill Subscription Service for Brushes and Toothpaste". Info Tech. February 12, 2015. Retrieved 2019-01-09.
  8. ^ LaVito, Angelica (2018-03-09). "This start-up wants to change the way you interact with your dentist, one toothbrush at a time". CNBC. Retrieved 2018-06-26.
  9. ^ Boyle, Matthew (October 1, 2018). "The IPhone of Toothbrushes to Sell Offline, Too, in Target Push". Adweej. Retrieved 6 November 2018.
  10. ^ Halzack, Sarah (October 7, 2018). "Walmart, Target seek digital brand boost". The Columbian. Retrieved 6 November 2018.
  11. ^ "Quip Funding Rounds". CrunchBase. Retrieved 2018-12-06.
  12. ^ Mathews, Jessica (2017-12-07). "The $100-plus electric toothbrush moves up Silicon Valley's list of takedown targets". CNBC. Retrieved 2018-06-26.
  13. ^ Roof, Katie (2017-11-01). "Quip raises $10 million for electric toothbrushes – TechCrunch". TechCrunch. Retrieved 2018-06-26.
  14. ^ "Dental Care Startup Quip Raises $40 Million Following Launch at Target". Fortune. Retrieved 2019-01-09.
  15. ^ "Quip raises another $40 million for dental care products and services". TechCrunch. Retrieved 2019-01-09.
  16. ^ Ramsey, Lydia (2018-05-16). "A company that makes the 'Tesla of toothbrushes' just acquired a dental plan startup". Business Insider. Retrieved 2018-06-26.
  17. ^ Dickey, Megan Rose (2018-05-16). "Quip raises $10 million for electric toothbrushes and dental care – TechCrunch". TechCrunch. Retrieved 2018-06-26.
  18. ^ "The 25 Best Inventions of 2016". Time. 2016-11-17. Retrieved 2018-06-26.
  19. ^ Goble, Andrew (2016-11-05). "The High-Tech (and Low-Cost) Upgrades to Disrupt Your Grooming Game". GQ. Retrieved 2018-06-26.

External links[edit]

Official website