This morning quip, an online dental platform and subscription toothbrush company, landed $40 million led by existing investor Sherpa Capital, with participation from Triplepoint Capital.
quip is best known for selling American Dental Association-approved electronic toothbrushes on its online platform. The company runs on a subscription model. Once a customer has bought the toothbrush for $25, quip’s subscription service will send that consumer a replacement head every three months for $5 per shipment. It also offers a digital platform called Dental Connect, which gives users digital reminders about visiting the dentist every six months. If a user’s provider is connected to quip, the platform gives rewards for going to the dentist as well as personalized tips from the user’s dentist.
More recently, quip has dipped its toes into the payer market — earlier this year it . The company said at the time that the plan would be an alternative to traditional insurance, claiming that it was more affordable and allows users connect to providers directly through its platform.
What's the impact
The new money will be used to help grow subscribers through an omnichannel approach, according to the company. It is working on getting dental offices to join its free network, allowing them to offer the subscription services at their practice to patients. It also plans to grow its program, which lets dental practices give their patients advice through the platform.
In addition to the new services the company said it will also use the funding to invest in advertising campaigns.
What's the trend
quip has been raking in the funding money in recent years. Last year the company raised $10 million. This recent funding news brings the company’s total financing to over $60 million.
This announcement comes only months after the company announced that it launched its product at retail giant Target.
On the record
“My co-founder 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,” Simon Enever, CEO and cofounder of quip, said in a statement. “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.”