Dive Brief:
- After releasing new dental care services and products, oral healthcare company Quip raised $100 million in Series B funding from Cowen Sustainable Investments, the company announced on Tuesday. Artem Mariychin, managing director at Cowen Sustainable Investments, will become a member of Quip's board.
- The company said it will use the funding to expand its current consumer packaged goods business, develop new verticals, introduce new professional services and enter new markets internationally.
- Quip said it plans to grow its subscriber base using an "e-commerce, retail, partner and provider omni-channel approach." The brand's oral care product retail sales increased 100% from last year, a jump the company attributes to its new product launches and growing its retail footprint.
Dive Insight:
This latest funding round follows Quip's successful partnerships with Target and Walmart. Last October, Walmart introduced Quip's oral care products on its website and in 3,100 stores, a move which Quip CEO Simon Enever said was an opportunity to bring in more customers via retail. Back in 2018, the oral care brand raised $40 million after releasing its products in Target.
In addition to its retail deals, the company has been expanding its assortment of professional services. In February, Quip brought on a senior director of professional and scientific affairs, who is tasked with helping the company expand its professional services and connect Quip members with service providers. The company later launched its clear aligner service, which includes a virtual consultation, at-home or in-person monitoring and professional scanning and fittings.
"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," Ewa Kozicz, co-head of Cowen Sustainable Investments, said in a statement. "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."
