Company:Quip (oral care)

From HandWiki
Quip
TypePrivate
IndustryOral hygiene
Founded2014; 8 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

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

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

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

References

  1. "Simon Enever + Bill May: Founder Q&A". https://www.getquip.com/blog/quip-team-ama-with-founders-simon-and-bill. 
  2. 2.0 2.1 Schatz, Robin D. (2018-05-16). "Two dental startups join forces to further oral health". Crain's New York Business. http://www.crainsnewyork.com/article/20180516/HEALTH_CARE/180519913/two-new-york-dental-startups-join-forces-to-further-oral-health. 
  3. Pulvirent, Stephen (2015-08-06). "Is Quip the Tesla of Toothbrushes?" (in en). Bloomberg News. https://www.bloomberg.com/news/articles/2015-08-06/is-quip-the-tesla-of-toothbrushes-. 
  4. Segran, Elizabeth (2015-11-24). "An Idea With Teeth: This Gorgeous Toothbrush Is Made To Fix Our Bad Brushing Habits" (in en-US). Fast Company. https://www.fastcompany.com/3053784/an-idea-with-teeth-this-gorgeous-toothbrush-is-made-to-fix-our-bad-brus. 
  5. 5.0 5.1 Kavilanz, Parija (January 8, 2019). "More than 1 million people subscribe to this electric toothbrush startup". CNN Business. https://www.cnn.com/2019/01/08/success/quip-electric-toothbrush-fresh-money/index.html. 
  6. Carpenter, Shelby (2016-05-25). "Quip Brings The Delivery Box Experience To Teeth-Brushing" (in en). Forbes. https://www.forbes.com/sites/shelbycarpenter/2016/05/25/quip-electric-toothbrush-buy-review/#1114161a5c31. 
  7. "Electric Toothbrush Company Begins Offering Automatic Refill Subscription Service for Brushes and Toothpaste" (in en-US). Info Tech. February 12, 2015. http://www.cinfotech.net/electric-toothbrush-company-begins-offering-automatic-refill-subscription-service-for-brushes-and-toothpaste/. 
  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. https://www.cnbc.com/2018/03/09/quip-wants-to-change-the-way-you-interact-with-your-dentist.html. 
  9. Boyle, Matthew (October 1, 2018). "The IPhone of Toothbrushes to Sell Offline, Too, in Target Push". Adweej. http://www.adweek.com/creativity/bless-this-designer-for-remaking-famous-logos-to-teach-us-which-fonts-they-use/. Retrieved 6 November 2018. 
  10. Halzack, Sarah (October 7, 2018). "Walmart, Target seek digital brand boost". The Columbian. https://www.columbian.com/news/2018/oct/07/walmart-target-seek-digital-brand-boost/. Retrieved 6 November 2018. 
  11. "Quip Funding Rounds". CrunchBase. https://www.crunchbase.com/organization/quip-2#section-funding-rounds. 
  12. Mathews, Jessica (2017-12-07). "The $100-plus electric toothbrush moves up Silicon Valley's list of takedown targets". CNBC. https://www.cnbc.com/2017/12/07/quip-raises-millions-from-demi-lovato-and-vcs-for-its-electric-toothbrushes.html. 
  13. Roof, Katie (2017-11-01). "Quip raises $10 million for electric toothbrushes – TechCrunch" (in en-US). https://techcrunch.com/2017/11/01/quip-raises-10-million-for-electric-toothbrushes/. 
  14. "Dental Care Startup Quip Raises $40 Million Following Launch at Target" (in en). http://fortune.com/2018/11/27/quip-toothbrush-delivery-target-stores/. 
  15. "Quip raises another $40 million for dental care products and services" (in en-US). https://techcrunch.com/2018/11/27/quip-raises-another-40-million-for-dental-care-products-and-services/. 
  16. Ramsey, Lydia (2018-05-16). "A company that makes the 'Tesla of toothbrushes' just acquired a dental plan startup". Business Insider. http://www.businessinsider.com/quip-electric-toothbrush-startup-acquires-dental-plan-startup-afora-2018-5. 
  17. Dickey, Megan Rose (2018-05-16). "Quip raises $10 million for electric toothbrushes and dental care – TechCrunch" (in en-US). https://techcrunch.com/2018/05/16/electric-toothbrush-startup-quip-raises-10-million-acquires-a-dental-insurance-startup/. 
  18. "The 25 Best Inventions of 2016" (in en). 2016-11-17. http://time.com/4572079/best-inventions-2016/. 
  19. Goble, Andrew (2016-11-05). "The High-Tech (and Low-Cost) Upgrades to Disrupt Your Grooming Game" (in en). GQ. https://www.gq.com/story/best-grooming-gadgets. 

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