quip, maker of an app-connected electric toothbrush, raised $100 million in growth funding from Cowen Sustainable Investments (CSI), an environmental sustainability-focused growth investment firm.
As part of the funding, Artem Mariychin, Managing Director at CSI, will join the company’s board. The company last publicly announced raise was $40 million in 2018.
quip is best known as a subscription-based toothbrush replacement service.
According to the company, the new funding will enable it to scale its personal care platform, which already has over 7.5 million users, and continue to connect them with a network of more than 50,000 dental professionals. It will also go into new verticals, expand its global footprint and roll out new features to its oral care companion mobile app.
Quip expects to reach over 1 million app users in 2022. New features will complement the company’s mission to track oral habits, coaching, and health monitoring. Members can then earn points by improving their habits and health and redeem them for products and discounts from quip and other partners.
“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. 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,” said Ewa Kozicz, Co-Head of CSI.
Retail sales are up more than 100% compared to last year, the company said. The company’s products are currently available on Walmart and Target across over 10,000 retail locations in the US.
“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. 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,” said Ewa Kozicz, Co-Head of CSI.
Mobile Wireless Digital Health devices have raised $403 million in the first half of 2020, according to Mercom’s latest digital health funding report.
