Total amount raised
$177.7 Millions
Latest funding date
Location
quip has raised funds through multiple rounds, with the latest being a Series Unknown round on February 9, 2024, where they raised $15,500,003. The company has a total of 32 investors backing it, including Sand Hill Angels and Cowen Group.
Keep reading to explore the intricacies of quip's fundraising journey and the investors backing this innovative platform.
What Is quip?
Founded on April 1, 2014, quip is an oral care company based in Brooklyn, New York. The company was established by Bill May and Simon Enever.
quip operates in the dental, e-commerce, health care, and product design industries. With a team of 101-250 employees, quip designs and delivers products, advice, and professional services to simplify and enhance oral health. Their offerings include a direct-to-consumer subscription service that provides fresh supplies every three months, along with oral care advice.
quip is also developing a bidirectional tech platform to connect users with a large network of dental professionals, aiming to elevate the oral care experience for everyone. The company emphasizes sleek, refillable designs and offers subscription services for regular product refills, backed by science and multiple ADA-Accepted products.
How Much Funding Has quip Raised?
- Funding Round: Angel Round
- Amount Raised: $550K
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Funding Round: Angel Round
- Amount Raised: $855K
- Date: December 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product line and increase market reach.
- Funding Round: Debt Financing
- Amount Raised: $500K
- Date: September 2016
- Lead Investors: Lighter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and product scaling.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the technology platform and expand the customer base.
- Funding Round: Series A
- Amount Raised: $10M
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and introduce new product lines.
- Funding Round: Debt Financing
- Amount Raised: $10M
- Date: May 2018
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational expenses.
- Funding Round: Series A
- Amount Raised: $40M
- Date: November 2018
- Lead Investors: ACME Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product offerings and enhance the technology platform.
- Funding Round: Convertible Note
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Funding Round: Series B
- Amount Raised: $100M
- Date: August 2021
- Lead Investors: Cowen Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the consumer packaged goods business and support global expansion.
- Funding Round: Venture Round
- Amount Raised: $15.5M
- Date: February 2024
- Lead Investors: Sand Hill Angels, Cowen Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the technology platform and expand the customer base.
Total Amount Raised: $177.405M. Current Valuation: Not publicly disclosed.
Key Investors
- Sand Hill Angels
- Details: Sand Hill Angels is a group of successful Silicon Valley executives and accredited investors passionate about entrepreneurship and the commercialization of disruptive technologies. They provide early-stage capital and mentorship to startups.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Early-stage technology startups
- Cowen Group
- Details: Cowen Group is a diversified financial services firm offering investment banking, equity research, sales and trading, prime brokerage, and investment management services. They are known for their expertise in various sectors.
- Investment Focus Areas: Healthcare, technology, media, telecommunications, consumer products
- Notable Investments: Healthcare and technology sectors
- Cowen Sustainable Investments (CSI)
- Details: Founded in 2018, CSI is a division of Cowen Inc. that provides tailored financing and data analytics solutions to companies accelerating the transition to an environmentally sustainable economy. Artem Mariychin, Managing Director at CSI, will join quip’s board.
- Investment Focus Areas: Environmental sustainability, pollution, waste, resource constraints
- Notable Investments: Not publicly disclosed
- ACME Capital
- Details: ACME Capital is a venture capital firm that invests in early and growth-stage companies. They focus on disruptive technologies and innovative business models.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
- Silicon Valley Bank
- Details: Silicon Valley Bank provides various financial services, including loans, to startups and growth companies. They are known for their strong focus on the innovation sector.
- Investment Focus Areas: Technology, life sciences, venture capital
- Notable Investments: Not publicly disclosed
What's Next for quip?
quip is poised to capitalize on several significant opportunities. With a $100 million funding boost, the company plans to scale its consumer packaged goods business, develop new verticals, and innovate in professional services. The global oral healthcare market, valued at $450 billion, offers immense growth potential, especially as quip aims to expand its reach beyond its current 7.5 million users.
Future fundraising opportunities seem likely as quip continues to grow. The company’s ambitious plans for global expansion, product innovation, and enhanced digital platforms suggest that additional funding rounds could support these initiatives. However, quip may face challenges such as scaling operations, navigating international regulations, and competing with established brands in new markets.
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