Quip, the dental care startup that started selling electric toothbrushes directly to consumers raised $ 40 million. The money comes in the form of equity and debt financing, with about half of the funding reaching a capital agreement led by Sherpa Capital and the other half in debt financing from Triplepoint Capital.
"I think the mix of debt and equity is good for us," Simon Enever, CEO of Quip, told TechCrunch. "It's more attractive than ever to get alternative types of funding."
Alternative types of funding, for example, allow founders to potentially avoid terms that are not friendly to the founders, as well as raise additional funds that they have failed to protect from traditional investors.
That's a couple of months after Quip partnered with Target to sell its products and about six months after Quip raised $ 10 million from Silicon Valley Bank and acquired Afora, a New York startup that offers an alternative to traditional dental insurance.
"This was another great year of overall growth for us," Enever said. "We recently went through a great milestone – our millionth brusher."
With new financing in hand, Quip has many product and service launches ahead, Enever said. He would not go into detail, but Enever said now that the company has performed the first phase – electric toothbrushes and toothpaste – it's time to expand to additional offers.
"We are excited to start offering more products and services to members, and next year you will see some new physical products that expand daily care at home," he said.
Again, the details are limited, but one can imagine products such as dental floss, tooth whiteners, mouthwash and chewing gum. Given Quip's relationships with dental service providers, Enever says customers also asked for cheaper dental appointments.
"For patients, we want to help them with everything – this full-service oral hygiene routine," Enever said. "On the other hand, for the providers, the attraction to Quip is that we've built this great digital platform full of eager patients. We started at Quip because people were not investing in their oral health, or were just visiting the dentist when a tooth was falling or in pain. "
This week, Quip is launching a hands-on program for dental service providers to offer an inexpensive way to offer Quip products to their patients. Quip also plans to use the funding to expand its staff and increase its subscriber base.