Sophism, The dental care startup that started selling electric toothbrushes directly to consumers has raised $ 40 million. The money comes in the form of capital and debt financing, with approximately half of the financing. It comes in a capital agreement led by Sherpa Capital and the other half in Triplepoint Capital debt financing.
"I think the combination of debt and capital is a great thing for us," Quip CEO Simon Enever told TechCrunch. "It is more attractive than ever to obtain alternative types of financing."
Alternative types of financing, for example, allow founders to potentially avoid terms that are not friendly to the founder, as well as to raise additional funds that they could not obtain from traditional investors.
This happens 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 company based in New York that offers a Alternative to traditional dental insurance.
"It has been another great year of growth in general for us," Enever said. "We recently passed a great milestone: our brusher number one million."
With the new financing in hand, Quip has a lot of product and service launches ahead, Enever said. He will not give details, but Enever said the company has executed in phase one, toothbrushes and electric toothpaste, which is time to expand to additional offers.
"We are excited to start offering members more products and services, and in the new year, they will see some new physical products that expand daily home care," he said.
Again, the details are limited, but one can imagine products such as floss, teeth whiteners, mouthwash and chewing gum. Given Quip's relationships with dental providers, Enever says clients have also requested cheaper dental visits.
"For patients, we want to help them with everything, that full-service oral hygiene routine," Enever said. "On the other hand, for the providers, the attraction for Quip is that we have built this great digital platform full of anxious patients. We started Quip because people were not interested in their oral health, or only visited the dentist when a tooth falls or I had pain. "
This week, Quip is launching a practice program for dental service providers to offer an economical way to offer Quip products to their patients. Quip also plans to use the funds to expand its workforce and increase its subscriber base.