Quip desires to be greater than a toothbrush firm. As a part of its quest, the startup is buying dental insurance coverage startup Afora for an undisclosed quantity.
Quip began promoting electrical toothbrushes on-line in 2015 and has since been cultivating a community of shoppers. Much like different on-line direct-to-consumer private care manufacturers like Harry’s and Greenback Shave Membership, Quip gives subscriptions.
The corporate desires to attach sufferers and dentists utilizing its on-line platform. It reminds prospects when it is time for a checkup and permits dentists to reward them for coming in by paying for substitute batteries and brush heads.
Afora sells fundamental dental insurance policy for $25 a month and a premium model for $45 a month. It covers two cleanings a yr, a dental examination and X-rays. It lists costs on its web site for further procedures like having cavities stuffed.
Quip will not instantly combine its toothbrushes with Afora’s plans, nevertheless it might merge the 2 companies over time, mentioned Quip co-founder and CEO Simon Enever. Afora’s founder Jeffrey Rappaport will be a part of Quip as director of dental care.
“The important thing for us is this isn’t an in a single day factor to finish the whole image we have described,” Enever mentioned. “It is one other step towards bringing collectively the items of the puzzle and serving to individuals perceive that utilizing a toothbrush twice a day is really linked to the expertise you get and the remedy you want once you go to an expert.”
Quip struck a financing cope with Silicon Valley Financial institution value as much as $10 million. The corporate closed a $10 million spherical of Sequence A funding in November with traders like Demi Lovato and Sherpa Capital, whose founders invested in eyewear startup Warby Parker.
Supply hyperlink – https://www.cnbc.com/2018/05/15/quip-toothbrush-startup-acquires-afora-dental-insurance-startup.html