Galway-based dental care brand Spotlight Oral Care has secured a €12 million investment from Irish fund manager Development Capital to help expand in Europe and the US.
The company, which develops and sells products such as toothpaste, teeth whitening kits and toothbrushes, was founded in 2016 by three dentists, sisters Lisa and Venessa Creaven, and Barry Buckley. All 17 of the company's products have been created by the brand's founders.
Last year it secured an investment of €3 million from businessman Dermot Desmond’s IIU Fund to support its entry into the US market.
The company, which employs 52 staff, said it had experienced significant demand and growth over the past 18 months, with turnover trebling in the last financial year to €19 million.
Its product range and distribution channels have expanded significantly and now include high-profile US retailers Ulta Beauty, CVS, and Target.
The company also makes its product line from sustainable inputs. For example, its toothpaste tube is made from sugarcane and is fully recyclable. As it stands about 10 billion tubes of toothpaste are not recycled each year, meaning that they often end up in landfill.
The company said the €12 million investment will help it continue the company’s international expansion in Europe and the US, and that it expected turnover to triple again in the next three years.
"This investment by Development Capital is a pinnacle moment for us in the business as we have experienced rapid business growth in the last 12-18 months," chief executive Vanessa Creaven said.
“The financial support and expertise that comes with this investment will allow Spotlight Oral Care to expand further and continue to help us revolutionise oral care,” she said.
As part of the investment, Andrew Bourg, co-founding partner of Development Capital will join Spotlight's board.