Development Capital’s â¬ 12 million investment in Spotlight Oral Care leads to expansion into international markets across the EU and the US.
The Galway-based dental care brand is targeting further market expansion, primarily in Scandinavia, Ireland and Great Britain.
Spotlight Oral Care already has a significant presence in Irish pharmacies and supermarkets and has grown rapidly over the past 18 months from 10 employees to 52 people.
Revenue tripled in the last fiscal year and the dental care brand has now entered the US market with products stocked by Ulta Beauty, CVS and Target as well as UK retailers such as Cult Beauty, Boots and Look Fantastic. .
âThis investment from Development Capital is a key moment for us in the business as we have experienced rapid growth in business over the past 12-18 months,â said Co-Founder and CEO of Spotlight Oral Care, Dr. Vanessa Creaven, “The financial support and expertise that accompanies this investment will allow Spotlight Oral Care to grow further and continue to help us revolutionize oral care.”
Founded in 2016 by sisters and dentists Dr. Vanessa and Dr. Lisa Creaven, the brand’s 17 products were designed by the founders of the company and aim to bridge the gap between oral care and oral beauty. dental.
The dental and beauty brand aims to provide personalized and sustainable alternatives to the generic oral care products available on the market today. .
Development Capital’s latest investment is the largest to date in the Irish Development and Capital Fund and comes from the company’s Development Capital Fund II, a â¬ 75 million fund to help medium-sized businesses focused on export to achieve their growth plans.
Development Capital Fund II is supported by Bank of Ireland, Ireland Strategic Investment Fund and the European Investment Fund.
As part of the investment, Andrew Bourg, co-founding partner of Development Capital and partner of BDO will join the board of directors of Spotlight Oral Care.
âWe are delighted to be working with a team that supports SMEs like ours and we look forward to having Andrew on our board,â said Dr Creaven.
Over the next three years Spotlight Oral Care’s revenue of â¬ 19 million is expected to triple again and the new investment aims to recruit new employees to support their growing expansion online and in physical retail. as well as to fund product development.
Last year, Spotlight Oral Care announced a previous â¬ 3 million funding round from the Dermot Desmond IUI Fund to support their expansion into the US market.