Development Capital is to invest €12m in Spotlight Oral Care, an oral care brand which was founded in 2016. The €12m investment marks Development Capital’s biggest investment to date and it will enable Spotlight Oral Care to further drive its international expansion into Europe and the US.
Last year the company announced an investment of €3m from Dermot Desmond’s IIU Fund to support their expansion into the US market. Since then the company has grown from 10 to 52 employees with staff working across Ireland, the UK and the US.
Spotlight Oral Care was founded in 2016 by three dentists, sisters Dr Vanessa Creaven, Dr Lisa Creaven and Dr Barry Buckley. It develops, markets, and sells a comprehensive range of products for specific consumer oral care needs both online and through retailers in Europe, the UK and the US.
Spotlight Oral Care currently has 17 products in its range, all of which are clinically formulated and tailored to target specific oral health needs using ‘clean, active ingredients’. The company has seen significant demand and growth over the past 18 months, with turnover trebling to €19m in the last financial year.
Spotlight Oral Care has a large presence in Ireland across pharmacy partners and retailers including Dunnes Stores, Tesco, Arnotts and Brown Thomas, while stockists in the UK include Cult Beauty, Boots and Look Fantastic. Its products are also available in high profile US retailers including Ulta Beauty, CVS and Target.
The €12m investment is being made by Development Capital Fund II, a €75m fund managed by Development Capital. The successor fund to the BDO Development Capital Fund, Development Capital Fund II is supported by the European Investment Fund (EIF), the Ireland Strategic Investment Fund (ISIF), and Bank of Ireland.
Development Capital provides development and growth capital for established, mid-sized and profitable companies to assist them in accelerating and achieving their export-led growth plans. As part of the investment, Andrew Bourg, co-founding partner of Development Capital, will be added to Spotlight Oral Care’s board of directors.
Dr Vanessa Creaven, Spotlight Oral Care’s co-founder and CEO said today’s investment by Development Capital is a pinnacle moment for the business as it has experienced rapid business growth in the last 12-18 months.
“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. We are thrilled to be working with a team that supports SMEs like us and look forward to having Andrew on our Board of Directors,” Dr Creaven said.
Source: BDO Ireland