Brüush missed its initial IPO target of $1.75 million.

Toronto-based electric toothbrush company Brüush Oral Care announced the closing of its Nasdaq initial public offering (IPO) earlier this month, raising gross proceeds of approximately US$15.5 million. .

Brüush began trading on the Nasdaq Capital Market under the symbol “BRSH” on August 3. The company filed for IPO with a $17.25 million IPO in early July. At the IPO’s close, Brüush missed its original IPO target of $1.75 million.

With an initial strike price of $4.16 per share at its IPO, Brüush’s stock price has fallen to US$2.11 at press time.

Even slightly missing its IPO target, Brüush’s decision to go public is notable at a time when the public market for tech companies has become less friendly than it has been in recent years. After a year of numerous IPO exits in the Canadian tech sector, the economic downturn hit public markets late last year and saw other Canadian tech companies scale back their IPOs. Edtech company D2L and investor relations software company Q4 downsized their IPO last year after seeing investor demand fall short of expectations.

Originally incorporated in Vancouver, Brüush is a direct-to-consumer online company that provides oral care products. Its offering consists of a sonic-powered electric toothbrush and brush head refills through a subscription program. Brüush was founded by Aneil Manhas, a former investment banker and private equity investor.

Since its inception in 2018, Brüush says it has grown its active subscriptions to around 28,000, with a customer base largely made up of people between the ages of 18 and 46. In addition to its online store, Brüush also sells its products through Amazon and has drop-shipping agreements with third-party retailers such as Indigo, Harry Rosen, Macy’s and Urban Outfitters.

RELATED: Electric toothbrush startup Brüush to go public on Nasdaq with $17.25 million IPO

In November 2020, comedian and actor Kevin Hart joined Brüush as a partner and celebrity endorser. The oral care startup’s filing with the Securities and Exchange Commission says it agreed to pay Hart two installments of $750,000 for a total of $1.5 million. Other celebrities who have endorsed Brüush include Nick Jonas.

Brüush previously raised $6.5 million in Series A funding in 2020, which was earmarked for strategic marketing initiatives, increasing brand awareness and growing Brüush’s subscriber base. .

Last year, Brüush acquired The Dollar Brush for an undisclosed amount. That same year, Crunchbase data shows that Brüush raised $1 million from GenCap Management.

Featured still from GQ Magazine’s YouTube video with Nick Jonas.

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