- Notable investors include Lerer Hippeau, Brand Foundry Ventures, Red Sea Ventures, Correlation Ventures, and BBG Ventures
- Quarterly brush head revenue has grown at a 48% CAGR since the first quarter of 2017. Recurring revenue from dental office reorders has grown at a 118% CAGR since the third quarter of 2017 (based on unaudited financials).
- Active subscribers have increased 16x over the last 22 months.
- Revenue increased 2.74x from 2017 (Q1-Q3) to 2018 (Q1-Q3) (based on unaudited financials).
- Goby has received favorable press from publications like The New York Times, GQ, Vogue, Cool Hunting, and Business Insider
- Total Amount Raised: US $135,629
- Total Round Size: US $3,000,000
- Seed :
- Minimum Investment: US $5,000 per investor
- : Preferred Equity
- US $12,000,000 :
- : US $3,000,000
Oral care and hygiene is a pervasive issue plaguing much of the US. ~90% of infections start in the mouth and nearly 50% of people over the age of 30 have some form of gum infection. Your toothbrush is the first line defense, and electric toothbrushes have consistently shown to be more effective than a standard manual toothbrush. Despite that, less than 20% of consumers in the US use an electric toothbrush. The low adoption is driven by overpriced products, stale brands, and design, and topped off with a horrible customer experience. These market dynamics are a result of the current duopoly, whereby 90% of the market is controlled by two large CPGs.
Goby set out to fix those common issues in a number of ways. First and foremost, Goby delivers an award-winning electric toothbrush. Second, we've built a brand that consumers can get excited about and a design that consumers love. Third, Goby provides consumers with convenience and a great customer experience. Finally, we sell Goby at a discount to major brands, making premium oral care more accessible and affordable.
The electric toothbrush is the first in a line of products we'll be releasing in the near future. Our customers today are actively asking for us to release additional oral care products. The goodwill we've built with our consumers provides permission to expand into the broader oral care category.
At Goby, we sell an award-winning electric toothbrush, paired with a brush head subscription service, sold at a fraction of the price of the competition. We sell both directly to consumers and to dental professionals.
Consumers can purchase Goby online at Goby.co. They have the option to purchase their Goby with our without a brush head subscription. The vast majority of consumers choose to purchase Goby with a brush head subscription because of the value-added nature of the subscription. On average, consumers typically change out their brush heads every 9 months, 3x longer than you're supposed to use a brush. With the Goby subscription, our customers are changing their brush heads every 2-3 months, ensuring they're never using worn out, ineffective bristles. Love for the product has resulted in one-year subscriber retention of 65%. The strong subscriber retention has driven a 16x increase in active subscribers over the last 22 months.
Given the nature of our product, the average customer is buying >1 Goby electric toothbrush at the initial sale. After the initial sale, Goby customers come back and buy additional Goby electric toothbrushes, driven by further penetration into the household, new product launches, and holiday gifting. e.g. Search for electric toothbrushes double over the holidays.
We launched by selling directly to consumers, but driven by strong inbound interest from the dental community, we quickly expanded to selling directly to dental professionals. Dental professionals are attracted to Goby because of our modern brand and design, affordable price point, ability to customize Goby for their offices, and the tools we provide them to help grow their practice.
We provide dental offices with a unique dental portal that allows them to invite their patients to sign-up for our brush head subscription. The dental channel serves as a way to build our awareness, scale up our sales and drive additional subscribers. In addition, dentists place ongoing reorders, providing a second stream of recurring revenue. This results in a unique business model whereby recurring revenue (dental reorder revenue) drives additional recurring revenue (brush head subscriber revenue).
Selling directly to consumers and dental professionals provide Goby with unique advantages relative to the large incumbents. We have utilized our consumer channel to drive warm leads for our dental channel by encouraging our consumers to let us know who their dentist is. We have also been able to drive our consumers to our Goby dental partners by showcasing them to our consumers. This unique network effect will continue to grow and become more valuable as we further scale up these channels.
Awards / Press Coverage
"Best Online Toothbrush Subscription" - Wirecutter
"2017 Men's Health Grooming Award" - Men's Health
"Best Affordable Electric Toothbrush" - Men's Journal
"Finally, the uncomplicated electric toothbrush we've been waiting for" - Apartment Therapy
"I didn't think it was possible to get excited about a toothbrush until I got a Goby" - NYTimes
"Best Investment I Ever Made!" - Arthur G.
"Never Thought I Would Love A Toothbrush!" - Shanquez
"My teeth have never felt so clean for the whole day outside of when I leave the dentist! I feel like it cleans my teeth super well without me having to scrub at them with a normal toothbrush." - Katherine Z.
"My teeth have never felt cleaner. Holds the charge a long time. Stylish. Good value for quality of toothbrush" - Amy S.
Goby was born out of our own personal frustrations with electric toothbrushes that cost too much, replacement brush heads that were even more egregiously priced, and brushes that broke frequently. We knew there must be a better way. Looking to solve these issues, we set out with a simple goal - Make premium oral care more accessible and affordable.
After assembling a team of product experts and spending nearly two years in developing the product, we launched in October 2016 with our first product, the Goby Electric Toothbrush. Right from the start, we've been blown away by the reception of Goby from our customers. As a team, we aim to deliver an unrivaled experience for our customers. To ensure we hit that goal, we've scaled the team today to 7 full-time employees. As a team, we're constantly evolving to ensure we can stay one step ahead and deliver on that promise of a superior customer experience.
Early Bird Perks:
Invest by Sunday, December 23rd at 11:59pm ET to receive the next tier up of your investment perk (e.g. invest $10k and receive the $25k level perks)
- First 25 Investors or $10,000 Investment - any Goby toothbrush + 1-year subscription for replacement brush heads + $150 credit redeemable at Goby.co
- $25,000 Investment - any (2) Goby toothbrushes + (2) 1-year subscription for replacement brush heads + $300 credit redeemable at Goby.co
- $50,000 Investment - any (4) Goby toothbrushes + (4) 1-year subscription for replacement brush heads + $600 credit redeemable at Goby.co
- $100,000 Investment - any (4) Goby toothbrushes + (4) 2-year subscription for replacement brush heads + $1,500 credit redeemable at Goby.co + quarterly 1-on-1 calls with management to discuss strategy and platform build out + invite to dinner with founder in New York (airfare not included)
- $250,000 Investment - any (4) Goby toothbrushes + (4) 2-year subscription for replacement brush heads + $3,000 credit redeemable at Goby.co + monthly 1-on-1 calls with management to discuss strategy and platform build out + invite to dinner with founder in New York (airfare within continental U.S. included) + be a part of next product development
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Goby. Once Goby accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Goby in exchange for your securities. At that point, you will be a proud owner in Goby.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because Goby is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page.
Currently there is no market or liquidity for these securities. Right now Goby does not plan to list these securities on a national exchange or another secondary market. At some point Goby may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Goby either lists their securities on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is Goby's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in Goby’s profile.