Berlin-based Formel Skin has raised €30 million in a new funding round. The company offers remote access to a dermatologist and an accompanying personalised skin treatment regime. The new funding is expected to help the company make headway into new markets, continue adding new and varied skin treatment approaches, and bolster the team numbers. To date, Formel Skin has raised over €36 million.
Founded in December of 2019 by Florian Semler, Anton Kononov, and Dr. Sarah Bechstein, MD, Ph.D. Dermatology, Formel is addressing the 1.5 billion individuals around the globe that live with a dermatological condition on a daily basis. With a stigma often surrounding such conditions, or, simple lack of access to proper medical diagnosis and treatment, many of these individuals suffer the embarrassment of poor skin conditions unnecessarily.
Through its combination of remote access and personalised formulas, Formel has delivered over 150,000 treatments to patients in Germany and Switzerland to date. The company focuses on acne, rosacea, and melasma treatments at present, but has plans to broaden its product offer, while at the same time expanding its geographic footprint.
The treatment process with Formel is fairly straightforward, with patients completing a questionnaire and uploading photos of their skin concerns. From here, a skin doctor is assigned a case, evaluates the provided data, and recommends a course of treatment. Formel’s pharmacy produces the customised treatments, and then ships them directly to the patient on a monthly basis. The startup’s revenue model is based around a €49/month subscription, a number the company reports a 7x year-on-year growth on since launch.
“We are deeply impressed by the complementary skill set of the team and what they have achieved in only two years. Globally, the treatment of chronic dermatological conditions is worth more than $200 billion and I am convinced the team will build a leader in this space,” commented Singular’s Jeremy Uzan. “Their digital approach creates patient engagement enabling superior medical decisions and therefore highly effective treatments.”