Copenhagen’s skincare platform Nøie has raised $12 million in Series A funding. The round was led by Talis Capital and saw participation from Inventure as well existing investors Thomas Ryge Mikkelsen, Kristian Schrøder Hart-Hansen. The funding is expected to further R&D projects, launch new product categories, and fuel further European market expansion.
“For too long have both the dermatology sector and the skincare industry relied on the outdated ‘one-size-fits-all’ approach to addressing chronic skin conditions. By instead taking a data-driven and community feedback approach, Nøie is building the next generation of skincare by providing complete personalisation for its customers at massive scale, pioneering the next revolution in skincare,” comments Talis Capital’s Beatrice Aliprandi.
Founded in 2018 by Daniel Jensen and Chris Christiansen, Nøie is taking on the traditional linear approach to chronic skin conditions including acne, psoriasis and eczema. The company has developed the largest database of skin profiles, which it refers to as ‘skin families’, based upon screening the highest performing products available on the market and then holding specific ingredients up against scientific research.
Nøie customers are required to take a skin test which uses an algorithm to determine and assign each user to a specific skin family. Based on the output, the customer is then recommended a customised regimen of products that suit their skin.
Since launching in 2019, Nøie reports an average 35% growth rate in 2020.
“We are at a unique inflection point where today, technology and physical products are ready to merge: skincare has reached a new phase where tech can be built into its core. By taking a data-driven approach, we can significantly change the future for people struggling with skin conditions, and do so sustainably,” comments CEO Daniel Jensen.