Berlin-based Formel Skin has just secured a €30 million Series A funding round, led by Singular and accompanied by Heal Capital, for its dermatology platform. Other investors in the round include Cherry Ventures, Heartcore Capital and Vorwerk Ventures.
Founded by Florian Semler, Anton Kononov and Dr Sarah Bechstein in 2019, Formel Skin launched with the aim to provide quality and individualised dermatological medical care online.
Billions of people across the world suffer from dermatological conditions. Most of the conditions can be diagnosed and treated remotely, giving patients the relief they need. However, reaching dermatological care is currently more challenging than it needs to be – patients tend to find themselves confronted with long waiting lists and expensive treatment.
Formel Skin was created to solve the challenges facing dermatologists and patients today. The healthtech startup offers a digital platform that allows doctors to provide faster diagnosis and personalized medical treatments directly to patients.
Florian Semler, Co-Founder of Formel Skin, said: “Dermatological conditions are often lifelong and require regular treatment. The current method for treating dermatology patients is broken. There’s a lack of dermatologists and an unfavourable reimbursement structure throughout Europe which incentivises doctors to spend less time with patients that have chronic skin conditions. For those who can go private, it’s expensive and for those who can’t, there is a long wait. Formel Skin tackles these issues, by providing better treatment outcomes and making high-quality dermatology more accessible.”
According to medical doctor and co-founder Dr Sarah Bechstein, two-thirds of dermatological conditions are chronic and therefore need a lifelong skin companion and medical treatment. The Formel Skin platform provides holistic treatments for individual patients – creating a truly life-changing treatment that for many had previously been inaccessible.
Formel Skin saves time and effort for both patients and dermatologists and is currently supporting patients with conditions such as acne, rosacea, and melasma. Patients using the service register online, complete a questionnaire and upload photos of their skin concerns. A personal doctor is assigned to the patient, and will remain dedicated to that patient throughout their treatment. The doctor is able to decide on the treatment needed and adjust as required in line with patient feedback and results on a monthly basis. This treatment is created by pharmacies and then shipped to the patient. The subscription to Formel Skin costs €49 per month.
The new funding for the healthtech company will be injected into its expansion plans. Since being founded in December 2019, Formel Skin has raised more than €36 million and delivered more than 150k treatment to patients across Germany and Switzerland. Now, the team of 70 based in Berlin will focus on expanding into new Europan markets, adding new treatment approaches, and growing the team.