FORMEL Skin Secures €30M Series A to Expand its HealthTech Platform
by Startacus Admin
Major investment for FORMEL Skin to help further develop its dermatology platform, launch new medical treatments and expand into new markets.
It’s a fantastic end to the year for healthtech startup FORMEL Skin, having just secured a €30M Series A round led by Singular. Other investors in the round included the HealthTech fund Heal Capital and existing investors Cherry Ventures, Heartcore Capital and Vorwerk Ventures.
FORMEL Skin was created to solve multiple challenges facing dermatologists and patients today. The company’s digital platform allows doctors to provide faster diagnoses and personalized medical treatments directly to patients.
Florian Semler, Co-Founder Formel Skin, explains, “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.”
The company plans to use the funding to expand its healthcare platform to new markets, launch additional medical treatments and increase its operational team.
Jeremy Uzan, General Partner and Founder of Singular added, “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 $200bn and I am convinced the team will build a leader in this space. Their digital approach creates patient engagement enabling superior medical decisions and therefore highly effective treatments.”
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Published on: 21st December 2021
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