German dermatology telehealth start-up Formel Skin has just raised €30MM in Series A funding. It's the largest Series A round for a German healthtech to date, according to Crunchbase.
WHO: Founded by Florian Semler, Anton Kononov, and Dr. Sarah Bechstein in 2019, Formel Skin launched with the aim to provide quality and individualized dermatological medical care online. Formel Skin was created to solve the challenges facing dermatologists and patients today. The healthtech start-up offers a digital platform that allows doctors to provide faster diagnosis and personalized medical treatments directly to patients.
WHY: This round will enable the start-up to become one of the leading European health platforms. In addition to expanding into new markets and adding new treatment approaches, the funding will be used to grow the Formel Skin team. The business is hiring across product, engineering, marketing, operations, and for its medical and pharmaceutical teams. The team of 70 is based in Berlin.
IN THEIR OWN WORDS: 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."
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."
DETAILS:
