BERLIN-BASED HEALTHTECH STARTUP FORMEL SKIN RAISES €30 MILLION TO MAKE DERMATOLOGY EASILY ACCESSIBLE
Berlin-based startup Formel Skin which aims to provide quality and individualized dermatological medical care via an online platform has reportedly raised a €30 million Series A funding round backed by Singular and accompanied by Heal Capital for its dermatological platform. The latest round also saw the participation of Cherry Ventures, Vorwerk Ventures, and Heartcore Capital.
Formel Skin which was founded in 2019 by ‘Florian Semler’, ‘Dr. Sarah Bechstein’, and ‘Anton Kononov’ are poised to offer the aforementioned mission.
Moreover, it’s worth knowing that billions of people all over the world suffer from dermatological conditions, which a good number of such conditions could be diagnosed and treated remotely, giving patients the relief they need. However, accessing dermatological care has so far proven to be difficult despite efforts, instead, patients are been confronted with long waiting lists coupled with expensive treatment.
To solve this problem was the primary reason why the subject startup was created, while dermatologists and patients are faced with this challenge, the healthtech platform is designed to allow doctors to offer faster diagnosis and personalized medical treatments directly to patients.
To this end, ‘Florian Semler’ co-founder of Formel Skin made clear that: “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 unfavorable reimbursement structure throughout Europe which incentivizes 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”.
Looking at dermatological conditions from a medical point of view, the medical doctor and co-founder ‘Dr. Sarah Bechstein’ noted that two-third of dermatological conditions are chronic and therefore need a lifelong skin companion and medical treatment. Startup Formel Skin platform offers holistic treatments for every patient while creating a truly life-changing treatment approach that many had previously been denied access to.
Currently, Formel Skin is saving time and effort for both dermatologists and patients, which is currently supporting patients with conditions like acne, melasma, and rosacea. While patients using the subject service are made to register online, complete a questionnaire and upload photos of their skin concerns. In the process, a personal doctor is assigned to the patient, who eventually takes responsibility and remains dedicated to that patient throughout their treatment. The doctor is able to decide on the treatment required and make necessary adjustments in line with patients’ feedback and results on a monthly basis. However, this treatment is created by pharmacies which are, in turn, shipped to the patient. While a subscription to Formel Skin costs €49 per month.
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