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A contribution of 30 million euros was the push German healthtech Formel Skin needed to expand to another continent. Thanks to its Series A investment led by Heal Capital in December, the company just landed in Brazil. This is Formel‘s first market outside of Europe and third in total – in addition to Germany, the company also has a presence in Switzerland.
Founded in late 2019 by Florian Semler, Anton Kononov and dermatologist Sarah Bechstein, the healthtech wants to revolutionize standardized dermatological treatments. Its platform, already available in Brazil, includes personalized services via telemedicine and products individually adapted to the needs of each patient.
The focus is on treatments for chronic skin conditions such as acne, blemishes, hyperpigmentation, rosacea and aging. You must be thinking: “ok, but there are thousands of dermatology clinics around the country that offer the same thing.” Yes, but to stand out from the crowd, Formel offers continuous monitoring of patients and products with personalized compositions.
The cost of the treatment, which the startup considers competitive, includes online sessions, the product and its delivery. The monthly cost of medical monitoring and product shipping is just over $30, with the option to cancel anytime.
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According to Semler, Brazil’s large population was one of the things that attracted Formel Skin to start its international expansion in Latin America. “Even though it is challenging, we want to reach the whole region, including more remote areas where the population does not have access to dermatological treatments,” the co-founder said.
How it works
All the magic happens through Formel Skin‘s website. The patient fills out an online anamnesis form and submits three selfies for evaluation. The next step is a telemedicine session, in which the doctor creates a treatment plan and prescribes the formula.
The composition varies according to each skin type and the client’s needs. However, it is easy to find anti-inflammatory substances such as azelaic acid, benzoyl peroxide, vitamin A and antibacterial ingredients.
Besides guiding the patient on the use of the products and their compositions, the entire process is monitored by a specialist. If necessary, the formula can be adjusted each month. According to the company, most customers see the results after four to six weeks of treatment.
(translation by Gabriela Del Carmen, editing by Angelica Mari)
