The operation is led by Singular, accompanied by German VC Heal Capital, a specialist in e-health. The three already existing shareholder funds, Cherry Ventures, Vorwerk Ventures, and Heartcore Capital, also participated.
Formel Skin, founded by Anton Kononov, Florian Semler, and Sarah Bechstein, is a Berlin-based startup specializing in the treatment of skin diseases. Using a digital platform, each patient completes a questionnaire and sends three photos, which are examined by a dermatologist. A personalized treatment is then developed and sent to the patient, based on a monthly subscription of €49 per month. Since its launch in Germany in June 2020, over 150,000 treatments have been sent.
With this funding round, Formel Skin will continue to hire more staff, expand its services, and launch in new countries.
Singular is a venture capital firm that invests in early-stage tech companies. Heal Capital is a German venture capital firm that focuses on digital health startups.
Cherry Ventures is a Berlin-based venture capital firm that invests in European startups. Vorwerk Ventures is the investment arm of Vorwerk, a German family-owned company. Heartcore Capital is a European venture capital firm that focuses on early-stage consumer and software startups.
This funding round will help Formel Skin to continue its mission to improve the quality of life for people with skin diseases and expand its reach to more patients around the world.