UK-based Skin + Me is revolutionizing skincare by democratizing access to expert medical advice and boosting skin confidence. The business has received £10 million in new capital as demand picks up.
Octopus Ventures led the Series B fundraising round in which £10 million was raised.
This occurs at a time when the business announces growth of 100% year over year and expects to generate cash flow in only two years.
Many people find skincare to be a little stressful. Many people struggle with the skincare industry, from understanding which products work and which don’t to be able to acquire high-quality solutions on an affordable budget. Although it affects people’s confidence and self-esteem, finding dermatologically approved products is difficult.
Skin + Me seeks to remedy this by approaching skincare from a more consumer-friendly prescription-based and individualized perspective. The platform of the firm has recently gained popularity, and it has now closed new funds to continue expanding.
2020 will see Skin + Me’s the launch of its impact-driven teledermatology service. Customers wishing to cure skin issues like visible pores, fine wrinkles, or texture as well as conditions like acne, rosacea, dark spots, and pigmentation can take advantage of the startup’s custom-made treatments produced with prescription-only active components.
The online site only requires users to complete a brief questionnaire before they can sign up for a customized skincare plan. Consultant dermatologists create the treatment plans, which are then created by pharmacist prescribers.
According to reports, 24% of UK residents seek treatment for skin conditions each year, but they aren’t getting the support they require.
Horatio Cary, co-founder, and CEO of Skin + Me: “About 50% of consumers are disappointed because they want a product that works. The global skincare market is worth £140 billion.”
“We created Skin + Me to make medical skincare, which has been shown through decades of scientific studies to be significantly more effective than any cosmetic products, available to everyone. Because our goods produce results, we soon gained loyal customers,” added Horatio.
According to a brand survey conducted by Skin + Me, clients report a 133% increase in the appearance of their skin, with an average baseline rating of 3/10 before treatment rising to 7/10 after 12 weeks of use. To help people feel more confident, the company has so far prescribed items to hundreds of thousands of UK residents.
Horatio Cary: “We’ve noticed a sharp increase in consumer awareness of prescription-only chemicals like tretinoin. Being the market leader in the UK, Skin + Me is perfectly situated to capitalize on this trend as we anticipate a rapid change in the $140 billion worldwide skincare market toward prescription-strength chemicals.
Will Gibbs, Partner in Charge of Health at Octopus Ventures, said, “Octopus Ventures takes pride in supporting businesses that inspire constructive and practical change. The skincare industry has changed as a result of rising consumer knowledge of prescription substances and the move toward personalization.”
Will Gibbs further said, “Leading the pack is Skin + Me, whose rapid expansion reflects a paradigm shift in which hyper-educated consumers want extremely effective alternatives to over-the-counter products.”
“Octopus Ventures has contributed a total of £13 million in Series A and Series B capital to the development of Skin + Me, strengthening the bond and expressing their confidence in the company’s industry-leading personalization strategy,” continued Will.
The MedTech team will use these additional funds to increase expansion through new marketing channels and further advancements in personalized skincare.
Image Credit: Skin + Me
