Biomedicine to skin care: Element Eight secures US$6M funding for cell oxygenating tech that mimics hemoglobin

08 Nov 2023 --- Element Eight, a US-based premium brand “bringing the advances of biomedicine to skin care” through its proprietary OATH: Oxygen Amplified Therapy, has closed US$6 million in funding in a SAFE round. 

The brand reported US$2.5 million of investment from its existing investors, and was able to attract an additional US$3.5 million from new investors.

OATH technology addresses the skin’s biological performance and counteracts the key signs of aging. It mimics the function of hemoglobin by delivering 20 times more oxygen directly to skin cells, up to 700 microns deep, according to Element Eight.

Correcting creams formulated by Element Eight (Image credit: Element Eight).“With 45% of the round coming from surgeons, dermatologists and PhD scientists, we have a strong validation of the scientific acumen of the brand. We were very pleased to also have participation from private family offices with experience in beauty investing, who accounted for 34% of the round,” says company chairman Bradley Patt. 

“Finally, realizing 14% participation from management, employees and members of the company’s board of directors shows excitement about the company’s progress from the people inside.”

Decade of collaboration with surgeons and dermatologists
OATH technology was developed by a team of spine surgeons, biomaterial engineers, dermatologists and clinical researchers over the course of a decade.

Including the SAFE round that just closed, the company has raised a total of US$7.9 million to date. Immediately upon closing this SAFE funding, the company has announced it will proceed onto a new US$6.25 million Series A round to continue to accelerate the growth of potent skin care products.

“Element Eight has a unique point of difference thanks to the innovative technology of OATH, and fits into the fastest growing segment of the global skin care market,” comments Founder and board member Gerard Camme.

Looking ahead, Camme anticipates a host of new products leveraging OATH being brought to market and made “accessible on a wider scale."

New executive leadership
In addition to this newest round of funding, Element Eight has appointed Jake Galtere as chief marketing officer and Kristi McCluer as vice president of global sales and education to drive the brand’s global strategy and oversee expansion.

With over a decade of experience developing digital marketing strategies across the luxury market, Galtere most recently served as vice president of marketing for Ralph Lauren and Azzaro Fragrances. He has held posts at leading brands including Lancôme, YSL Beauty and Mugler.

“Joining Element Eight was an easy decision. The brand has an extremely distinct DNA, from its origin in spine surgery to the multi-expert team who continue to innovate for the consumer,” Galtere remarks.

OATH technology was developed by a team of spine surgeons, biomaterial engineers, dermatologists and clinical researchers over the course of a decade (Image credit: Element Eight).Appointed as vice president of global sales and education, Kristi McCluer has also joined the Element Eight team with over 15 years of experience in luxury sales. Coming from the L’Oréal Luxury Division, Kristi was responsible for omni-channel retailer business development and strategy. Most recently, she earned an Executive Certificate in Digital Marketing Analytics from the Massachusetts Institute of Technology, US.

“Jake and Kristi bring a wealth of expertise in the luxury beauty industry, having played central roles at leading luxury brands. They bring with them extensive experience and a deep understanding of the beauty industry that will be pivotal to the development of our global strategy and expansion of the Element Eight brand,” says Camme.

As the company rolls out its Series A offering, it has announced it has joined Ohana & Co.’s incubation platform.

“We have been following Element Eight since its inception and have been impressed with the traction gained and what CEO Gerard Camme has achieved in just one year since the launch,” says Karine Ohana, managing partner at Ohana & Co.

The company also announced that Martin Brok — a global executive with over 35 years of experience in senior roles, including as global CEO of Sephora, Nike, Starbucks and The Coca-Cola Company — will join Element Eight’s Business Advisory Board and will participate in the Series A financing.

“I see dozens of ideas in this space,” says Brok. “Element Eight stood out to me as a very different premium offering that is entering the most dynamic segment of the skincare market: heavy science and luxury leaning with a distinct voice that separates itself from the clutter and fills a white space.”

New beauty tech financing developments
In other notable funding developments that took place this quarter, the first institutional financing round for the aromatherapy-infused fragrance brand The 7 Virtues kicked off last week with funding from Unilever Ventures, marking the venture capital firm’s first investment in the fragrance category.

Last month, SuperOrdinary secured US$58 million in Series B funding, bringing the company’s valuation to over US$800 million. SuperOrdinary is a global brand accelerator to establish and scale brands in international and domestic channels, overseeing the sustainable global expansion for consumer brands such as Farmacy, Olaplex, Sabon, NuFace and Biossance.

Also in October, synthetic biology company Debut received US$40 million in its Series B funding led by Bold, the venture capital fund of L’Oréal. Debut’s biomanufacturing methods produce fragrances that mimic natural and rare scents without leaving as much of an ecological footprint. The molecules exude “the same rich, full-bodied quality of naturals.

Edited by Benjamin Ferrer