Ever/Body lands US$38M investment to advance tailored, tech-driven skin care
26 May 2021 --- Personalized cosmetic dermatology company Ever/Body has raised US$38 million in Series B funding to advance its tailored tech-driven approach to skin care and fuel further expansion.
The Series B funding consists of both venture equity and debt, and brings the company’s total capital raised to date to US$52 million.
“The aesthetics industry is experiencing exponential growth, proving massive potential in a market that’s expected to increase at a compounded annual rate of 9.8 percent in the coming years,” says Amy Shecter, CEO of Ever/Body.
“Ever/Body is poised to lead this growth by delivering personalized care that is beyond the industry standard, made possible by our proprietary technology, training programs and a highly-customized client experience.”
Omnichannel strategy
The funding round was led by Tiger Global Management, an existing investor in the company.
Other investors include Addition, Fifth Wall, MetaProp and Gaingels. Moreover, it includes existing investors Declaration Partners, ACME Capital and Redesign Health.
The investment will support Ever/Body’s omnichannel strategy, including market expansion, with the planned opening of multiple new brick and mortar locations.
Ever/Body says the aesthetics industry is experiencing exponential growth, proving massive potential in a market that’s expected to increase at a compounded annual rate of 9.8 percent.Ever/Body will also roll out a line of branded prescription dermatology products, aimed at addressing key concerns such as acne, hyperpigmentation, wrinkle reduction, rosacea and hair growth.
Additional funds will be used to enhance Ever/Body’s proprietary technology and client experience, and invest in new services to expand its current treatment menu.
“Ever/Body is an important player in the consumerization of cosmetic dermatology, one of the most significant trends in retail today,” says Kevin Campos, Partner at Fifth Wall.
“The cosmetic dermatology industry is ripe for innovation, and we believe Ever/Body’s model, which combines deep medical expertise with technology, hospitality and transparency, delivers a more accessible consumer experience.”
Tech-enabled consumer experience
Since launching in September 2019, Ever/Body established itself in the rapidly growing cosmetic dermatology industry, which is expected to reach US$124.7 billion by 2028, according to the company.
Ever/Body offers a tech-enabled consumer experience, curated menu of treatments, and tailored approach to each patient’s unique, long-term skincare goals.
Treatments are overseen by chief medical officer Dr. Jared Jagdeo and administered by a team of expert medical professionals.
Its two New York City locations have experienced accelerated growth, with strong patient retention and increased quarterly patient spend, despite the constraints of the pandemic, the company notes.
Tech-enable skin care advances
Many industry players are using technology to improve personalization.
Beiersdorf is investing an undisclosed sum in a new personalized skin care start-up via its Oscar&Paul Beiersdorf Venture Capital Unit, together with Belgian co-investor 9.5 Ventures.
“Personalization shaped up to be a significant trend in many industries. For Beiersdorf, it is essential to provide our consumers with an innovative offer in the field of skin care that has true added value to their skin care routine,” a Beiersdorf spokesperson recently told NutritionInsight.
French beauty behemoth L’Oréal unveiled Perso, an AI-powered, at-home system that is marketed as offering optimized beauty personalization. The Perso device features a streamlined four-step process to deliver “on-the-spot skincare and cosmetic formulas that are optimized for increasing levels of personalization over time.”
Givaudan Active Beauty previously unveiled the “world’s first” instant microbiome analysis and profiling system, coined i-MAPS. The new technology allows Givaudan’s customers to expand their product offerings to include skincare products that are tailored to the unique microbiome of their consumers. The scientific breakthrough boasts improved speed and personalization capabilities.
The company also launched an active ingredient called Chronoglow, which employs AI to mimic botanical epigenetic mechanisms and promote healthy aging and radiant skin.
By Kristiana Lalou
