Ever/Body raises $38M to bring technology to the cosmetic dermatology space

The company will build out more brick and mortar locations over the next few years

Cosmetic dermatology is a pretty new space, having only really come to prominence in the last 15 years or so. As the name implies, these are not patients with a medical need, but who want to improve their experience; it involves treatments for smoothing wrinkles, correcting skin tone and texture, and tightening up sagging skin. 

Due to the fact that it is so nascent, it hasn't seen the same kind of technology built in that other spaces within the healthcare ecosystem have. That's what Ever/Body is looking to the change: the company, which was founded in 2019, using technology to give each patient a personalized experience.

"The company was founded with the idea of revolutionizing cosmetic dermatology, with an experience that was tech driven, which was really new to the industry, that was highly personalized and one that prioritizes patient education, along with natural looking results," Ever/Body CEO Amy Shecter told me.

"We're really focused on personalized treatment plans; very often you go in and it's a one stop approach, and with us each individual person gets their own treatment plan, depending upon the needs that they have."

It's an approach that has caught on with investors: on Tuesday, Ever/Body announced a $38 million Series B funding round consisting of both venture equity and debt. It was led by Tiger Global Management, along with Addition, Fifth Wall, MetaProp, and Gaingels, and existing investors, including Declaration Partners, ACME Capital and Redesign Health, bringing the company’s total capital raised to date to $52 million. 

"The fact that Addition and Fifth Wall and Metaprop and Gaingels all came into this round speaks to the fact that this is a high growth business with a great trajectory that is scaling both brick and mortar and digital and resonating in a way that businesses like this have not done in the past. It's really exciting; we're crafting a new space the way we're doing it, and we're super excited about that," said Shecter.

Founded in 2019, the New York-based Ever/Body provides treatments including microneedling, laser facials, photofacials, peels, botox, wrinkle relaxers, derma fillers, plasma injections, and plasma hair restoration, among others. On the technology side, the platform that provides customers with online booking and scheduling, medical records and progress tracking. 

The company currently operates two in-person clinics, both in New York City; one in the Flatiron District, and the other in SoHo. While customers can range in age anywhere from 18 to 70, Ever/Body's core customers are typically between 30 and 55. And while they are primarily women, the company has also seen a 50% increase in men coming in than it saw a year ago.

Part of that has to do with the fact that the company treats the whole body, and not just the face, Shecter explained: many men come into get Emsculpt, which is the stimulation of muscle, especially in the abdomen, helping them get six-pack abs. 

"More men are being destigmatized by coming to us for those services. And it's interesting, our men range in age from 20 to 70. So, we're seeing young men, we're seeing middle aged men, and we're seeing older men who are coming for wrinkle relaxer, or a little bit of filler, and we're so happy that we're getting that customer," she said. 

"Our environment was intentionally set up in a way that would be very inclusive to any type of person, it is accessible looking. It is a combination of a doctor's office and a med spa, so it's the perfect solution to make everyone comfortable in our environment. It's a place where it offers privacy, but also convenience."

As Ever/Body is primarily a brick and mortar business, the company was forced to shut down during the pandemic, though it reopened in August of last year. During that time, the company focused its efforts on a few key areas, one being enhancing its existing hospitality services, and the another being a focus on its technology, specifically around the launch of virtual services, including telehealth, which now still a small, yet growing, part of its business. 

"In the middle of the pandemic, we launched virtual services and it's picking up considerably. But, at the end of the day, we're a brick and mortar business, we look to create a multi channel business, we do telemedicine today and we do virtual appointments, so we can service the client via a virtual consultation, and very often drive them into the store for this service, but we do see a world where telemedicine becomes a bigger part of our business. And we do see a world where we're servicing clients in an even more holistic way," said Shecter.

Each month since the company reopened has been its best month, and she chalks up to, in part, the rise in Zoom calls. 

"Everybody is looking at themselves every day, with more critical eyes on themselves than they've ever had and, as a result of that, people are looking to make changes. The good thing about all of our services is that it's a natural look. It's a progressive look. You can do it one step at a time, and you can evaluate and assess and then do something more, or something else if you so wish to."

The new funding will go toward continuing to building out Ever/Body's technology and client experience, while also investing in new services to expand its current treatment menu. It will also go toward market expansion, with the company planning to open multiple new brick and mortar locations; it plans to have five to seven additional locations over the next couple of years, and 20 locations over the next five years.

Ever/Body will also roll out a line of branded prescription dermatology products, aimed at addressing conditions such as acne, hyperpigmentation, wrinkle reduction, rosacea and hair growth, which it plans to sell both on its website and in its stores. 

"That's where the opportunity for telehealth comes into play, where the client is having a particular issue and they don't want to come into a store or they don't live in an area where our stores are currently located. They can have a virtual service and it takes our business to a completely different level, it's really a multi-channel business then," said Shecter. 

The cosmetic dermatology space is young, but growing quickly: by 2028, it is expected to grow to $125 billion, partially because of the pandemic, partially because of the increased focus on health and wellness, and the fact that the treatment is non-invasive. That means there is going to be an enormous opportunity for a company like Ever/Body to capture market share.

Shecter likens it to where the boutique fitness space was 10 years ago, when it was just launching; now there are a lot of choices. The same thing will to cosmetic dermatology.

"I really think that we are going to be in a similar situation. Telemedicine is taking off, these kinds of services are going to go through an incredible trajectory and I think we're well poised to capture that," Shecter said.

It also helps, she explained, that other companies in the space are not deploying technology in the same way that Ever/Body is.

"While there are competitors, certainly, in the space, nobody has approached it the way we have. Our technology will become even more integrated, as we grow with our expansion, and also with our clients. So, anybody that's doing cosmetic derm, I guess, is taking market share, but doing it with a technology first business is unique," she said.