This summer, our team at Venus Concept Ltd. is celebrating another huge company milestone: the closing of a $38 million equity investment, announced on July 13, 2017.
The investment goes a long way to support the rapid growth of our unique subscription-based service model, the first and only of its kind in the aesthetic technology industry. We have expanded our subscription platform by serving the top treatment providers and practices across the world, selling devices in over 60 countries—including 27 with direct offices. We’re excited to put this new round of financing to work in developing incredible aesthetic technology.
We are proud to offer best-in-class devices with unmatched marketing support and the most comprehensive warranty program in the industry. Our devices are designed in cost-effective and proprietary ways, enabling us to grow beyond the aesthetic industry's traditional dermatology and plastic surgery market, and into non-traditional spaces.
That means that you can find practitioners operating and loving Venus Concept devices in family and general practices, internal medicine, obstetrics and gynecology, and medical spas. Approximately 70 percent of our devices are sold in non-traditional markets, and our clients rely on our devices for the most highly-demanded treatments with exceptional patient satisfaction. We’re happy to announce that we have the support of these financing partners to continue working with such a uniquely accessible and successful model.
This equity investment was led by EW Healthcare Partners, along with significant participation from HealthQuest Capital, and Madryn Asset Management.
EW Healthcare Partners is a well-established growth equity firm, working with innovative players in the world of pharmaceuticals, healthcare technology, and medical devices. In the words of Scott Barry, Managing Director of EW Healthcare Partners, this investment is an exciting opportunity to participate in building something extraordinary.
“We are pleased to be supporting [Venus Concept CEO Dom Serafino] and the management team of Venus Concept as they continue to successfully expand their product portfolio and services globally,” said Mr. Barry. “We believe that their differentiated subscription model and unique products positions them well to take full advantage of tailwinds in the non-invasive aesthetic market. We are excited to participate in the growth of the company.”
HealthQuest Capital and Madryn Asset Management are the other key firms involved in this round of equity financing. HealthQuest Capital is known for its dedication to early growth investment in companies that put patient experience at the forefront of healthcare technology with a track record of economic success. And as leading-edge investors in healthcare innovation, Madryn Asset Management pairs their financing support with a history of high-value returns and exceptional industry expertise.