Venus Concept Ltd., a Toronto/Israel based privately held developer of medical aesthetic devices, has raised US $38 million equity funding led by EW Healthcare Partners along with significant participation from HealthQuest Capital and Madryn Asset Management.
This financing will help support the rapid growth of Venus Concept’s industry first and only subscription-based business model, the ongoing expansion and maturation of its 27 direct global offices, and the continued development of products to serve the aesthetic marketplace.
“We are excited to have an opportunity to forge new partnerships with two preeminent healthcare investment firms—EW Healthcare and HealthQuest—and to expand our existing relationship with Madryn,” said Domenic Serafino, Chairman and CEO of Venus Concept. “This financing enables us to accelerate our expansion plans utilizing both the financial and intellectual resources now at our disposal.”
Scott Barry, Managing Director of EW Healthcare Partners, also commented on the investment: “We are pleased to be supporting Dom and the management team of Venus Concept as they continue to successfully expand their product portfolio and services globally. 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.”
In conjunction with their investments, EW Healthcare Partners and HealthQuest will each receive one seat on Venus Concept’s board of directors.
Northland Securities, Inc. acted as the sole Placement Agent for this transaction.
Venus Concept is a global medical technology company that develops, commercializes, and delivers safe, efficacious, and easy-to-use aesthetic technologies and related practice enhancement services in a unique, industry-disruptive subscription-based business model. Venus Concept’s devices have been designed in cost-effective and proprietary ways that enable the company to expand beyond the aesthetic industry’s traditional markets of dermatology and plastic surgery, and into non-traditional markets such as family practice, general practice, internal medicine, obstetrics and gynecology, and medical spas. Approximately 70 per cent of its devices are sold in non-traditional markets. The company has expanded its subscription platform and is now selling its devices in over 60 countries, including 27 with direct offices. The company now has over 400 global employees whose customer-centric approach has supported the rapid growth of the company.
photo credit: Venus Concept