FORMEL Skin Pitch Deck: Slide-by-Slide Breakdown

The 8-Slide Series A: FORMEL Skin’s Minimalist Approach

FORMEL Skin, a Berlin-based healthtech startup, raised a significant $39.8 million Series A in 2020. Looking at the deck, the most striking feature is its brevity. At only eight slides, it ignores the traditional 12-15 slide template in favor of a highly visual, patient-first narrative. This teardown examines how the company leveraged medical credibility and clear problem-solution framing to secure high-level venture interest.

Introduction and Market Opportunity (Slides 1-2)

Slide 1: Title The deck opens with a high-quality lifestyle image of a patient, Yolanda Dukoana, who is identified as a patient for 7 months. The tagline is simple: "The global dermatology clinic online." This immediately positions the company as a healthcare provider rather than just a skincare brand.

Slide 2: Introduction Slide 2 sets the scale. It claims that over 1.5bn people globally suffer from conditions that can be "treated remotely." By highlighting the word "treated," FORMEL Skin emphasizes the clinical nature of their work. The slide also introduces Dr. Sarah Bechstein, the founder, via a smartphone mockup, reinforcing the mobile-first delivery of their medical care. The value proposition is summarized as faster access, better outcomes, and time saved for both parties.

The Problem and the Patient Journey (Slides 3-4)

Slide 3: Problem The problem is defined through three lenses: Lack of Access (undersupply of doctors), No Guidance (unsuccessful static treatments), and Inefficient Market (reimbursement issues). To make this visceral, the slide features a 'Before' photo of a patient named Yahna from December 2020, showing severe skin inflammation. This humanizes the 'structural undersupply' mentioned in the text.

Slide 4: Solution Slide 4 presents the 'After' photo of Yahna from May 2021, showing clear skin. The text highlights three solution pillars: Instantly Accessible, Personalized, and Evidence-based. A notable piece of social proof is included at the bottom: "Yahna, 30, created an unsolicited Instagram-fan account to show her progress." This suggests high organic virality and patient satisfaction without the company needing to provide a chart of NPS scores.

Product Deep-Dive (Slides 5-6)

Slide 5: Product This slide breaks down the 'how.' It shows three smartphone screens representing the 'Digital companion' (app interface), 'Superior medical service' (doctor interaction), and 'Individualized medical products.' The third screen is particularly important as it shows a formula breakdown including Tretinoin (0.1%) and Niacinamide (4.0%). This proves they are dealing with prescription-grade (RX) and medical OTC products, not just cosmetic moisturizers.

Slide 6: Product deep-dive Slide 6 is a transition slide that leans into the emotional outcome. It features a patient, Nikola, laughing while applying the product. The headline, "Our patients are longing for a trusted skin health partner who accompanies them throughout their entire life," signals a high-LTV (Lifetime Value) subscription model, even though no financial data is explicitly shared.

Team and Vision (Slides 7-8)

Slide 7: Team For a Series A, the team slide is often the most scrutinized. FORMEL Skin presents a balanced trio. Dr. Sarah Bechstein provides the clinical 'moat' with a PhD in Dermatology and research experience at Charité Berlin. Florian Semler and Anton Kononov provide the operational 'engine,' with backgrounds at BCG, Roland Berger, and experience scaling Caroobi to a $100M valuation. The logos at the bottom (Siemens, WHU, Heidelberg) serve as institutional validation.

Slide 8: Closing The final slide returns to the patient imagery, showing two women (Yildiz and Yolanda) interacting. The call to action is "Become part of the FORMEL Skin story." It is an emotional close rather than a data-driven one.

What Works in This Deck

1. Clinical Authority: By featuring a founder who is a medical doctor and researcher from a prestigious institution like Charité, the deck bypasses the skepticism often directed at 'D2C skincare' startups. They aren't selling soap; they are selling a 'medical treatment approach.' 2. Visual Proof of Efficacy: In healthtech, results matter most. The use of Yahna’s 5-month transformation (Slides 3-4) is more persuasive than a generic bar chart. It proves the product works for the most difficult cases. 3. Clear Product Taxonomy: Slide 5 clearly explains that this is a three-part system. Many startups fail by not explaining if they are a software company, a service company, or a hardware/product company. FORMEL Skin explicitly states they are all three, integrated into one experience.

What is Missing from This Deck

1. Financial Metrics: There is zero mention of revenue, growth rates, or unit economics. For a Series A raise of nearly $40 million, investors would typically expect to see a 'Traction' slide showing MoM (Month-over-Month) growth and CAC/LTV ratios. 2. Competitive Landscape: The deck does not address other players in the teledermatology space. Given the presence of companies like Curology or Dermatica, an investor would need to know FORMEL Skin’s specific competitive advantage in the European market. 3. The Ask: There is no slide detailing the amount of capital being raised or the milestones that capital will unlock. This suggests this version of the deck was likely a 'teaser' or a high-level vision deck used to open doors, rather than the full due-diligence deck. 4. Market Expansion Strategy: While slide 2 mentions a 'global' clinic, there is no roadmap for how they move from Berlin to the rest of the world, especially considering the regulatory hurdles of prescription medicine in different jurisdictions.

What a Founder Should Copy

1. The 'Problem' Framing: Instead of just saying "skin care is hard," they frame it as a systemic failure of the medical market (Slide 3). Founders should look for the 'structural' reason their business needs to exist. 2. High-Quality Imagery: The deck feels premium. The photography is consistent, the color palette (teal and white) is clinical yet modern, and the layouts are uncluttered. This builds immediate brand trust. 3. The 'Evidence-Based' Tag: In any regulated industry, using the term "Evidence-based" (Slide 4) and backing it up with a founder’s PhD (Slide 7) is a powerful way to de-risk the investment in the eyes of a VC.

Conclusion

The FORMEL Skin deck is a testament to the power of a strong founding team and a clear, emotional problem. While it lacks the data density usually required for a Series A, its focus on patient outcomes and medical legitimacy clearly paved the way for their $39.8 million round. It serves as a reminder that at the early stages, the story and the 'who' are often more important than the 'how much'—provided the data room is ready to back up the vision.