According to the American Academy of Facial Plastic and Reconstructive Surgery, there’s been a 10% increase in demand for cosmetic surgery. Cosmetics procedures like Botox are and fillers are also up 54% and 75%. This increase has been driven largely by the self-view associated with video conferencing. Ever/Body is a tech-enabled provider of cosmetic dermatology services and beauty treatments at three state-of-the-art Manhattan locations (Soho, Flatiron, UES). All of Ever/Body’s minimally invasive services are administered by expert providers that have undergone rigorous hands-on training of 300-500 hours for every service they perform. By leveraging technology in its operations and by taking a consultative, holistic approach to a patient’s beauty goals, the company is able to offer its services for 20-30% less than the cost of comparable services at a doctor’s office. The company also offers a full line of skin care products through its site that includes serums, suncare, moisturizers, and cleansers. Despite the pandemic, the company has been able to successfully expand to its third location with imminent plans to open its first Brooklyn location in Williamsburg and expand outside of the city with new locations in Washington DC.
AlleyWatch caught up with Ever/Body CEO Amy Shecter to learn more about the business, the company’s strategic plans, latest round of funding, which brings the total funding raised to $110.5M, and much, much more…
Who were your investors and how much did you raise?
We raised $55.5M of Series C funding less than a year after raising our Series B of $38M. Our existing investor, Addition, led the round with participation from Tiger Global, ACME Capital, Declaration Partners, Fifth Wall Ventures, and Redesign Health, who are all current investors. Additionally, Imaginary Ventures participated in this round as a new investor. Since our launch in September 2019, Ever/Body has raised over $100M.
Tell us about the product or service that Ever/Body offers.
Ever/Body is a company that provides a unique approach to cosmetic dermatology. We combine an unparalleled standard of medical expertise with a modern, luxury experience, driven by proprietary technology. This creates a seamless client journey, from appointment scheduling to pre-and post-treatment care, but most importantly a personalized experience. One thing that is unique is that we have a best-in-class provider education program, which ensures our providers can provide an incredible experience that is personalized for all ages, skin tones, body types, and genders. Our services include skin, body, and hair treatments, including Botox/wrinkle relaxers, fillers, laser facials, microneedling, Trusculpt, Emsculpt, Kybella, Keravive, PRP, and more, offering clients everything they need to reach their beauty goals.
Ever/Body opened its first location in 2019, pioneering a first-of-its-kind approach to cosmetic dermatology and making it more accessible to consumers by providing personalized, results-driven treatment plans and a modern medical experience. Ever/Body offers the same level of expertise offered in a top cosmetic dermatology office, however, we make it very accessible through technology and our prices are 20-30% less than what you would normally pay at the doctor’s office. We also have more flexible hours, more convenient scheduling, and a focus on treating the entire body from head to toe. We are a digital-first company, in a brick-and-mortar setting.
How is Ever/Body different?
At its core, Ever/Body is focused on four things that are disruptive to the industry:
- Ever/Body offers a curated selection of the top technology-driven services for face, body, and hair. Each client receives a 360-degree personalized treatment plan, which can be tracked through our proprietary, online client portal. The Ever/Body brand has engaged a loyal following, with clients returning 2.6x within 6 months and 60% of clients undergoing more than one type of service. Client trust is earned as a result of the highest level of efficacy, best-in-class service, and our medical expertise.
- Through our proprietary technology, Ever/Body brings convenience, accessibility, and personalization to the cosmetic dermatology industry. We have a proprietary EMR (electronic medical record) that creates a seamless journey for our clients from booking to pre-and post-service care.
- Ever/Body created an unparalleled training program that is far above the industry standard. On average, all of Ever/Body’s staff undergoes a comprehensive training program, which includes approximately 300-500 hours of in-depth programming on every service offered. This compares to the industry average of approximately 100 hours of training.
- Ever/Body is highly focused on treating all skin tones, textures, ages, genders, and bodies. A hallmark of Ever/Body’s provider training curriculum is its comprehensive diversity and inclusivity training, which ensures that all clients’ needs are met with the highest standards. Our providers are trained to treat the LGBTQ+ community as well as men and women of color, who are often underserved by the market.
What market does Ever/Body target and how big is it?
Ever/Body operates within the cosmetic dermatology industry, which is expected to grow from $73B to $129B by 2028. Demand has accelerated due to greater social acceptance of cosmetic dermatology treatments and more willingness to invest in self-care. Ever/Body is meeting this increased demand with a technology-enabled service experience that prioritizes personalized care and an unparalleled standard of medical expertise.
What are your post-COVID office plans??
We are a client-service business so it’s important for the majority of our people to be in person together for training, collaboration, and to support our providers and in-store teams. Our headquarters team is hybrid, with the majority of employees based in the NYC/Metro area and remote employees traveling for monthly or quarterly collaboration meetings, depending on their function.
What was the funding process like?
We raised our Series B in April of 2021 and did so in the middle of the pandemic. We raised our Series C as Putin invaded Ukraine and the capital markets declined. We pushed through obstacles and landed in a great place. 2% of all VC goes to women-led businesses. We are especially proud of our raises over the past year as we secured close to $100M in one year. We have earned the confidence of our investors due to our focus on education, medical expertise, the customer experience and our proprietary technology.
What are the biggest challenges that you faced while raising capital?
As a female-founded/female-led business, it is more challenging to raise capital as only 2% of all venture funding goes to female-led businesses. In addition, we raised our Series B in 2021 in the pandemic and our Series C in 2022 in a challenging capital market. Our business is new and we only had two stores open at the time of each raise. We had fantastic KPIs and our year-over-year growth was exceptional which helps us overcome the obstacles at the time for raising and getting a strong valuation.
What factors about your business led your investors to write the check?
Ever/Body is different in that we offer the same level of expertise you would find in a top dermatologist’s office, however, we make cosmetic dermatology accessible through the combination of our pricing being 20-30% less than average, our ease of access, and our focus on excellence in execution. We are a compelling investment due to the TAM in the cosmetic dermatology industry (growing from $73B to $129B by 2028), strong brand loyalty driving repeat visits, and we cater to a wide range of consumers. Ever/Body has extremely favorable unit economics, which make our business attractive to investors.
What are the milestones you plan to achieve in the next six months?
We will open three locations in New York and three in the metro DC area, and will expand beyond the eastern seaboard in 2023. Further, we will continue investing in technology, the client experience, and our training programs.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Determine the strongest path for preserving cash for the next two years. Focus on key initiatives that will drive the highest value for the business. Focus on people and motivate them to achieve results. Analyze all expense areas and determine if there is room to cut or slow hiring. Work with your investors and gain alignment on your plan.
Where do you see the company going now over the near term?
Ever/Body is exploring ways to make booking easier for our clients, including the potential for an app to drive engagement with our clients through technology. We will also expand our in-store technology presence to facilitate education and treatment plans. We will continue to focus on head-to-toe services, leaning into innovative technologies with the highest level of efficacy for our clients.
What’s your favorite restaurant in the city?
My favorite thing to do is to order in from our favorite Vegan restaurant, Blossom, and watch a movie with my husband and my puppy.