Beauty subscription pioneer has been acquired by FemTec Health, a health and beauty sciences start-up focused on women’s health. Financial details of the operation were not disclosed but would amount to more than $45 million, according to Forbes.
Founded in May 2020 by Dr. Kimon Angelides, FemTec Health plans to revitalize the subscription box company by getting into personalized health and wellness products.
FemTec Health intends to use technology and data to “transform the total healthcare experience for women.” The start-up is building a data analytics platform and infrastructure to accommodate wide ranging products and services that provide continuity and coordination of care for every woman, at every life stage.
In addition to Birchbox, FemTec announced a series of other acquisitions including: Mira Beauty, a store and collaborative library for beauty, and Liquid Grids, a social marketing platform for the healthcare industry that has over 1.5 million members.
FemTec Health said they will be announcing later this year the details of their consumer offering including the re-launch of Birchbox, shifting the focus from beauty product discovery to curated personalized skin and healthcare products utilizing the patent-pending BiomeAI engine, which is currently under development. BiomeAI will use AI and deep machine learning to translate consumer, genetic, microbiome, and biometric data into the delivery of holistic healthcare personalized for every woman.
"Our first acquisitions within women’s health and beauty are key to our mission to revolutionize the women’s healthcare and beauty industry. Women deserve a comprehensive, all encompassing model designed specifically for them. The starting point is to really understand a woman’s healthcare needs and then apply smart technology like AI and predictive analytics to translate the data into actionable outcomes," said Dr. Angelides, Executive Chairman and Interim CEO.
Longmont Capital, Ithaca LifeSciences, Unilever Ventures, Shiseido, e.Ventures, Viking Global, and Trinity Capital are among FemTec Health’s investors, capital and shareholders. The start-up has raised more than $38 million to date.