Canadian-Israeli co Venus Concept raises $37.5m

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The company, which has 70 employees, deals in esthetic medicine.

Venus Concept, a company managed from Israel and Canada, has raised $37.5 million from unnamed investors, according to a Form D submitted by the company in the US for the financing round. The US requires this form for capital raising even by private companies.

Venus Concept is one of the leading Israeli companies in esthetic medicine, following the sales of Lumenis, Syneron, and Alma Lasers. Venus Concept has 500 employees, including 70-80 in Israel, with development in Yokneam and a production plant in Karmiel. Investors in the company's earlier financing rounds include the Deerfield Investments and Visium Healthcare Partners funds.

The company does not reveal much about its business to the media. Published information about the company indicates that it was founded by Oded and Orit Ron Edoute, a husband and wife team, together with Oded's brother, Aharon Edoute. The three founders are no longer major shareholders in the company, which is held mainly by US funds. 60-70% of Venus Concept's sales are in the US, with the rest divided between Europe and Asia, plus some in Israel. The company reported NIS 100 million in revenue in 2013.

The dominant figure in Venus Concept is Domenic Serafino, known as a former movie producer (he produced the film "Casino Jack," starring Kevin Spacey).

Lior Darel, who manages Venus Concept's marketing subsidiary in Israel, says that the company's line of products is narrower than that of Syneron and Lumenis. "The first line of products was based on unique technology combining radio waves with electromagnetic pulses. The product was initially designed to treat the effects of diabetes, with beauty treatments being a side business. It soon turned out, however, that this market was bigger and more accessible," he explains.

The company's most unique product now is for treatment of acne scars. Darel says that he decided to take part in founding the branch in Israel because of this product. "I was the 17th employee in the company, and was responsible for Asia. Two years ago, it was decided to set up the branch in Israel (up until then, the company marketed its products only overseas, although its production was in Israel), and I realized that with this product for treatment of acne scars, we could build the market here." The company is promoted in Israel by Hava Zingboim, owner of a leading medical esthetics clinic and developer and marketer of esthetic devices and preparations.

"In addition to treatment of scars from acne, we also treat other types of scars, firming up facial skin, hair removal, pigmentation, and active acne," Darel adds.

Published by Globes [online], Israel Business News - www.globes-online.com - on July 10, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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dollars  picture: Thinkstock
dollars picture: Thinkstock
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