Nøie Raises $12 Million to Expand Its Skincare Business

By McKenzie Carpenter Friday, May 7, 2021

Nøie, a personal skincare startup company, announced it raised $12 million to support business expansion.

A woman putting moisturizer on her face.

About Nøie

Nøie is a Danish skincare startup company that customizes skincare for every person based on skin profiles and issues such as eczema, psoriasis, sensitive skin, acne-prone, and others. Launched in 2019, the business has the mission to “increase the quality of life for people with skin concerns and to create a new honesty about a taboo issue.”

According to the company, through a combination of dermatological science and feedback from over 60,000 customers, Nøie curates products with specific active ingredients that can potentially transform a person’s skin. Customers take a skin test to determine what ingredients are needed to address their concerns. Additionally, as a person’s skin changes, so do the curated products to fit one’s specific needs.

The startup claims it has screened thousands of skincare products to determine the 500 best ingredients for a variety of skin problems. As a result, the business states that about 78% of Nøie customers reported their skin improved within 30 days of using the company’s products. Additionally, no prescriptions are needed to access the products.

In addition to caring about skin health, the startup also cares about the environment as all products are packaged in sustainable, recycled materials. Nøie has goals of eventually becoming carbon negative.

Business Expansion

Nøie announced it raised $12 million in a Series A financing round led by Talis Capital. Inventure, Thomas Ryge Mikkelsen, and Kristian Schrøder Hart-Hansen also participated in this round. Mikkelsen is the former CMO of Pandora, and Schrøder Hart-Hansen is the former CEO of LEO Pharma’s Innovation Lab.

Beatrice Aliprandi, principal at Talis Capital, said in an interview, “For too long have both the dermatology sector and the skincare industry relied on the outdated ‘one-size-fits-all’ approach to addressing chronic skin conditions...Nøie is building the next generation of skincare by providing complete personalization for its customers at a massive scale, pioneering the next revolution in skincare.”

The startup company reportedly averaged a 35% business growth rate in 2020 compared to its launch in 2019.

With the new capital, the business plans to further R&D projects, launch new product categories, and further expand across Europe.

The Skincare Industry

Just like any industry, the skincare industry also features higher-end, luxury items and more affordable, accessible items. That said, the skincare industry is experiencing a transition from one-size-fits-all products to more customized, safer products to fit specific needs. Skin+Me is a notable competitor to Nøie; however, Skin+Me requires a prescription.

Similar to Nøie, Startup Savant reported in April that Pai Skincare raised $9 million to support the increasing demand for its organic skincare. Additionally, there is an increasing demand for men’s personal care. Manual, a men’s health and wellness startup company, raised $30 million in late March.

Grand View Research reported the global skincare market size was valued at $134.8 billion in 2018 and is projected to grow at a CAGR of 4.4% from 2019 to 2025.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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