Forbes, July 2023

Skin Pharm Raises $15 Million To Expand Clinics, Scale Aesthetic Dermatology Practice

Skin Pharm Raises $15 Million To Expand Clinics, Scale Aesthetic Dermatology Practice

What makes a person beautiful has rapidly evolved over the past century. Yes, cosmetics and skincare play a significant role in a person’s daily routine; however, people now choose organic and chemical-free brands over traditional solutions.

Over the past decade, increasingly, skincare lines have developed from the consumer’s dissatisfaction with the limited options in the $7.7 billion industry.

For instance, Maegan Griffin, founder of Skin Pharm and nurse practitioner, saw the industry’s need for more natural cosmetic dermatology. “I never had the intention of opening a business and being an employer or an entrepreneur,” she states during a Zoom call. “It just kept becoming more and more evident that if I wanted to gain control over the experience that patients, clients and customers were having in this space, I was going to have to do something about it. So it went from me identifying it to being annoyed and complaining to understanding that I would have to do something about it, which meant starting my own company.”

In 2017, after experiencing inconsistent and brash results from cosmetic dermatology, Griffin launched Skin Pharm. The company is known for its work in cosmetic dermatology, facial rejuvenation techniques and aesthetic medicine. Celebrity influencers, including Taylor Hill, Kelsea Ballerini and Maren Morris, use the Skin Pharm line of products. In May, Griffin and her team announced a $15 million minority investment from Prelude Growth Partners, a female-founded growth equity firm focused on high-potential, fast-growing consumer brands. The investment funds the company’s aggressive clinic expansion plans nationwide and contributes to ongoing product development for its award-winning 20 product line.

“We probably engaged with over 50 companies in the space,” explains Neda Daneshzadeh, cofounder and managing partner of Prelude Growth Partners, in a phone interview. “But the minute we saw Skin Pharm, we knew this was going to be the one brand that we wanted to partner with because we always love to partner with authentic founders with truly an authentic vision and mission for the business that they are building. Maegan is truly that. From the beginning of her career to why she started Skin Pharm, to have a very clear vision for the super differentiated and unique brand, building the importance of the quality of the experience and providing best-in-class services.”

Griffin started her career as an ICU nurse before pivoting to working alongside a plastic surgeon and dermatologist. During her pregnancy, she became discouraged by the lack of options and results within the marketplace; it stemmed from a desire to create a clinic environment and product line she sought as a patient herself. Now with six clinics open in the south and construction on others across the country, patients also have the option to utilize the product line at home.

From the beginning, Griffin made it a point to be the type of CEO she didn’t see in some others: caring and compassionate. It was a priority for her to create an inclusive work environment. One of the challenges she faced early on was the realization that she needed more of a support team, including bringing on help with her three young children. She steadily built a team of advanced practice providers to carry out her vision of innovative work in aesthetic skin care and facial rejuvenation techniques.

As more men delve into skincare, Skin Pharm provides options for the gentlemen who want Botox and filler. Additionally, they are providing undetectable treatments. “It’s shifted from being taboo to now we’re doing work that’s undetectable,” comments Carly Smith, Skin Pharm’s first provider, during a phone interview. “And that’s really how it shifted. So the goal is to make you look like you haven’t gotten anything done when I think previously, it was very easy to see bad work, like movie stars, and how everyone made fun of the whole Botox thing. But now, there’s work that’s so undetected, and that’s really how our industry has shifted more globally.”

As Griffin continues to transition the company and evolve as a leader, she focuses on the following essential steps:

  • Entrust a support network. Building a business takes a village. It’s ok to ask for help.
  • Establish realistic expectations. It’s not going to be an overnight success; however, if you remain consistent and grow steadily, you’ll reap greater rewards.
  • Work on your mental health; be mindful of how you are handling things and when you need to take a break.

“I’ve definitely gone through points of having impostor syndrome and thinking that I needed to be this authoritative leader that uses corporate jargon all the time,” Griffin concludes. “In the last few years, I’ve become more comfortable with the fact that this is just who I am. I’m conversational and empathetic. I think it can be a superpower. It’s nice that through this transaction [the funding], coming out on the other side, I don’t feel that I’ve had to change who I am.”