Cork entrepreneurs are making a difference from technology to beauty

The ability to pivot may be a boon to the founder, but to Pat Ferran, his last pivot was in what looked like an unknown territory.

After establishing a position in the tech sector and growing Cubic Telecom, a serial entrepreneur, Cork, founded Trustev, a fraud prevention startup, with Chris Kennedy. The latter was acquired by TransUnion for a $ 44 million transaction as a US-based consumer credit rating agency integrated fraud prevention technology into its business.

But it wasn’t the first time Ferrand had made a big difference. Originally trained as a butcher and chef in Cork, he jumped into the world of entrepreneurship. The reinvention seems to be in his DNA.

So, two years after the deal with Trustev and Phelan left the company, even if the industry was a new starting point for him, the new venture wasn’t out of the question at all.

Sith was formed in 2018 when Ferrand teamed up with doctors and brothers Brian and James Cotter. The company’s idea was simple. A non-invasive, effective and safe doctor-led aesthetic treatment.

Sisu CEO Phelan remembers saying it first, as he intended to make this Starbucks.

Botox and cosmetology treatments may be far from online scams, but Ferran was able to bring some of his previous skills to new businesses: strong growth and the decent tech platform behind it. Helps to support that expansion.

The business is highly software-enabled. People receive geofence messages when they enter the clinic. They receive a geo-fence message when they leave the clinic, Ferran said, adding that it’s a reliable playbook with the best people around you.

There is also that identity for financing. Substantially funded by people such as Bullpen and Greycroft. .. .. There is such a global network in that space as well. So funding, technology and scaling are probably my skills.

It helped him well. So far, Sisu has raised $ 11 million and has made a $ 5.5 million round to support its expansion in the United States.

At launch, Ferrand also had the goal of opening 100 stores within three years. But that was before Covid and its associated shutdown, the company is opening new clinics at a fast pace.

He says he was there. Perhaps Covid has detained us. Signed one of these American leases during Covid.

Ireland has served as a testbed for the Sith. Currently, there are 14 clinics across the island, including one in Belfast, and three more. In its latest report to shareholders, the company says it has grown 104% compared to 2021 and enrolled about 5,000 new patients annually.

Since its opening, the company has also refined its offerings. When we started, Cork tried to offer everything to everyone, including lasers, huge clinics, and 25,000 square feet, Ferran says.

In contrast, the Terenure Clinic in Dublin has three rooms with injections. It focused on the laser on what can be removed to make itself better for the patient, which was applicable to any technical stack.

Sisu has already begun to expand its brand abroad and is replicating the structure introduced in Ireland abroad. It is this extension that we are talking about here. That is, half of the conversation takes place here in Ireland and the other in Miami, where Sith is growing.

Sisus Global Medical Directors Phelan and Brian Cotton have temporarily moved to the United States to work on the US market. The last few weeks have been a whirlpool of activity as the duo scouted new locations and lined up leases from Florida to Texas to New York. A deal has been agreed between Brooklyn and New York’s Upper East Side, and Florida is in that bag.

Sisu has also appointed US Vice President of Operations to fulfill that promise, with Cristina Kennedy, Vice President of Former Operations at Drybars, taking on the role. One of the recent additions to the board is Kimberly Nemser from designer eyewear brand Warby Parker.

The group is aiming to become the largest Midea Group on the planet by the end of the year and has already achieved serious penetration. In addition to the clinics that already have leases, the company is planning to open another clinic opposite SoHo Grande, with another lease for Chelsea and another for the Upper West Side in New York.

According to Ferran, the company has opened about 32 clinics around the world and plans to open another 25 clinics next year.

While the United States may seem saturated in beauty clinics, Sisu has identified a clear gap in the market. It’s a gap between expensive plastic surgeons and dermatologists, and a low-cost medical spa. Cotter describes a medical retailer with a fashion element. It appeals to people entering the space for the first time, he says.

In the United States, facilities are carefully selected to meet the enterprise’s target market. In Florida, future cis clinics will be set up alongside Lululemon, Whole Foods Store and luxury fashion brands. That’s the kind of people we want to be close to, Ferran said.

The beauty industry is a huge and growing market. Sith is heading for an easily accessible waypoint. It’s an approach that works well with other brands such as Warby Parker and the dental company Smiles.

The ambition here is enormous. Cotter says the global market for this huge space is $ 90 billion. The interesting thing about it is that the addressable market is constantly changing, so I feel it is fundamentally undervalued. It’s probably a shift in the social paradigm in how people see themselves, which is probably moving into more wellness spaces.

Another element of business is the development of a brand for the general cis, not just the clinic. Fostering trust with clients is an important part of the proposal, and Sith says Sith does not offer unproven treatments.

What happens when you actually maintain that core mental structure is that your business grows. Cotter says people want effectiveness, results, and quality. You have a more educated and more learned patient cohort or consumer. The market itself has changed. And by taking full advantage of the 360-degree products and services offered by Sith, I think we will bring something completely different to the market.

That good approach for markets that have a share of the gray area. Fillers have become a mundane beauty treatment that can be used anywhere, from clinics and dental surgery to high street cosmetologists.

However, ubiquitous can pose its own problems. Although some areas of the business are tightly regulated, Botox is only available by prescription in Ireland and Lily should only be controlled by a practitioner or dentist-fillers to those who can manage them. There are no restrictions.

The co-founder of Sissus has spoken openly about the risks of unregulated treatment, and Brian and James have written an open letter to Health Minister Stephen Donnelly about it.

Dermal fillers are gray areas. We actually let patients suffering from complications from very shocking non-health care providers go through the door-the products are bought online, in China, on the internet and from somewhere in Europe. Obtained the CE mark. And you are medically untrained people injecting dermal fillers into people’s faces. According to Cotter, dermal fillers are much more dangerous than Botox. It can cause a lot of damage if it falls into the hands of someone who doesn’t know what they are doing.

That’s what we keep pushing for HPRA [Health Products Regulatory Authority] And through the minister. Unfortunately, we weren’t very responsive, but we continue to push. Again, the focus on Sisu is to be large enough to set industry standards.

The future of your company looks bright. According to Cotter, the company is on track to become the largest non-surgical injectable brand on the planet.

It was a lot more advanced than I was with Cubic and Trustev. It was very profitable. I don’t think people will understand it unless we follow how big we really are on Instagram. Weaving a huge business inherited from Cork, we are currently expanding globally. We are also interested in other regions and countries, says Ferrand.

It is a 200-250 clinic group worldwide with the aim of building a global brand from Ireland.

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