Paris-based Ray Studios has raised €10 million to accelerate the expansion of its medical tattoo-removal network across Europe, doubling its footprint over the next two years and strengthening its clinical and technological edge in a fast-growing category.
The round was co-led by Factory Capital and Nickleby Capital. For Nickleby, which led Ray Studios’ previous two rounds, the new investment marks a renewed vote of confidence. They were joined by existing backers including U.S. fund Gaingels and several international angel investors.
“This new round of funding allows us to accelerate our ambition: to expand Ray Studios across Europe while continuing to raise the standards of safety, effectiveness, and medical excellence in tattoo removal,” said CEO David Rodriguez. “The loyalty of our historical investors, combined with the arrival of Factory Capital, is a strong validation of our model and long-term vision.”
A buoyant year for European skin-health startups
Ray Studios’ raise lands amid a notably active funding period in medical aesthetics and dermatology. French aesthetics chain Innerskin secured €12.8 million to grow its centers across Europe, UK-based Skin Analytics picked up €17.5 million to scale its AI-driven skin-cancer detection platform, and M2care closed a €26 million round to accelerate HealthTech projects with a dermatology focus. Combined, these transactions amount to roughly €56 million — signaling strong investor appetite for clinically led, tech-enhanced skin-health services in 2025.
Ray Studios’ progress positions it among France’s emerging leaders in the segment, alongside domestic players like Innerskin and M2care that have also attracted substantial capital this year.
Proprietary medical protocol and rapid expansion
Founded in 2021, Ray Studios differentiates itself through a medical-only model: according to the company, it operates the only pan-European network dedicated solely to laser tattoo removal performed exclusively by qualified medical doctors. Its proprietary RsAP (Ray Studios Advanced Performance) protocol underpins its treatments, combining clinical rigor, advanced technology, and a data-driven approach.
The startup has experienced rapid momentum. Following its 2024 funding round, Ray Studios doubled both revenue and network size in 2025, scaling to 20 studios across France, Spain, and Belgium.
Recent product developments include an AI-powered decision-support agent designed to improve clinical precision, and the first dedicated follow-up app tailored to tattoo-removal patients, aimed at improving treatment monitoring and user experience.
Ray Studios previously appeared in EU-Startups’ 2024 listicle Feel like royalty: 10 European startups focused on beauty and personal care.
