On Friday, age longevity company Modern Age announced the closure of its business after failing to secure adequate outside capital.
Modern Age launched in 2021 with a focus on reframing what it means to age and was an early player in the consumer-facing longevity sector that companies including Dior and Estée Lauder are exploring. Modern Age has two clinics in New York City offering a $500 aging wellness assessment, which includes a bone density scan, a blood marker analysis, a subjective age assessment and a diagnostic review with a clinician. Notably, the blood marker analysis displays results on someone’s blood and hormones based on what is optimal for their age and gender, rather than global averages. The idea was that subsequent consultations could be more personalized for individuals and their wellness goals. During the blood panel review, a clinician could suggest therapies like Modern Age’s IV infusions to address certain issues, such as vitamin deficiencies. But the clinic also offers aesthetic services like microneedling and chemical peels, as part of a comprehensive inner-outer beauty and wellness menu. Additional details including location closure dates are not available at this time.
Melissa Eamer, founder and CEO of Modern Age, announced the closure via email to its patients and clients on Friday. In part, the email read: “While we have been guiding our patients to invest in their future health, we have also worked with like-minded investors to help build the practice. However, in today’s challenging funding environment, we have been unsuccessful at raising the capital we need to continue to run the business. As such, we have made the difficult decision to close the business. If you are a Modern Age patient, you will receive an email with more information and next steps.”
Glossy has confirmed that the company’s fewer than 40 full-time employees will be let go. Modern Age raised $33 million in outside capital, including $27 million in a Series A fundraise in Oct. 2021 led by Oak HC/FT, alongside GV and founding partner Juxtapose. These companies did not immediately respond to a request for comment. According to Glossy’s previous reporting, the majority of Modern Age patients are women ages 35-45.
“While we will close our doors reaching only a fraction of those we had hoped to help, I’m encouraged by the growing interest and discussion on healthspan and confident that others will pick up where we leave off, ultimately fulfilling our mission of adding millions of years of healthy life expectancy to the world,” said Eamer in the email.
