Why we invested in Dermtest

Back in 2020, Dermtest needed funding to develop a feature for remote dermatology consultations — as COVID-19 swept across the globe, remote healthcare became not just convenient but essential. Their vision was clear: give patients a secure, user-friendly way to share images and data with doctors remotely, helping detect skin conditions early and efficiently.

For us, this was exactly the kind of company we wanted to back: focused on real-world impact, working within a challenging but vital sector, and led by a team that had already built strong foundations in their home market.

Investment terms and financial results

• Repayment terms: 6% of monthly revenue, starting three months after first disbursement
• Original term: 48 months
• Amended term: Extended to 50.5 months
• Carry: 3% for the lead investor, 5% for Limitless
• Expected return to the fund from the repayments: 2x
• Realised return from the repayments: 2x
• CAGR for the investor:  the fund + term deposit yielded ≈ 17%

What impact did it have?

It’s hard to isolate the impact of our investment on people’s lives, but Dermtest’s CEO Priit described it as a “seed” that helped the company stay alive, adapt during a period of major uncertainty and develop their solutions further.

Positive impact Dermtest has achieved:

• A study by Dermtest OÜ, the University of Tartu and Tartu University Hospital showed significant improvements in quality of life for psoriasis patients (equivalent to standard care) using Dermtest’s platform. In addition, average annual per-patient costs were considerably lower for users of Dermtest’s solution (€818 vs. €1,412).
  
  

• As of 2025, 10% of melanoma cases in Estonia are now first detected via Dermtest’s teledermoscopy service—and 81% of those cases (around 40 people) might not have reached a dermatologist in time without it. For additional context, treating late-stage melanoma costs Estonian society €10 million per year.
  
  

Honest reflections from the founder

We appreciate Priit’s candor in reflecting on the experience. He described the revenue-share model as “simple, logical, and straightforward,” providing a vital lifeline when other funding wasn’t available. However, he noted that for a digital health SaaS company, the monthly repayments were a real burden—diverting funds that could have supported growth.

Would he use a similar instrument again? “Probably not in its current form,” Priit said. “Today’s environment offers more options, and companies like ours might benefit more from patient capital.” He concluded that at the time Limitless’s investment was the fastest way to ensure that the company could stay alive.

Our takeaways

The investment size proved appropriate for the risk and return. Dermtest was already an established company in 2020 (founded in 2013) with relatively stable revenue and fought out market share in Estonia. Their positive impact is tangible and far-reaching – and we’re proud to have supported them during a critical moment.

Priit’s feedback highlights a key consideration: equity dilution can feel abstract, but monthly loan repayments are immediate and tangible. We recognize that revenue-share models may be better suited to companies without heavy regulatory burdens – especially in smaller markets like Estonia.

Thank you to everyone who joined us on this journey. Together, we backed a solution that’s saving lives—and proved that purpose and returns can go hand-in-hand too.