Saturday 29 April 2017

Funding success for Atlantic and Broderick's

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Sean Duffy

MEDICAL device development company Atlantic Therapeutics has secured €15m in funding from two venture capital firms and the Silicon Valley Bank.

The Galway-based company was founded in 2016 and focuses on the development of technology that addresses bladder weakness.

Seroba Life Sciences and Early Bird Venture Capital are the two firms backing the investment. Dr Daniel O'Mahony from Seroba Life Sciences and Thom Rasche from Earlybird will join the board as part of the deal.

"To have attracted such highly-respected companies as Seroba, Earlybird and Silicon Valley Bank is a strong endorsement," said Steve Atkinson, ceo of Atlantic Therapeutics.

Elsewhere, confectionery company Broderick's has received €3.2m in funding from BDO Capital and Enterprise lreland as it seeks to expand its international operations.

The investment brings the total amount received by Broderick's during the BDO led funding round to €6.3m.

The funding will support the expansion of Broderick's production facility in Walkinstown in Dublin. Up to 40 new jobs will be created by the development, which will bring Broderick's headcount to 140 people.

Broderick's was founded by Ina Broderick in 1984 and is currently led by sons Barry and Bernard.

The company is seeking to exploit a change in customer preferences for healthier snacking choices.

It has also developed a range of gluten-free snacks. The company intends to double its turnover between now and 2022.

"We have ambitious expansion plans and we are now positioned to implement them. We can also now tap into the expertise that comes with The BDO Development Capital Fund," said Barry Broderick.

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