Hban’s medtech syndicate leads €1.1m investment in Ostoform
Halo Business Angel Network (Hban), an all-island organisation responsible for the promotion of business angel investment, has announced that its medtech syndicate has led a €1.1m Series A funding round in medical device start-up, Ostoform.
Hban Angels contributed €280,000, with venture capital investor, SOSV, Enterprise Ireland, and other angel investors making up the rest of the funding round.
Dublin-based Ostoform was set up to address the management of a stoma – a small surgical opening on the surface of the abdomen to divert the flow of waste.
The €1.1m investment will help Ostoform to expand its team by five, as well as fund the patient trials and regulatory approval required to commercialise and distribute its patented technology in both the United States and Europe, the company said.
Commenting on the investment, Ostoform CEO Kevin Kelleher said that the investors also bring "invaluable expertise and experience" that will help the company to scale.
"We now have business people involved who have already gone through the process of patient trials with the FDA in the US and the CE Mark certificate in Europe. That will be instrumental in helping us to avoid pitfalls along the way and ultimately succeed in getting our product to market," Mr Kelleher said.
"The angels also have valuable connections with both manufacturers and distribution channels in Europe and the US, which will help us penetrate the market and reach the patients that need our technology quickly."