Wren Capital and Origin Group lead syndicate backing Monica Healthcare, as part of a £2m raise
Monica Healthcare today announced that it has raised new investment totaling £2 million from existing shareholders and new investors. Originally planned as a £1.5 million fundraise, the round was heavily oversubscribed.
Monica Healthcare specialises in highly innovative wireless healthcare technology, providing wearable medical devices that accurately monitor fetal and maternal well-being. Monica’s existing AN24 product – a unique, FDA approved, wireless fetal – maternal monitor for use during labour – is sold in the USA, Europe, Brazil, Russia, India and China and is used to monitor the delivery of over 100,000 babies every year.
Existing shareholders including; Catapult Ventures, the New Hill Growth Fund, East Midlands Business Angels ,the University of Nottingham and management have contributed 65% of the fund raising. New investors, specifically Wren Capital, Origin Capital, Catamaran Ventures and the London Business Angels have, along with new private investors, invested the remaining funds.
Along with a further £0.25 million from the Nottingham Technology Grant Fund (N’Tech), the proceeds will be used for expansion of the Company and to underpin the manufacture and launch of a second generation, FDA-cleared, wireless fetal monitoring product.
Tim de Vere Green, representing Origin Capital commented: “We have been very impressed by the technical and market progress Monical has made over the last 12 months, and believe there is significant global potential for the company’s technology. We are very pleased to be supporting Monica at this exciting time. ” Dr Carl Barratt, CEO of Monica Healthcare said “We are delighted by the support of existing investors and the quality of new investors who have bought into our vision.
We aim to establish Monica as one of the world’s leading providers of fetal and maternal monitoring products by continuing to design products which are both substantially higher in performance and easier to use than the existing technologies in current use in the Labour & Delivery wards of today’s hospitals. We look forward to announcing further great news in the coming weeks and months”.