Angel investment organisation HBAN has announced that its MedTech Syndicate has led a €1.1 million 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 €1.1 million investment will help Ostoform to expand its team by five and fund the patient trials and regulatory approval required to commercialise and distribute its patented technology in both the US and Europe.
Ostoform will benefit not just from the €1.1m investment, but also from the expertise of the Galway-based HBAN MedTech syndicate. Members of the MedTech Syndicate have specialist experience in the industry and combined with their extensive network of contacts, will help Ostoform realise its ambition to improve the lives of people with stomas across the world.
OstoForm CEO Kevin Kelleher said: “Approximately one million people per year in Europe and the US have an ileostomy or urostomy, with some finding it very difficult to adapt to stoma management post-surgery. The patented Ostoform Seal with FlowAssist aims to reduce the discomfort of dermatitis that often happens with this type of procedure.
“This investment is not just financial; the angel investors bring invaluable expertise and experience that will help us 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.”
Since 2007, HBAN angels have invested €89m in 429 separate deals. Together with investments from other funds amounting to €144m, an overall total of €233m has been put into these Irish start-ups over the last 11 years.
Better Business will have more on angel investment in its autumn issue.
Pictured above: Declan Quinn, Lead Angel for HBAN’s MedTech Syndicate; Sarah Cagney, Communications & Relationship Manager, HBAN; and Kevin Kelleher, CEO, OstoForm