Halo Business Angel Network has announced today that its MedTech Syndicate has led a €1.1million Series A funding round in Dublin-based start-up, OstoForm.
Halo Business Angel Network (HBAN) is an all-island umbrella group responsible for the development of business angel syndicates in Ireland. Business Angel Syndicates are groups of like-minded investors of high net worth. Investors provide smaller amounts of finance early on and often operate within partnerships with government agencies and seed venture capital funds.
In the case of OstoForm, HBAN Angels have contributed €280,000 to funding, while venture capital investors such as SOSV, and Enterprise Ireland committing the remaining finance.
OstoForm has developed the OstoForm Seal with FlowAssist to help people living with an ostomy to maintain healthy skin around their stoma. The OstoForm Seal will address the management of a stoma – a small surgical opening on the surface of the abdomen to divert the flow of waste. OstoForm’s seal will combat the complaint of acidic content making contact with the skin as a result of a stoma. The seal will be secured to the skin around the stoma, and effectively guide the acidic stoma waste into the ostomy bag, stopping it making contact with the skin.
This €1.1million investment will allow for the employment of five additional staff and fund patient trials and regulatory approval necessary for commercialisation and distribution of the medical technology. The demand for this technology was first identified as part of the BioInnovate Ireland Programme at the University of Limerick and expertise of the Galway-based HBAN MedTech syndicate now hopes to assist in launching the OstoForm Seal through their network of contacts and industry experience.
OstoForm CEO, Kevin Kelleher spoke about the significance of the investment saying: ‘[This investment] will be instrumental in helping us to avoid pitfalls along the way and ultimately succeed in getting our product to market. 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.’