Creo Medical announce closure of £3.5m funding round
Creo Medical Ltd, developers of innovative medical devices, has announced closure of a £3.5m funding round, led by Finance Wales, angel investors and the Angel CoFund. The Government-backed Angel CoFund joins existing investors Finance Wales, the Arete Angel syndicate and individual business angels, including lead angel Mark Farmer, bringing the total Creo investment received to date to £7.9m. This is the second co-investment deal between the Angel CoFund and Finance Wales this year.
Since 2009, Creo Medical has developed innovative medical devices. This funding will be used towards the continuing development of the CROMA platform – the first new electrosurgical system in a generation – specifically with regards to achieving regulatory approval for the European market and establishing a regulatory pathway into the US market. Further product developments will focus on providing clinical solutions to complex gastrointestinal problems whilst the platform has further potential in other surgical procedures.
Craig Gulliford, CEO, Creo Medical, said: “Since launch, Creo Medical has benefitted significantly from the support both financially and on a business development level, from highly experienced angel investors in the medical and life sciences sectors. Today’s funding announcement marks an important step change for the team, as we focus energies on Europe and the USA. We look forward to working with new investors the Angel CoFund as we concentrate on the next level of growth.”
Tim Mills, Investment Director of the Angel CoFund, said: “The Angel CoFund is always on the look-out for both promising British businesses and strong angel investment syndicates, and for us, Creo Medical ticks all the boxes. Craig Gulliford and his team have built a dedicated network of angel investors around Creo and we are delighted to be joining this latest funding round, as Creo set their sights on international expansion.”
Dr Richard Thompson from Finance Wales’ Technology Venture Investments team who led on the investment for Finance Wales, said: “The CROMA platform is now attracting exciting commercial and medical interest and we’re pleased to follow our investments in Creo Medical. Creo has an impressive group of angel investors and we look forward to working with them and the Angel CoFund to support the company’s international expansion plans. Finance Wales is a long-term backer of Creo which has gone from strength to strength since locating its headquarters in Wales.”
About Creo Medical:
Creo Medical Limited, based in Chepstow, develops innovative medical devices. Creo Medical’s unique Microwave and Bipolar Radiofrequency energy platform enables precise tissue effects to be created with a range of clinically relevant instruments. The first instrument performs flexible endoscopic dissection of tissue abnormalities within the Gastrointestinal Tract. The initial range of instruments will target a “GI suite” of products treating various complications via a flexible endoscope. The CROMA platform and product range will then be expanded into other areas of treatment such as laparoscopic or general surgery.
About Angel CoFund
Launched in 2011, the Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high growth small and medium sized businesses across the UK, directly providing funding as well as encouraging the expansion of the business angel market.
Backed by the British Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the fund has supported 48 companies (for example Ventive, Yplan, PlayJam and Micrima) providing over £22.4 million in direct investment alongside £81 million from business angels and other investors.
About Finance Wales
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth.
Finance Wales Group is one of the UK’s largest SME investors which has invested over £353 million through more than 3,425 investments and manages funds in excess of £400 million.