Mullingar-based medical device company Ostoform has raised €3 million in investment, with growth capital investor BGF leading the round.
Ostoform, which was spun out of the University of Limerick in 2018, designs and manufactures medical seals for use with patients who have received a colostomy, ileostomy or urostomy.
Chief executive and founder Kevin Kelleher said the investment was “a landmark equity raise” for the company that would enable it to capitalise on growing international opportunities for its existing and pipeline products.
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Ostoform was also awarded €2.7 million earlier this year to support its product development, through the Disruptive Technologies Innovation Fund (DTIF).
Mark Sykes, who is on the board at Ostoform said: “Ostoform is a great example of Irish innovation in the medtech sphere, with their solutions having the potential to significantly improve the daily quality of life for ostomy patients.”
This is the second equity investment in an Irish medtech company by BGF this year. In February, BGF invested €6 million in Vasorum, a Dublin based high-growth medical device business specialising in sophisticated devices used to close arterial punctures in vascular, cardiology, radiology and neuro-radiology procedures.
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BGF is supported in Ireland by the Ireland Strategic Investment Fund (ISIF) and the main Irish banks. This is the second Irish medtech investment for BGF in 2021, with the first in February with a €6 million investment in Dublin-based Vasorum.
Source: The Irish Times
