March 8, 2021
The leading femtech company INNOVO announced today that it has two new investors on board. One of them is in the portfolio of StartGreen Capital, which we founded Borski Fund is going to invest in INNOVO. The investment from Borksi will be used, among other things, for market expansion of INNOVO's commercial activities in the US and the UK. INNOVO technology is used for the treatment of urinary incontinence. Read more about this in the press release below.
- press release -
Leading Femtech Brand INNOVO Attracts Two New Investors
- INNOVO adds significant incremental investment for pioneering home-based treatment for stress urinary incontinence, a condition that impacts 1 in 3 women worldwide
- Netherland's Borski Fund backs female-led, femtech focused companies
- Largest single investment Ireland's Western Development Commission has madeto date
- Financing will support the expansion of Atlantic Therapeutics commercialization activities into their core US & UK markets & beyond
Atlantic Therapeutics, the Galway-based company pioneering a non-invasive, wearable treatment for urinary incontinence, today announced it has raised significant new investment from the Borski Fund (Netherlands) and the Western Development Commission (Ireland).
The Borski Fund addresses the venture capital gender gap through investments in female-led and femtech companies, and their support for Atlantic Therapeutics is a strong endorsement of the progress made since the appointment of CEO Susan Trent in mid-2020. WDC Investment Fund's support for Atlantic Therapeutics is the largest investment the group have made to date and is complemented by returning investors Seroba Life Sciences, Earlybird, LSP, Andera Partners and Atlantic Bridge, who continue their ongoing support for the company with a substantial undisclosed investment .
The financing will support the expansion of the company's commercialization activities in the core US and UK markets for its INNOVO technology to treat urinary incontinence. Also known as bladder weakness, urinary incontinence is a stigmatised condition that impacts one in three women worldwide, having a profoundly negative impact on quality and enjoyment of life.
Atlantic Therapeutics has established the INNOVO brand as the leading innovation in non-invasive, wearable neuromuscular electrical stimulation. The device acts to strengthen the pelvic floor and thereby treat the underlying cause of bladder weakness. Today, the market for disposable products to manage this life-limiting condition, such as pads and liners, is growing significantly worldwide. These non-curative, symptom-masking solutions carry a significant lifetime cost and are environmentally unsustainable. For the 1 in 3 women living with UI, INNOVO will offer a revolutionary solution to bladder leaks, helping them to break free from their daily reliance on pads and diapers.
Commenting in the investment, Simone Brummelhuis, Partner at the Borski Fund, said:
While 51% of the world population are women, most innovations are male centric. Atlantic Therapeutics is not only addressing this underserved market head-on, with the INNOVO product it serves an unmet need of a very large group of women. The combination of respected pan-European investors, the medical and science based sustainable product and the vision and strategy of the team led by Susan delights us at Borski Fund in supporting Atlantic Therapeutics in their growth and international expansion. ”
Gillian Buckley, Investment Manager at the Western Development Commission said:
“The WDC Investment Fund has helped support the position of the West of Ireland as a start-up hub for indigenous medtech and life science companies building on the region's reputation as a global center of excellence. Atlantic Therapeutics is our 35th life science investment making the WDC Investment Fund one of the largest medtech / life science investors in the country. The WDC is an impact investor so we seek not only a financial return on investment but also seek a socio-economic impact. Atlantic Therapeutics offers both, it will support high quality jobs in Galway and Mayo as well as addressing a significant women's healthcare issue. ”
Atlantic Therapeutics CEO, Susan Trent commented:
“We are thrilled to have such strong support from the Borski Fund and the Western Development Commission and I look forward to working closely with them on realizing the incredible potential of our brand. We are a proudly female-led, female-focused company, and we are excited to be bringing the first-in-world INNOVO technology to several key global markets from our base in Galway. We firmly believe that INNOVO represents a paradigm shift in the $13bn urinary incontinence market when compared to the current sub-optimal choices. This investment will help us to accelerate global momentum for INNOVO and allow us to amplify the launch of our next generation innovation later this year. ”