Elkstone Venture – Monthly Update April 2018
Deal updates from the Elkstone Venture Club and launch of the latest club deal.
In terms of dealflow, April sees the successful close of our latest deal, tausendkind. As we reach the end of the month, the Elkstone Venture Club reaches its one year anniversary. Over the year we have brought ten companies to the Club that have been funded with over €6m for early stage companies across Europe. To mark the occasion we are organising a Venture Club members only event on 30 May, whereby we are bringing together our Club members to meet with the Founders of those portfolio companies.
Declan Magee leads Venture at Elkstone.
Some Club Deal Updates
LetsGetChecked, the at home medical testing platform, announced that it has raised $12m in a Series A funding round. The funds will be deployed to continue to scale the company on both sides of the Atlantic, fuel development of the technology platform and continue to expand the clinical support team. Along with the Elkstone Venture Club, the round introduced two new strategic investors – Optum Ventures (the venture arm of UnitedHealth Group, the largest managed healthcare company globally with revenues of $201bn) and Qiming Venture Partners (a leading specialist VC company in the Healthcare space). The funding provided from the round will be a substantial step in helping management achieve their plans for the company. The fact that investors with a long pedigree in creating value have invested in the company at this stage is also a strong endorsement of the progress that the company has made to date and the potential that lies ahead. We expect that the new investors will also add value at a strategic level in terms of their depth of knowledge of the marketplace and existing contacts. These factors, along with the valuation uplift from the bridge round the Venture Club closed last September, are welcome news for investors.
Alan Merriman is one of the speakers at the upcoming Tech@MHC event on Wednesday, 2 May. Also on the podium that morning is Peter Foley, CEO of LetsGetChecked. Click here to register your attendance or for further information regarding this event.
Having closed out a €1.1m funding led by Elkstone, Liz Fulham, CEO of data science company SalesOptimize, discusses international scaling, support for start-ups and female Founders on the TodayFM Sunday Business Show (32 minutes in) This brings the total funding raised to date to €2.2 million, while also more than doubling its employee headcount from 8 to 18 in the last 12 months.
The startup platform for digital health announced two further investments bringing to a total of five the investments made to date. Mimi Hearing Technologies is a world leader in sound personalisation with more than 650,000 people having already taken their app-based test. The second investment, Medlanes, is a Berlin based company that facilitates on-call home visits from medical practitioners to over 25,000 patients. Both of these investments were part of their respective Series A rounds.
Other Elkstone Deals:
Data privacy has become a headline grabbing issue amongst mainstream media in recent weeks following the Cambridge Analytica/Facebook news. SuperAwesome’s services allows its clients to ensure total digital privacy for children accessing digital content. In the article below the CEO of SuperAwesome Dylan Collins, discusses some of the latest trends in his sector and the company here https://www.siliconrepublic.com/life/dylan-collins-superawesome-digital-consent
HealthBeacon, the digital therapeutics company that develops smart tools for patient adherence, announced that it had received regulatory approval for deploying its solutions in Brazil. This a major market with millions of patients using injectable medications, the primary target market for HealthBeacon. Brazil is a key country in the company’s global expansion strategy and represents the first market in Latin America with more to follow shortly. HealthBeacon has already deployed in eight countries to date with an ambitious plan in progress to grow this footprint further.