PUK Ventures invested almost $1.1 million into UK-based startup, Monica Healthcare, which develops wireless technology for monitoring the health expectant mothers and their fetuses. The company raised $1.6 million in total for the round. Monica Healthcare was spun out from the University of Nottingham in May 2005. The company has a number of other wearable devices under development for accessible obstetric services at home and in the hospital. The company had two previous rounds of funding -- a nearly $750,000 seed round and a $1.5 million round in 2007.
For more read the press release after the jump...
PUK Ventures, the venture capital business of Partnerships UK, today announced that it has completed an investment of £750,000 of a total £1.1M funding round in Monica Healthcare Limited. Monica is a spin out company from the University of Nottingham which has developed miniature, wireless technology which can successfully monitor the well-being of a mother and her unborn baby.
The non-invasive wireless technology allows monitoring of the fetus and mother for extended periods of time and allows the mother to move around as normal. Existing techniques such as Ultrasound are not very effective in uninterrupted monitoring over longer periods of time and restrict mothers' movement. The device is CE marked and is available throughout Europe, the Gulf states and Australia through Monica-appointed distributors.
The investors in this round of funding (£1.175M) are PUK Ventures (£750K), Catapult Venture Managers (£300K) and University of Nottingham (£100K) with private investors contributing a further £25K. Proceeds will be used towards expansion of Monica activities n the USA and other international markets.
Christina McComb, Head of PUK Ventures said: "PUK Ventures believes that Monica's technology will make a real difference to the quality of care available to expectant mothers and their babies. We are pleased to support the company through the next phase of its international expansion".
Jonathan Earl, Investment Director at Catapult Venture Managers, commented: "This funding round takes our cumulative investment in Monica to £1m. We are delighted both with the progress that the company has made since our original investment 4 years ago and to further support the continued growth".
Paul Harper, Chairman of Monica said "Monica's technology has potential to make a real difference and the support of PUK Ventures and our existing investors is greatly appreciated at this critical juncture which will see expansion into key markets."
For further information please contact:
Tel: 020 7273 8388
Catapult Venture Managers
Tel: 0116 238 8200
Tel: 0115 912 4540
1. About PUK Ventures
PUK Ventures is the investment business of Partnerships UK PLC. PUK Ventures operates a £25m fund, investing in businesses with UK public sector sponsorship and strong commercial potential. The objective of the fund is to create and enhance the value of assets, including technology and IP, emanating from UK public bodies such as universities and public sector research labs. PUK Ventures has an experienced investment team, with strong networks in the science & venture capital communities. The fund invests across most sectors and has historically invested in a broad range of technologies including medical/healthcare, clean/sustainable, information & communications and other engineering sciences. PUK Ventures is an active investor and works closely with portfolio companies in their strategic and operational development.
2 About Catapult Venture Managers
Catapult specialises in providing equity capital for businesses requiring between £200k and £2m. Catapult can invest across a range of funds, with £80m of funds under management, and provides a full range funding requirement from early stage, development capital to MBO/MBIs. Since 1999 Catapult has invested in 65 companies, providing initial and further follow on requirements. Catapult's experienced team of 7 Executives and 2 Non Executive Directors have over 100 years of VC experience between them.
3 About Monica Healthcare
Monica Healthcare is developing a series of innovative wearable devices that will use wireless technologies to facilitate globally accessible obstetric services in the home and hospital. Monica Healthcare Ltd was formed in May 2005. This followed a successful £500K seed fund raising exercise and was the culmination of 15 years of research at the School of Electrical and Electronic Engineering and the School of Human Development at The University of Nottingham, UK. An additional £1million second round funding was raised in May 2007 from Catapult, the Lachesis Fund and private investors.