Latest round lifts Injeq to total of over €5.3M raised
Injeq’s latest equity issue opened its hidden phase (where the round is offered first to lead investors) on Tuesday, 17 November. The round quickly raised €1.5M and was opened to the public on Wednesday. The round closed with a full €2M raised on Wednesday evening, 18 November, with less than 30 hours of its opening.
With this equity issue, Injeq became the first company to have raised in total over €5M via the Invesdor platform. The company’s two previous funding rounds on Invesdor.com, held in 2017 and 2019, raised €1.65M and €1.69M respectively.
Injeq was founded in 2010 in Tampere with a vision of a smart needle that knows where its tip is. The idea is to make lumbar punctures (also knowns as spinal tap) easier: the company hopes to see the smart needle’s first applications in the treatment of child leukemia patients and newborn intensive care wards.
Chairman: Long development path makes funding a challenge for medtechs
Injeq’s IQ-Tip® smart needle is current in review for a CE certification. Chairman of the Board Tommi Rasila says the process is a meticulous one and will take its time, but Injeq’s already planning for its next steps: a larger funding round or an IPO are possibilities in 1-2 years, Rasila says.
“We value the trust placed in us by our investors and the work of Invesdor in supporting and enabling the funding in the Finnish startup scene. It’s challenging to seek funding for medtech companies because the profit for your investment comes years down the line at the earliest”, Rasila said in the company’s press release.
Finnvera’s EAKR Aloitusrahasto Oy was committed to subscribe 25% of the issue’s initial €1.2M goal. Kalle Åström from Finnvera said they were happy with the round’s results.
“Injeq’s development story is moving forward according to plan”, commented Åstrom in the press release. “Crowdfunding has been a vital source of capital funding for medtech companies. Venture capital investors are almost entirely absent from this field in Finland.”