VCs in $115m round for CeQur

New investors Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital and GMS Capital joined CeQur's investor base as part of the round.

Existing investors Schroder & Co and VI Partners also participated.

CeQur intends to use the fresh capital to continue the commercialisation of its insulin patches. This will include a limited market release of its product in 2021, as well as an increase in its manufacturing capacities.

"The interest in this series-C5 financing has well exceeded our expectations and, notably, was driven primarily by the incredible feedback that we've been hearing from patients and providers," CeQur CEO Bradley Paddock told Unquote. "We are very pleased with the calibre of investors in this round and believe that these additional investors – including Tandem and Ypsomed – will be excellent partners to us as we build the company and advance toward global commercialisation."

Businesses that focus on the treatment and management of diabetes have received large amounts of capital from private equity and venture capital investors in Europe in recent years. In June 2020, Blackstone announced that it was to invest up to $337m alongside co-investors in Dublin-headquartered insulin pump producer Medtronic Diabetes Group.

CeQur's latest funding round is the largest ever funding round recorded for a medical equipment company in Switzerland, a record previously held by CeQur's September 2015 funding round, according to Unquote Data.

The round will also be the 10th largest venture or growth capital deal recorded in the DACH region in 2021 to date; it will also be the second largest round recorded in the healthcare sector in the region to date in 2021, surpassed only by Atai Life Sciences' $157m round.

Previous funding
In February 2010, CeQur raised a CHF 31.7m series-A round with participation from Endeavour, VI Partners, BMC Ventures and Schroder & Co.

Cequr raised a $27m series-B funding round in September 2013, backed by investors including Endeavour and VI Partners.

In September 2015, Woodford and Arthurian Life Sciences led a $100m series-C funding round for CeQur, with participation from Endeavour, Schroder and VI Partners.

According to Unquote Data, CeQur is no longer in BMC Ventures' portfolio.

Company
CeQur develops insulin delivery devices in the form of patches, for use by people with diabetes. The patches are designed to be worn for three days and allow patients to administer insulin without the need for injections. The company was founded in 2008 as a spinout from Danfoss Bionics, and is headquartered in Lucerne. It employs fewer than 50 staff, according to LinkedIn, and has additional operations in Marlborough, Massachusetts.

People
CeQur – Bradley Paddock (president, CEO); Richard Mott (chairman of the board).
Tandem Diabetes Care – John Sheridan (president).
Schroder & Co – Elias Carballo (director).
VI Partners – Alain Nicod (partner).
Endeavour Vision – Robert O'Holla (operating partner); Damien Tappy (president, managing partner).

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