Go Capital et al. in €2.2m seed round for Mitricares

José Rojo
14 September 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

French biotech Mitricares has raised €2.2m in seed capital from Go Capital, CapDecisif Management and CM-CIC Innovation, in its first institutional round since being founded in 2013.

According to the consortium, the deal also featured capital from several individual investors that had backed Mitricares prior to this round.

The contribution made by each of the three firms was not disclosed, but Go Capital typically invests in the €200,000-3m region. Meanwhile, CM-CIC Innovation, CM-CIC Investissement's VC-focused arm, writes €500,000-3m cheques and CapDecisif Management targets €200,000-4m investments.

The seed round, taking place two years after Mitricares' creation, will be used by the startup as it gears up for the launch of its flagship product line – a percutaneous implant used for the treatment of valve failure due to tricuspid insufficiency.

The business, which is eyeing international expansion in the future, expects a rising interest for its therapy among the 4 million patients that are estimated to suffer from the condition in Europe and the US.

The round is the second to feature a French medical implant company in the space of a week. On 9 September, Gimv, BPI France and Danish corporate VC Lundbeckfond Ventures deployed a combined €31.3m during a series-C for reabsorbable device developer Biom'up.

Company
Mitricares was founded in September 2013 by researcher Coralie Marchand and cardiology specialist Pascal Lim. The biotech company designs medical implants used for the treatment of malfunctioning heart valves among tricuspid insufficiency patients. The company's headquarters are located in Vincennes.

People
Go Capital's work on the deal was led by investment manager Leila Nicolas, while CapDecisif Management was represented by partner Catherine Boule and CM-CIC Innovation by executive Emilie Lidome.

Advisers
Equity – PwC Société d'Avocats, Jacques Darbois (Legal); Cabinet Dermott Will & Emery, Anthony Perroneau (Legal); Sales‐Testu‐Hill‐Henry‐Gaboriau AARPI (IP due diligence); Cabinet Ernest Gutmann and Yves Plasseraud (IP due diligence); Cabinet ICOSA, Caroline de Mareüil-Villette (IP due diligence); Cabinet Fischbach et Associés (Financial due diligence).