Almi Invest et al. in SEK 23.8m round for Promimic

The round was led by Almi, which joined existing investors Chalmers and KDev – the latter of which is a joint investment fund owned by biotech and pharma-focused VC Karolinska Development alongside Rosetta Capital.

KDev's holding in Promimic decreased to 32.8% from 36.7% as a result of the new shares issued for the funding round, but Karolinska Development's net fair value of the asset increased by SEK 1.6m.

The fresh capital will be used to establish US commercial operations for Promimic, which will be based in Austin and headed up by CEO Ulf Brogren. The US office will focus on selling Promimic's products to the US orthopaedic and dental implant markets, while production will remain in Sweden.

Previous funding
Promimic raised an early-stage funding round of SEK 10m from Almi Invest, KDev and several business angels in March 2011.

Company
Headquartered in Gothenburg, Promimic develops and sells surface technology for orthopaedic and dental medical implants.

People
Karolinska Development – Jim Van Heusden (CEO); Victor Drvota (CIO).

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• Topics
• Expansion
• Nordics
• Healthcare
• Nordic healthcare
• Sweden
• Almi Invest