Lifeline et al. in €5.1m funding round for Synoste

German early-stage investor High-Tech Gründerfonds (HTGF), a previous backer of Synoste, also participated in the round.

The latest investment raises the total equity invested in Synoste to €10m. Other investors include Evonik Venture Capital, Innovestor Ventures and Mectalent.

Previous funding
High-Tech Gründerfonds, Finnvera, Lifeline Ventures, Tekes and a consortium of business angels backed the medical devices company with €2.8m in 2013. The venture firms invested an immediate €800,000 while a further €1.2m was provided when Synoste reached agreed milestones. Tekes, a Finnish funding agency for technology and innovation, additionally provided funding of around €1.6m.

In May 2015, Metsola Ventures and Mr Petri Pöyhönen structured a €2.2m growth stage funding for Synoste. Further funding came from High-Tech Gründerfonds (HTGF), Finnvera, Lifeline Ventures, Mectalent Oy and existing business angels.

Company
Established in 2012 and headquartered in Helsinki, Synoste develops and sells novel patient friendly medical solutions for treatment of skeletal deformities. The company has additional office in Düsseldorf, Germany. To date, it has raised €5m to start clinical investigations and to develop new clinical applications.

People
AO Invest – Michel Orsinger (chair).
HTGF – Kay Balster (principal).
Synoste – Harri Hallila (managing director, cofounder).

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• Topics
• Early-stage
• Nordics
• Healthcare
• Finland
• healthcare
• High-Tech Gründerfonds
• Venture