HTGF, Evonik exit Synoste to trade

Eliza Punshi
22 October 2020

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High-Tech GrУМnderfonds (HTGF) and Evonik Venture Capital have sold their stakes in Finnish company Synoste to US-based medical device manufacturer Globus Medical.

The deal is HTGF's 11th exit during the coronavirus pandemic, and comes seven years after the VC first invested in the company.

Evonik Venture Capital first invested in Synoste in 2015 in a series-A financing round.

Evonik supported Synoste with its medical technology knowledge and materials expertise during the product verification phase and approval process for a multinational clinical study.

Previous funding
HTGF, Finnvera, Lifeline Ventures, Tekes and a consortium of business angels backed the medical devices company with €2.8m in 2013. Tekes, a Finnish funding agency for technology and innovation, additionally provided funding of around €1.6m.

In May 2015, Evonik, Metsola Ventures and angel investor Petri Pöyhönen structured a €2.2m growth-stage funding for Synoste. Additional funding came from HTGF, Finnvera, Lifeline Ventures, Mectalent and existing business angels.

In 2018, Lifeline Ventures and AO Foundation led a €5.1m round for Synoste.

Company
Founded in 2012 as a spinout from Aalto University in Helsinki, Synoste is a developer of a high-tech implant for minimally invasive treatment of leg-length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term. It is based in Espoo, and employs fewer than 50 staff, according to its LinkedIn page.

People
Synoste – Harri Hallila (managing director).
Evonik Venture Capital – Bernhard Mohr (head).
High-Tech Gründerfonds – Kay Balster (principal).