LSP et al. invest €8.1m in Mendor

The funding round was initiated by Riisto Siilasmaa, who led the first tranche. Institutional investors joined the funding round in the second tranche. LSP is present in the Finnish market through its investment in Nexstim and participated in the Mendor funding round through contacts that had been established.

The investors were attracted to the company because it already has a product which is receiving positive customer feedback. Funding will primarily support continued commercialisation of the device as well as further product development.

LSP provided equity for the transaction through its Life Sciences Partners 4 fund.

Company
Mendor was founded in 2006 and designs, develops and markets diabetes care products and services. The company's first product, Mendor Discreet, is a blood glucose meter that is designed to simplify the lives of diabetes sufferers who need to regularly test their blood glucose levels. The company is based in Helsinki, Finland.

People
Anne Portwich worked on the deal for LSP and will join the company's board of directors.

Advisers
Equity – Ernst & Young (Financial due diligence); Fondia (Legal); Bohmann & Loosen (IP due diligence).

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• Topics
• Nordics
• Healthcare
• Expansion
• Life Science Partners
• Finnish Industry Investments
• Ernst & Young
• Finland