Eventum Orthopaedics secures £2.5 million Series A investment from Mercia
Summary
The company raised an initial \xa31.4m from NPIF Mercia Equity Finance and private investors in 2021 to help it develop the product and gain regulatory approval.It has now achieved UK CA approval and the ISO13485 standard for medical devices, and has been used in 20 operations in New Zealand in conjunction with robotic surgery. We are now excited to start scaling up the team to commercialise the product, as well as bringing further innovations to the orthopaedics market.Connie Smith of Mercia added: Whilst total knee implants have a great track record in terms of survival rates, up to 20% of recipients are still dissatisfied with their outcome. John and his team have made great progress with the initial funding and this latest round will enable them to roll out the product to the global marketplace.Keira Shepperson, Director at British Business Bank, said: The Northern Powerhouse Investment Fund is pleased to support Eventum Orthopaedics, a pioneering Yorkshire-based medtech firm, in their innovative work to improve the success of knee replacement surgery. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.\xa31.4 billion of assets under management and, since its IPO in December 2014, has invested c.\xa3111million gross into its direct investment portfolio.The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercias website.Mercia Asset Management PLC is quoted on AIM with the epic MERC and includes the following wholly owned subsidiaries Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856 Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363 EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560 The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from \xa325,000 to \xa32m, specifically to help small and medium sized businesses secure the funding they need for growth and development.