FoodMarble raises €1.2m to support overseas expansion
Summary
Investors included HBAN business angels from the MedTech syndicate, along with Enterprise Ireland, SOSV and Delta Partners.The investment will support the companys research and development, along with expansion into the US and Canada.FoodMarble has developed a digestive breath analyser that can help people control food intolerances by identifying specific foods that could be triggering symptoms of conditions such as irritable bowel syndrome (IBS). The bespoke breath analysis can be accessed via a smartphone app.In 2019, its first year of sales, Food Marble achieved 1 million, and has sold 15,000 units to date. The company is predicting sales of 4 million by the end of 2021.In the US, the company already has deals with retailer Best Buy, where it will go on sale in Canadian stores later this year, and Amazon through its Launchpad programme that introduces customers to products from innovative start ups.Co-founder and chief executive Aonghus Shortt developed the product due to his fianc\xe9e Graces experience with IBS.Once the product was developed, we knew that we had something very powerful and we wanted to offer it to others as an aid for them to be able to get on with everyday life comfortably, he said.Along with our expansion in the US, we are continually innovating to ensure that we retain our position as the market leader for personal breath-testing devices. With the support and advice of our business angels, we are well on target to achieve sales of 4 million by the end of 2021.Breath analysis is typically costly for hospitals and healthcare services, with Food Marble the first product available for home use. By uncovering a worldwide market gap, the potential for growth is huge," Niamh Sterling, consultant with HBAN, said.Business angel investment is extremely valuable to start-ups like FoodMarble, who have their eye on international expansion.