Region: West Midlands
Programme: Angel CoFund
Fertility Focus is a consumer healthcare start-up with groundbreaking women’s health products and IP. The current portfolio concentrates on helping diagnose and monitor treatment for the 30% of women that experience ovulatory issues. The business currently employs 4 full time staff.
The company needed finance to bring its OvuSense product to market and create initial rapid sales growth.
They approached the British Business Bank’s Angel Cofund programme, and applied for funding to match incoming angel investment. The Angel CoFund were involved in two rounds, which between them raised £2.1m, of which the Angel CoFund contributed £700k – including a convertible loan of £185k.
The process was straightforward, but relied heavily on the quality of the Lead Investor, Steve Godber, who was already known to the CoFund and subsequently became Chairman.
Rob Milnes, CEO of Fertility Focus said:
“The British Business Bank Angel CoFund’s funding provided essential capital for a critical phase of intellectual property and product development, regulatory approvals and initial sales growth.
“Without it our rounds would have had significantly less momentum and the company would have really struggled to achieve what it has over the past three years.”
Creating intellectual property and developing products in the medical sector is by its very nature a time consuming and costly process. Hence it’s also often seen as too risky for traditional venture capital in the early stages.
Providing government-backed matched funding for these types of ventures is essential to ensure that angel money is maximised in order to bring novel medical technologies to market.