Jellyfish collagen start-up completes £1.5m equity funding
Medtech business Jellagen has won investment from London Business Angels and Finance Wales as it looks to develop biomaterials for wound care and soft tissue repair
A start-up which extracts jellyfish collagen to create medical solutions – Jellagen Pty Ltd – has secured £1.53m in an equity round backed by Angels in Medcity/London Business Angels, Finance Wales, xénos, the Wales Business Angel Network, and other existing investors.
Based in the Welsh county of Pembrokeshire, Jellagen exploits jellyfish to create a “next generation” biomaterial which can be used for a range of medical applications such as wound care, soft tissue repair, and even bone grafts.
The start-up’s current range of research-grade collagen products are already on the market for cell culture application and the company is now developing new medical devices for wound and cartilage repair.
It will use the funding, which builds on a £550,000 seed round in April 2014, to recruit up to six new staff, increase its jellyfish collagen processing capacity, and to expand its business development and marketing activities.
Jellagen co-founder and CEO, Dr Andrew Mearns Spragg, commented: The new and existing angels bring a wealth of sector as well as financial experience and crucially will be able to open doors that will be of significant value as Jellagen grows.”
London Business Angels’ lead angel investor, Mr Thomas-Paul Descamps, explained its reasons for investment:
“We love the story, combining the commercial potential of the “next generation” collagen with marine and environmental concerns that goes with jellyfish. We are very pleased and excited to support the management in this major step for the future of the company.”