Angel CoFund leads £1m investment into keyhole surgery products developer
OR Productivity will use backing for worldwide roll-out of surgeon-controlled camera technology
Investment syndicate the Angel CoFund announced it has invested £350,000 in surgical products company OR Productivity (ORP), as part of a wider £1m investment.
The backing, which follows a previous £500,000 investment from the syndicate in 2012, will be used to accelerate the global roll-out of ORP’s flagship ‘Freehand’ product, which is a surgeon-controlled miniature camera holder.
ORP claims Freehand allows surgeons to perform faster and more efficient keyhole surgery by giving them a clearer view of what they are doing.
Since the Angel CoFund’s first investment alongside private sector backers 12 months ago, sales of the Freehand product has tripled and the installed base has doubled.
The Guildford-based company is currently in discussions with other backers to raise an additional £1.5m for the global commercial roll-out. The Angel CoFund has also pledged to participate in this further round, raising its total investment in the company to £1.5m.
Launched in 2011, the Angel CoFund is a privately run £100m fund which invests in high-growth early stage companies alongside private sector investors.
Backed by the government’s business bank and Regional Growth Fund, ORP’s backing marks the 32nd deal concluded by the fund, following closely on this week’s £120,000 investment into recipe delivery company Gousto.
Jeremy Russell, chief executive of OR Productivity, said: “The continued support of the Angel CoFund, alongside our angel and VCT investors, has been a great help in giving us a solid funding base from which to develop our business.
“We are now able to push ahead actively with our international growth plans while we also bring on board new investors who want to share our vision of a wider business focussing on minimally-invasive medicine.”
George Whitehead, chairman of the Angel CoFund, added: “We’re delighted to be able to provide follow on funding to OR Productivity.
“Our goal at the Angel CoFund is to get cash to UK businesses that really have the potential to scale – and with its incredible Freehand camera technology for surgeons there is no reason not to believe that OPR is going to have an international impact across the medical world.”