Angel CoFund leads £940,000 backing of ‘intelligent catheter bag’ start-up
Albert Medical Devices marks third round of funding since 2012 launch
A start-up that claims to have produced the world’s first ‘intelligent catheter bag’ has raised £940,000 funding led by government-backed investment syndicate the Angel CoFund.
Launched in 2012, Liverpool-based Albert Medical Devices (AMD) has developed the ‘melio’ leg bag, a catheter bag which warns the patient when the bag is two-thirds full and allows for easy and discreet emptying, amongst other features.
The device was conceived by founder Trevor Wills to improve his own father’s quality of life.
The £940,000 Angel CoFund-led investment is the medical technology start-up’s third round of funding, following a London Business Angels-backed seed round and a £300,000 investment in April 2012 from SPARK Impact’s EU-backed North West Fund for Biomedical.
The current round, which also contained input from existing investors the London Business Angels and SPARK Impact, will be used to accelerate the commercial roll-out of the melio leg bag into ‘key healthcare markets’ and fund further research and product development.
Launched in 2011, the Angel CoFund is an independent investment fund backed by the government’s Business Bank and Regional Growth Fund that invests amounts between £100,000 and £1m alongside syndicates of private business angels.
Dr Matt Pearce, chief executive of AMD, commented: “Since our last funding round in 2012 the team at AMD has been investing time and money on product development, with the goal of reducing the end cost for the user.
“The melio bag has been incredibly well received by professionals in the urology sector and we look forward to using this funding to reach more patients and to greatly improve the lives of those with urinary incontinence.”
Tim Mills, investment director at the Angel CoFund, added: “We have been greatly impressed by the dedication of the team at Albert Medical Devices, not to mention the passion behind the development of the melio leg bag.
“The Angel CoFund is all about working with angels to get cash to the best of British businesses, helping them realise their potential and grow to the next stage – AMD fits the bill perfectly.
“The company has developed a potentially life changing product which offers significant enhancement to health outcomes and gives patients a better quality of life. We look forward to supporting Matt and his team as they continue to develop their range of world-class med-tech products.”