Concepta raises £2.3m for pregnancy and fertility testing device
Business angels syndicate leads backing of women’s health start-up
Concepta, a start-up that is developing a new all-in-one device for pregnancy and fertility testing and monitoring, today announced the completion of a £2.3m round of equity financing, led by a syndicate of Diagnostic Capital business angels.
The financing will be used to develop and market an as-yet unnamed diagnostic device, which will provide an all-in-one tool for pregnancy and fertility testing and early stage healthy pregnancy monitoring.
Concepta was founded by a group of former scientists at Unipath, a pharmaceutical company best known for its market-leading Clearblue pregnancy tests. The newly created company will have a similar focus on women’s medical diagnostic kits.
The £2.3m funding was led by a syndicate of Diagnostic Capital’s business angel clients with David Evans as the lead investor, and was also supported with investment from the government-backed Angel CoFund and Finance Yorkshire’s EU-funded Seedcorn Fund.
In addition to the funding, Concepta announced new appointments to its board; former CEO of Axis-Shield Dr Ian Gilham will become the company’s new chairman, whilst lead investor David Evans will join as a director.
Mark Wyatt, investment director at Finance Yorkshire, commented on the deal: “We have worked closely with the Concepta team for some time, and have been impressed with their combined expertise and knowledge of this sector.
“This is a significant early stage fundraising, and I look forward to continuing to work with the company as it brings its exciting products to market.”
Tim Mills, investment director at the Angel CoFund, added: “At the Angel CoFund we seek to support great and innovative British businesses, and Concepta certainly hits that note.
“We have been particularly impressed by the knowledge and experience of the Concepta team, and we welcome today’s announcement; the further expertise that Ian Gilham and David Evans bring with them is invaluable and will be a real asset to Concepta.”