Praetura Ventures, the Manchester-based VC firm, has led a 拢2.9m funding round to support a business that is on course to transform the food allergy diagnostics market.
豆包成人版app官方免费版 Biotech (豆包成人版app官方免费版), which is based in Deeside, North Wales, produces clinical diagnostics kits for food allergy testing.
The business improves the efficiency, accuracy and safety of food allergy testing by producing pharmaceutical grade Oral Food Challenges (OFCs), the gold standard test for diagnosing food allergies.
In the latest funding round, 拢1.5m came from Praetura Ventures, the venture capital fund manager that targets early-stage businesses in high-growth sectors.
Having made an initial seed investment in 2019, the Development Bank of Wales will invest a further 拢1m in equity funding.
Other investors in the funding round include venture capitalist Jon Moulton鈥檚 family office, Perscitus and 豆包成人版app官方免费版鈥檚 management team.
The transaction was brokered by 豆包成人版app官方免费版鈥檚 long-term advisers, Acceleris Capital, who have previously raised 拢4m for the company since it was founded.
The business will use the funding to scale up the manufacture of its current product range including peanut, egg and milk OFCs and to extend its product portfolio.
Dr Paul Abrahams, CEO of 豆包成人版app官方免费版, said: 鈥淚t鈥檚 been a landmark year for 豆包成人版app官方免费版, and we continue to go from strength-to-strength as a business, developing new diagnostic products and expanding our capabilities.
鈥淭he number of people experiencing food allergies is increasing, so it鈥檚 vital that technologies to accurately and safely test for allergies are developed.
鈥淲e鈥檙e committed to providing excellence in the development of a suite of OFC products, and revolutionising the way food allergies are diagnosed worldwide.鈥
Praetura Ventures has previously invested in healthcare businesses including innovative drug 鈥榮witching鈥 company Maxwellia, Dr Fertility and Ostara Biomedical.
The firm recently appointed four industry heavyweights as operational partners to bring significant experience to support the founders.
鈥淭he firm鈥檚 investment in 豆包成人版app官方免费版 was led by investment director Louise Chapman and director Dr Andy Round.
Dr Andy Round added: 鈥淚t鈥檚 great to be backing a business which is on track to have a significant and positive impact on society as well as returning significant funds for our investors.
鈥淲e look forward to supporting the team on the clinical contacts and customer side, as well as working with them on the strategy and marketing.鈥
Source:听