Jellagen Pty Ltd, a Pembroke Dock, UK-based medical-technology company, completed a further £1.53m in equity funding.
The round, was led by angels in Medcity/London Business Angels and Finance Wales* with co-investment from xénos, the Wales Business Angel Network and other existing investors.
The company intends to use the funds to expand and increase its collagen processing capacity, to establish a Quality Management System, recruit up to six new staff over the next two years, strengthen and build its IP portfolio as well as business development and marketing activities to increase sales.
Founded in August 2013 by Dr Andrew Mearns Spragg, Chief Executive Officer, Jellagen is a MedTech company exploiting jellyfish to provide next generation collagen biomaterials for application in 3D cell culture (in vitro diagnostics, including research level regenerative medicine R&D) and medical devices.
*The syndicate of 17 business angels including investment from the London Business Angels EIS Roundtable Syndicate 2015 fund matched the package from Finance Wales with an eight figure equity investment. The lead angel investor Mr Thomas-Paul Descamps, a business angel with a background and expertise in the life science sector.