Finnish health-tech startup Mendor raises 6.5 million Euro from IPF Partners

mendorFinnish Mendor, a health-tech startup focusing on diabetes management, announces that they have raised 6.5 million Euro from Luxembourg-based IPF Partners.

The company is well-funded, having previously raised a Series B round worth $11.6 million from co-founder and Nokia Chairman Risto Siilasmaa, Finnvera Venture Capital, Finnish Industry Investment, and Dutch firm Life Sciences Partners. The company then followed it up in January 2014 with a round worth 4.7 million Euro from existing and new, but undisclosed, investors. All told, they have $26.5 million in financial backing. The company announces that this latest round will be directed towards financing further global expansion.

At the moment, Mendor offers the Discreet blood-glucose meter and Balance online software. Discreet is described as an all-in-one blood-glucose monitoring system, while Balance is a cloud-based data-analysis platform that allows users to store and share individual data on glucose-levels.

IPF, the latest investor, was created in 2011 for the purpose of investing in commercial-stage European pharma/biotech, medtech, and diagnostics companies. They have a reported 80 million Euro under management. The only other company currently in their portfolio is “Project Cement” (undisclosed real name), which obtained 7 million Euro in Senior Secured Debt financing back in November 2013.

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