Sprout diagnostics company secures $900k seed funding
Koru Diagnostics Ltd recently closed its seed funding round, supported by MIG Angels and other private investors from Wellington & Hawke's Bay.
For Koru, the capital raise has been a very successful exercise.
CEO Rhys McKinlay said "We were substantially oversubscribed and raised over $900k in total, mostly from angel investors, providing a runway until late 2019."
Koru is a merger of Pinpoint Diagnostics, a 2016/17 Sprout cohort company and PB Diagnostics, another Palmerston North based biotechnology business.
After seeing the potential in the IP and science team behind Pinpoint, the Sprout team identified key management and investor support to give the business the platform it needs for commercial success.
"The BCC has been a vital cog in the capital raising process at every step, helping us to formally establish our company, connecting us with legal advisors, assisting with the formation of a strong board, refining our Information Memorandum and pitch deck, using their extensive network to build investment interest in our business, and eventually managing the capital raise itself.
We have been very fortunate to have had the benefit of their collective experience, support and guidance right from the outset."
Koru Diagnostics is currently working on the development and commercialisation of cost-effective, rapid microorganism-identification tests for the dairy sector. Commercial trials are ongoing, with the first product launch planned for 2019.
"I am proud to be leading an innovative, agile company that has attracted significant investment, and I'm hugely excited at the prospects ahead for Koru, both in New Zealand and globally."
To learn more about Koru contact CEO, Rhys McKinlay.