Solvotrin Therapeutics will use its latest funding to support expansion in international markets.
Cork-based healthcare start-up Solvotrin Therapeutics has raised €6.7m in its latest funding round and is now valued at €45m.
According to the Irish Examiner, the company said its new funding will be used to support expansion into international markets including China, India, the Middle East and the US. It will also progress the development of the company’s pipeline technologies.
The company, which develops the Active Iron range of supplement products, said it is on target to deliver 40pc turnover growth in 2020 despite the impact of Covid-19, with 50pc growth in the UK.
The latest round of funding includes investors such as Elkstone Ventures and RAB Capital. Michael Alen Buckley, RAB Capital founder, will join the Solvotrin Therapeutics board as vice-chairman.
Solvotrin Therapeutics is a spin-out of Trinity College Dublin. It was founded in 2009 and works closely with Trinity scientists in the research and development of its products.
The company’s CEO, Pat O’Flynn, said that while the Active Iron range is on sale in 10 markets across four continents, there are plans to “significantly expand in these markets” in the next two years.
“This funding will not only support that development but also to help to drive forward our research-led product development,” he said.
“The strength of our range of products and the strong re-order rates that we are experiencing in markets around the world meant that, despite the challenges of Covid-19, we were able to bring this new funding onboard.”
In 2018, Solvotrin Therapeutics was one of two Irish medtech start-ups to secure a deal at the inaugural China International Import Exhibition, completing an exclusive distribution agreement with Shanghai Fosun Pharmaceutical for more than €15m per year over three years.
In December 2019, the company’s VP of research and development, Prof John Gilmer, was presented with the Campus Company Founder Award at the annual Trinity Innovation Awards.