The diabetes technology and service company Mendor has received 8.1 million euros in financing to facilitate its global expansion.
The series-B financing round was led by the investor and chairman of the boards of F-Secure, Elisa and Fruugo Risto Siilasmaa. He was joined by the Dutch Life Sciences Partners, Finnish Industry Investment Ltd., the Finnish Mutual Pension Insurance Company Ilmarinen, private Finnish investment group Biothom and as a returning investor by Veraventure for Finnvera Venture Capital.
Mendor develops innovative diabetes care products and services. The company's first product, the blood glucose meter Discreet, is a mobile phone sized all-in-one device containing all the necessary components for daily blood glucose measurements: meter, strips and lancing. Using Discreet, glucose measurement can be determined simply and discreetly.
Mendor’s product range also includes the Balance software that integrates with the Discreet meter to provide a complete care package. With feedback from the meter, the diabetic patient receives a comprehensive overview of their care and can thereby assess and direct the process better.
–We are really happy to have such great investors joining the investment round and helping us facilitate better self-care for diabetics all over the world with Mendor's innovative and ground breaking products and services, explains Mendor’s CEO Kristian Ranta.
Founded in 2006, Mendor was recently selected as a Red Herring Europe top 100 technology start-up.