NewIcon raises EUR 4.9 million in funding
Health technology company NewIcon has closed a record-breaking funding round of 4.9 million euros.
Organised by asset management company Springvest, the funding round hit the legal funding cap for unlisted companies. NewIcon beat its own funding record for an unlisted company from 2017, when it raked in 4.4 million euros from 300 new investors.
NewIcon’s automated pharmacy solutions are valuable due to their efficiency and reliability. According to the company, 40 per cent of adverse events are caused by medication errors in Finland. In England, there are 237 million medication errors annually.
“Digitalisation in hospitals and an ageing population are global megatrends which require novel solutions all around the world,” said Ossi Parviainen, CEO of NewIcon. “Reducing medication errors and enhancing patient safety through automation are important things that have a real effect on people.”
The new funding will fuel NewIcon’s growth in Asia and the Middle East, thus helping it meet the target of growing its revenue almost tenfold from 7.3 million to 60 million euros by 2024. The market is surely there. The value of the pharmacy automation market is estimated at 5.5 billion euros today and to increase to around nine billion euros by 2025.
“The funding round gave us resources to continue on the path of internationalisation. In concrete terms, we’re going to use the money on sales, marketing and building up our network of retailers,” explained Parviainen. “We’re aiming for big growth leaps into big markets. In addition to geographical expansion, we’re aiming to grow by scaling up our business.”