Onbone to expand through EUR 10 million investment
Onbone, a Finnish company, has raised a total of 10 million euros in an investment round led by the global venture capital investment company MVM Life Science Partners. Other participants in the round were Finnish Industry Investment, a group of private Finnish investors and Inveni Capital, an existing investor in Onbone.
According to Onbone, the funds raised in the investment round will be used for the global launch of the company’s Woodcast casting and splinting products.
Woodcast is manufactured from wood material and biodegradable plastic. It is an eco-friendly composite material, suitable for all orthopaedic and traumatology uses, such as the casting and splinting of fractures and injuries. Patients can be imaged while still wearing the cast, which saves considerable time and expense at follow-up visits, according to Onbone.
Woodcast has already been launched in several areas of the EU and will be expanding to new markets thanks to the successful investment round.
“We are pleased with this support from our new as well as existing investors. Their combined experience and financial backing will enable us to build a top quality international sales and marketing organisation. I feel that this patent protected technology has the features set to achieve a significant share of the cast product market in the big five EU countries and the United States,” says the company’s new CEO Stuart Ashman.