Seed round is thought to be one of the largest ever for a Scottish start-up
Edinburgh health tech specialist Snap 40 has raised £2 million in funding in what is thought to be the largest seed round ever for a Scottish start-up.
The team has secured a seven-figure seed deal with owner-managed venture capital firm ParEquity, which is also based in Edinburgh.
The first tranche of the investment – led by Par Equity – closed at the end of September and will allow the company to grow its already highly skilled engineering and data science team, complete clinical trials and gain regulatory clearance, opening up the entire EU market. The company also plans to move quickly into the US market, opening a US office in 2017.
CEO Christopher McCann said: “This investment is based on the strength of our product and the progress of our amazing team. We are excited to work with Par Equity and the rest of our shareholders as we build snap40 into a dominant player in the global people-health monitoring market. We have a product that can save lives, while providing clinical and economic benefits to health services.”
Robert Higginson, partner at Par Equity, said: “We are delighted to be supporting snap40, a business with an ambitious vision for the future. The team has already demonstrated the ability to deliver to its plan, which is why we are supporting the business from such an early stage. This is a global market with significant potential and we believe snap40 is the company to succeed.”
The company has already built a core team of five and is recruiting a further four software engineers and data scientists over the coming five months, as well as building its commercial team during 2017.
Snap40 is currently demonstrating the performance of its product in a major clinical trial at a UK hospital and will be on the market in early 2017.
The company has substantial customer interest already, including a contract with NHS England via the SBRI contracting process, the first phase of which has been successfully delivered.