Neopenda, a public benefit company based in Uganda and Chicago, USA has announced a new $1.4m post-seed round of funding through convertible note financing led by Assiduity Capital and Sorenson Impact Foundation, as well as the CE Mark approval of its neoGuard device.
“This new funding will help expand the impact of neoGuard. Now that we’ve been granted a CE Mark, we can widen our distribution and save more lives,” she continued, “Because of their focus on healthcare in emerging markets, Assiduity Capital and Sorenson Impact Foundation are the perfect partners to support our next phase of growth,” Sona Shah, Neopenda CEO, said.
Here Is What You Need To Know
- With the new round of funding, Neopenda will expand its team of four new hires after securing $1.4 million in post-seed funding, accounting for 70% of the company’s post-seed round.
- As the Business Operations Lead, Brittany Stubbs has joined the team. Vivian Mwanza will be in charge of business growth in Kenya. The team plans to add two additional members in supply chain and engineering.
Why The Investors Invested
“The Sorenson Impact Foundation is proud to partner with Neopenda in its goal to bring life saving medical devices to both emerging markets. We believe that the impact potential is huge as infant and adult lives can be improved while advancing healthcare procedures and efficiency globally,” said Meredith Shields, Managing Director of the US-based impact investor.
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Assiduity Capital is a venture capital firm based in Amsterdam, Netherlands, which in invests primarily in healthcare.
“Our ultimate goal is to develop products and services with the power to transform healthcare.As active, patient, and long-term investors, our partnership comes with an engaged and supportive approach that brings expertise, network, and capital to help companies realize their full potential,” the VC states.
Speaking further on the investment, Managing Director Handson Chiweshenga at Assiduity Capital said:
“We are excited to partner with Neopenda as the need for accessible healthcare grows in emerging markets. Neopenda’s product solutions offer alternatives that can help accelerate healthcare accessibility and quality.”
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A Look At What The Startup Does
Neopenda, a medical monitoring system created by biomedical engineers Sona Shah and Teresa Cauvel, was established in 2016 to address the challenges of low-resource areas in Sub-Saharan Africa.
The devise, a wireless, wearable vital signs monitor, monitors a critically ill newborn’s heart rate, respiratory rate, peripheral blood oxygen saturation, and temperature, allowing caregivers to catch preventable and treatable conditions sooner. The system has been modified for use with adult COVID-19 patients in the last year.
In Europe, Neopenda recently obtained CE Mark approval. With this EU MDR certification, the company can sell its neoGuard product in any country that accepts EU product standards for high levels of safety, health, and environmental protection.
“Receiving the CE Mark is an essential step in the growth of Neopenda, and we are happy to have the validation of the safety and effectiveness of the neoGuard monitor,” Teresa Cauvel, CTO, said.
In remote patient trials, Neopenda is currently leading additional clinical research for its neoGuard product.
In finance, a convertible bond or convertible note or convertible debt is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer