For their first investment into Medimass, Euroventures secured more than HUF 400 mln. MediMass develops intelligent surgical devices that will help cancer surgeons determine which tissue is cancerous and which is not. The equipment will have in-vivo and in-situ mass spectrometry capabilities that are expected to help reduce surgical intervention, save time and cost, and increase the success rate of cancer-related surgery. Euroventures IV PE Fund will help speed up development on the equipment in order to get it to production at the earliest.
Euroventures’ second investment in a related market comes in the form of a state of the art dental services unit called Medicover Dental. They offer high quality, cost-competitive dental services in the heart of Budapest. The unit opened shop in January and intends to double its business in the next three years through services to its domestic as well as international clientele.
Based in Budapest, Euroventures has been a leading Central European private equity firm since its inception in 1989. Since 2009 Euroventures manages the Co-Investment Fund of the JEREMIE Program with HUF 4 billion (EUR13.59 mln) of shared capital. This Euroventures IV Venture Capital Fund has been increased by the Swiss Government in 2011 with an additional HUF 3.1 billion (EUR11 mln).
While the firm specializes in business and financial services, communications, and technology, they are willing to invest in any number of exciting ventures were they believe their strategy and expertise can produce results. However, according to their most recent investment policy, the ideal target companies are early-stage or innovative ones, requiring EUR1-2 mln.
A typical investment ranges between HUF 100 million and EUR 4.5 million, which is the maximum amount available for a single portfolio company. The typical holding period is 3-6 years.
Medicover Dental (www.medicoverdental.hu)
Medicover Dental is a brand new initiative located at the Eiffel building in Budapest, and opened for operations this January. The company provides high-quality, affordable dentistry services to local customers, and plans to include its reach to international clientele in the next three years. Providing the gamut of basic and value-added dentistry services and staffed by a team of highly qualified, English-speaking dentists and dental surgeons, Medicover Dental is optimistic of doubling its size and revenue by the end of 2014.
MediMass is a surgical equipment company based in Hungary that is currently developing real-time mass spectrometry-based tissue analysis equipment for use in surgeries related to cancer. The company is currently targeting approval of its equipment in all the major economies by the first quarter of 2015. The company was set up in 2008 with combined angel investors/government funding worth USD 3 mln with the express objective of developing Intelligent Surgical Devices for in-situ assessment of tissue matter during surgery. The CE marking is expected around mid-2013 for the product.