22nd March 2022
EIT Health-supported MOWOOT, who make a novel non-drug and non-invasive therapy for intestinal transit disorders, has raised €1M in the first tranche of their Series A investment round. This comes after they obtained a European patent for their innovative technology. The Spanish start-up aims to close the round in 2022 with a goal of €2.5M.
This first tranche has been led by USM Global Corporation, an investment vehicle that pools several crowdfunding investors from Capital Cell, ENISA, 4M Medical GmbH and other German business angels.
MOWOOT expects to close the second tranche of this investment round in the next six months. They are currently in negotiations with strategic investors, some of them facilitated by the EIT Health network and our digital venture capital platform Aescuvest.
“We are very happy with how the operation has been carried out. Closing this first tranche of the round will allow us to continue our international expansion in European markets, while completing the second tranche with strategic investors”, explains Dr. Markus Wilhelms, CEO and co-founder of MOWOOT.
The closing of this first tranche of the investment round comes just weeks after The European Patent Office (EPO) granted MOWOOT a European patent. This guarantees the protection of both the medical device and the innovative and novel technology developed by the company. This patent adds to MOWOOT’s portfolio of international patents which includes patents in US and China, obtained in 2021.
The end of 2021 was marked by the achievement of another important milestone for the EIT Health-supported start-up. In December, MOWOOT obtained a breakthrough device designation (BDD) from the US Food and Drug Administration (FDA). The BDD status, and upcoming closing of the second tranche of their Series A investment round, will support MOWOOT with their US market entry plans in 2023.
New Industry-led Pact for Skills Partnership for the European Health and Life Sciences Sector Launched
Read more about the partnership
Paediatric Health Innovator Named Winners At Wild Card 2023 Awards Ceremony
Find out who won
EIT Health Awards 12 Elder Care Start-ups up to €50K
Discover the awardees