Devicare expects boost thanks to an investment from Successful Ventures

Successful Ventures, a Spanish national network of business angels, has acquired a minority stake in the biotech company Devicare, which specializes in the production and development of digital therapies to end chronic diseases, while exploring the latest digital technology and scientific advances in nutritional therapy.

Devicare has given Successful Ventures access to its shareholder structure, as explained by Rosendo Garganta, CEO of the company. Successful Ventures took a minority stake in the start-up, which is currently expanding in the Middle East, following the recent agreement signed with Taiba in Oman.

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Successful Ventures begins its journey in the e-health sector

Successful Venture is led by Fran Piera, Ot Vila, and Dani Romy. The network has more than one hundred active investors, who in 2019 allocated $2 million (€1.8 million) to 15 technology-based startups. Now the group is beginning its journey into the e-health sector. InveniamGroup, a corporate finance and strategic advisory firm specialized in transactions in the health area, has advised Devicare in this transaction.

For Rosendo Garganta, the investment from Successful Ventures will serve to “help us in the internationalization process.” The company’s leap abroad has resulted in the signing of more than 45 distribution contracts in different countries. Devicare’s main product is Lit Control, an innovative therapeutic solution for measuring urinary pH. One of the most recent contracts signed is with Dawakum, a firm of the Taiba Group, one of the main pharmaceutical companies in the Sultanate of Oman.

Garganta added that “the experience of Successful Ventures’ partners in the analysis and legal consulting of technology start-ups, together with their alliances with international investment funds, makes them a strategic partner that provides us with considerable added value.”

Devicare hopes to increase its workforce to 60 in five years

Devicare was founded in 2012 based on the work of Dr. Felix Grases, from the renal lithiasis laboratory of the University of the Balearic Islands, and is linked to the Autonomous University of Barcelona (UAB). After more than six years, the company employs more than twenty people and has more than 45 registered patents.

To date, the company has raised more than $6.7 million (€6 million) from private investors and public institutions such as the Catalan Institute of Finance (ICF) or Enisa. The company hopes to increase its workforce to sixty employees in five years, and add more than fifty license agreements with commercial distributors, to reach a portfolio of one hundred patents.

Devicare completed a $1.8 million capital increase

Besides Rosendo Garganta, founder and main shareholder of Devicare, shareholders in the company include Caixa Capital Risc and family offices such as Emesa Capital, Tandem Capital, Perox Invest, Boyser or Corbera D’Or, among others. The company is confident of reaching break-even in 2021, according to Garganta.

The company, which last summer closed a $1.8 million (€1.6 million) capital increase through the Capital Cell crowdfunding platform, reorganized its board of directors last October. Vanessa Llopart, CEO of the Cuatrecasas family’s holding company, Emesa Corporación Empresarial, entered the board with a seat.

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(Featured image by  CDC via Unsplash)

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