Connect with us

Biotech

Mowoot Opens 2 Million Round to Grow in the German Market

Mowoot has recently opened a $2.3 million (€2 million) financing round to further develop, and to enter the German market. The company also intends to allocate capital in the Netherlands and the United Kingdom. Looking ahead to 2023, Mowoot intends to expand throughout the European Union, optimize processes and end up making the leap to the United States.

Published

on

Mowoot is seeking capital to expand its horizons. The Spanish company, which launched a solution to treat chronic constipation, has opened a $2.3 million (€2 million) financing round, company sources have confirmed. The objective is to accelerate its growth in the German market and to raise capital in the Netherlands and the United Kingdom.

Currently, the company has already raised $522,000 (€450,000) and, with a view to 2023, Mowoot has its sights set on investing throughout the European Union (EU), optimizing processes, and jumping into the U.S. market.

Mowoot offers a non-pharmacological and non-invasive solution to constipation in the form of a CE-certified Class IIa medical device. This device provides an external massage to move stool naturally with a maximum of twenty minutes of daily treatment. The system is already in use in several countries, including Germany, the United Kingdom, the Netherlands, and Spain.

Get comprehensive access to global crowdfunding business, biotech investments, stock market, finance news, and trending topics with the Born2Invest app. Our companion app makes it easy for you to keep informed, to intuitively move from story to story, and from section to section. Our clean design lets you read articles without clutter, and use the app with no limits on how many articles you can view.

Mowoot offers a non-drug, non-invasive solution to constipation

In Germany alone, the company estimates that half a million people suffer from neurogenic bowel dysfunction. In the European Union (EU) and the United States, this number rises to 120 million patients. Typical solutions such as drugs, invasive devices, or even surgery have proven to be “ineffective and have various side effects,” according to Mowoot.

SEE ALSO  Bitcoin Makes a Comeback Despite News about Omicron Variant

Four out of five people affected by spinal cord injury, multiple sclerosis, or Parkinson’s disease are also considered to be a potential market for the company. In addition, 60% of people over the age of 65 are also potentially affected by severe constipation.

In this regard, the annual cost per patient using this device is between $696 (€600) and $870 (€750) and it is between 72% and 90% effective. In contrast, other therapies such as manual massage, the use of laxatives, and surgical solutions require a cost of between 1,000 and 35,000 euros, according to data provided by the company.

The annual cost per patient using the Mowoot device is between $696 (€600) and $870 (€750)

The company was founded in Barcelona, but currently, its most important market is Germany. Mowook entered the country through 4M Medical, a distributor of medical devices and pharmaceuticals. The idea of Mowoot was born in 2014 in a postgraduate course promoted by Biocat, the entity that coordinates and promotes the life sciences and health sector in Catalonia, inspired by a master’s degree work at Stanford University.

__

(Featured image by LNLNLN via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.