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