Espoo-based Koite Health Oy has achieved a significant milestone in its mission to revolutionize oral health technology. The company recently concluded a highly successful autumn share issuance, securing more than €4 million in growth financing. Conducted between October and December 2023, the funding round received an overwhelming response from both domestic and international investors, with subscriptions surpassing €4.1 million. The capital infusion is earmarked to fuel the expansion of Koite Health’s flagship product, Lumoral® which is an innovative oral care solution.
Harri Rehnberg, an investment banker who has worked in Finland and abroad for a long time, was responsible for the preparation, implementation and acquisition of investors . Investors in the institutional offering included, among others, 8 Media Ventures, Reaktor Innovations VC, Apteekkien Eläkekassa, Valion Eläkekassa and a number of domestic and foreign investors. In addition to this, private investors were offered the opportunity to participate in the success story of Koite Health and Lumoral via the Invesdor crowdfunding platform with a share issue in October.
Helsinki-based Vestra Advisors, represented by Nea Welling and Mårten Janson, served as the legal advisor for the share offering.
“The difficult market situation for growth financing was already well known when planning the offering, but on the other hand, the growth story of Koite Health and Lumoral is so strong that we were sure of the success of the financing round from the beginning,” says Harri Rehnberg, who was responsible for the practical arrangements.
“The difficult situation of the financial market was mainly reflected in the slowness of negotiations and decision-making; but on the other hand, in the post-corona world, even foreign investor meetings and investment decisions were successful through Teams meetings, without time-consuming and expensive foreign investor events. The funding collected through the share issue will be used to support Lumoral’s international growth,” says Sakari Nikinmaa, CEO of Koite Health.
In the past year, Lumoral has been launched in several European markets – for example in Germany, Italy, Great Britain and Denmark, and new markets are being opened all the time. As in previous years, the company managed to double its turnover in 2023. So far, more than 20,000 Lumoral devices have been sold, and the number of treatments given is already more than 1,000,000.
“In addition to the well-managed share issue and investor arrangements, the company brought growth financing and a new, broader investor base, dozens of new useful international investor contacts,” says CEO Nikinmaa. “Especially for larger American and European health funds, Koite Health’s funding round was still a bit small, but if we ever return to the capital market, we already know where interest will be found.”
Founded in 2018, Koite Health has revolutionized oral health care with its Lumoral technology. Lumoral is the world’s first targeted antibacterial treatment designed for home use.
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