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Monday, June 17, 2024

Swedish medtech startup secures convertible note financing to accelerate initial commercialization

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Stockholm-based medical device startup Tada Group AB has raised around €894K (10MSEK) from angel and institutional investors. Tada Group is a spin-off company from the Clinical Innovation Fellowships, an EIT Health Flagship Initiative and develops an intravenous (IV) therapy device named ReLink which is a breakaway connector, designed to increase the safety, accuracy, and efficiency of IV therapy in healthcare settings. The funding will enable Tada Group to expand its current production capacity and accelerate its initial commercialization plans. This latest investment round was concluded despite the challenging market conditions of 2022.

“Despite the difficulties of raising capital under these tough market conditions, we were able to secure the funding we need to continue growing and innovating ReLink.” said Katarina Hedbeck, CEO of Tada Group.

The company’s product ReLink has gained recognition for its disruptive solution to IV catheter failures. The current global failure rate for IV catheters is 40%. The introduction of the ReLink safety connector will reduce unnecessary healthcare consumption and save millions of nursing hours. This amazing market potential, along with a strong financial foundation and clear vision for the future, helped attract investors’ attention.

“Raising money in 2022 was a challenging task, but it has also been a valuable learning experience. It has reminded us of the importance of strong financials, a solid business plan, and a clear vision for the future. It has also reinforced our belief that there are always investors looking for promising opportunities, even in difficult market conditions. And it is an obvious testament to the strength of our team and the potential of our product. We are grateful for all the support of the community around us. As always, it is together that we succeed.” said Katarina Hedbeck. “This bridge round is just the beginning of our fundraising journey, we are planning to raise a series A in the next year. We are grateful for the help from Apollonian and we invite investors and institutions to keep in touch with us for updates through our investment relation information list.”

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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