Investment in digital healthcare company Rinicare is milestone deal for Fund
Investment in digital healthcare company Rinicare is milestone deal for Fund
Alderley Park, UK, 13th September 2018 – The GM&C Life Sciences Fund, managed by Catapult Ventures, has announced its 25th investment by completing the funding of Alderley Park based Rinicare Limited.
Rinicare is an intelligent healthcare company and the investment will be used to support the commercialisation of Rinicare’s digital healthcare portfolio, which uses artificial intelligence and machine learning to improve medical outcomes while reducing costs in a number of emergency, intensive, primary and community care settings. NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers as part of the Northern Powerhouse Investment Fund, also co-invested in the company.
Managed by Catapult Ventures, the GM&C Life Sciences Fund is a seed and early stage venture capital fund that has been investing in life sciences businesses in the Greater Manchester and Cheshire & Warrington region since October 2015. The Fund is the result of a collaboration between Cheshire and Warrington Local Enterprise Partnership, Greater Manchester Combined Authority, Cheshire East Council, and Manchester Science Partnerships. With contributions from both private and public-sector partners, the size of the Fund at launch was around £31m.
The Fund’s 25 portfolio companies are spread across all the life science sub sectors: Pharmaceuticals (3), Biotechnology (4), Diagnostics (3), Life Science contract research organisations (CRO) (1), Healthcare technologies (9) and Medical devices (5).
Commenting on the success of the Fund to date, Catapult CEO Nick Wright said: “The quality of the core investment team at Alderley Park, supported by our specialist Venture Partners, is incomparable in the UK. Their knowhow, combined with some fantastic deal flow, has helped create a fund with a truly inspirational portfolio, with a good mix of start-up and growth-stage companies. Many of the companies we backed at the ‘idea’ and ‘proof of concept’ stage have already become fast-growing revenue generating companies and a handful have closed further funding rounds at much higher valuations.”
Chris Doherty, Managing Director of Alderley Park, commented: “Funding is of paramount importance to all businesses, but perhaps particularly so in the science and technology sector, where there is a strong emphasis on innovation. The GM&C Life Sciences Fund is an active and productive force at Alderley Park and has been very effective in helping getting businesses established. Our flourishing Mereside campus is already home to 65 SMEs and 150 start-ups and we are continuing to support the start-up and scale up of further life science businesses.”
Philip Cox, CEO, Cheshire and Warrington LEP said: “Cheshire and Warrington LEP is pleased with the progress being made by Catapult Ventures. It is particularly pleasing to see the number of investments being made at Alderley Park, which are helping transition the site from Astra Zeneca ownership to being the biggest bio-science campus in the UK and one that has a growing global reputation.”
Councillor Rachel Bailey, leader of Cheshire East Council said: “I am delighted to see the Fund reach this landmark. The Fund is integral to the growth and success of the life science sector in Cheshire East. I am delighted that the investments made have created high quality jobs for local residents and contribute our international reputation as a great place to invest.”
Mayor of Greater Manchester, Andy Burnham, said: “Greater Manchester and Cheshire Life Sciences Fund deserve praise having completed the funding of Rinicare, their 25th investment and a really impressive milestone. The Fund invests in life sciences businesses in Greater Manchester and the Cheshire and Warrington region. I am pleased to support the Fund alongside Cheshire Warrington Enterprise Partnership, Cheshire East Council and Manchester Science Partnerships. This investment for digital healthcare company Rinicare fits our broader agenda for Greater Manchester and I can’t wait to see what happens. This is a good example of our vitally important approach, helping to transform the health of the people in Greater Manchester.”
ENDS
Notes to Editors:
For further information, please contact:
Nick Wright, CEO – nick@catapult-ventures.com M: 07949 525753
Photo caption:
Nick Wright, far left, with members of MSP, Cheshire East Council, Cheshire and Warrington LEP and Manchester City Council, taken at the Fund’s official launch in October 2015.
About GM&C Life Sciences Fund
Managed by Catapult Ventures, the GM&C Life Sciences Fund is a seed and early stage venture capital fund targeting life sciences businesses located in the Greater Manchester and Cheshire & Warrington region.
The Fund is the result of a collaboration between Cheshire and Warrington Local Enterprise Partnership, Greater Manchester Combined Authority, Cheshire East Council, and Manchester Science Partnerships and can be invested in ‘Life Science’ businesses across the following sectors:
- Pharmaceuticals
- Biotechnology
- Diagnostics
- Life Science contract research organisations (CRO)
- Healthcare technologies
- Medical devices
With contributions from both private and public-sector partners, the size of the Fund, at launch, is around £31m. Full details can be found at: www.gmclifesciencesfund.com
About Catapult Ventures
Catapult Ventures is an independent venture capital fund manager that has been investing in UK businesses since 2002. Catapult’s owners have operated discrete funds on behalf of public and private sector investors totalling c. £130m, including the GM&C Life Sciences Fund.
Since 2015 Catapult has recorded 11 profitable exits averaging 3.9x money multiple, including Accutronics (9.1x), Lumora (4.7x), Oxford Cryosystems (5.2x), Systems Integration (4.9x), Monica Healthcare (3.6x), BWB Consulting (3.2x*), Hangar7 (3x), Haemostatix (3x*) and Stagecoach (2x). [* expected]
Catapult Ventures and Catapult Ventures Group are trading names of Catapult Ultimate Holdings Ltd, which is the ultimate holding company of Catapult Venture Managers Ltd, which is authorised and regulated by the Financial Conduct Authority.
About Rinicare
Rinicare Ltd is a leading intelligent healthcare company, based in Alderley Park, that develops and markets state-of-the art healthcare products based on its proprietary wireless communications, predictive algorithms, artificial intelligence (AI), computer vision, IoT and big data to drive improved patient outcomes at reduced cost to address the growing pressures on healthcare systems worldwide. Rinicare’s products can be used in a wide range of medical applications and configures its solutions to meet the needs of each particular healthcare scenario supported by health economic evidence.
Rinicare is headquartered in Alderley Park, Manchester, UK and has R&D capabilities in Lancaster, UK and Ramada, Portugal. The Company has a number of existing distributors globally and is actively seeking new partnerships.
For additional information, please visit www.rinicare.com
About Alderley Park
Alderley Park is where world leading, science, innovation and stylish living come together to create a place like no other.
Acquired by Bruntwood in 2014 and currently undergoing a £160m investment, Alderley Park is home to the internationally-recognised Mereside bioscience campus managed by Manchester Science Partnerships (MSP). The campus which offers more than 1m sq ft of high specification lab space, a dedicated incubator, range of scientific services and a comprehensive programme of business support for start-ups and scale-ups is home to a vibrant and fast-growing community of over 60 established companies with a further 150 pre-start businesses based at the Park.
The newly re-developed 150,000 sq ft ‘Glasshouse’, set to open in January 2019, will offer state of the art workspace ideal for digital tech businesses.
Alderley Park is also home to a wide range of amenities including a conference centre complete with a 232-seat auditorium and meeting rooms, restaurant, gym and outdoor sports pitches.
The Park also benefits from unrivalled 100GB connectivity, Enterprise Zone status, and is part of the Cheshire Science Corridor.
Easy to reach by road, rail and air – the North’s global gateway Manchester Airport is less than 30 minutes’ drive whilst a dedicated Park shuttle bus serves the local train stations.
Website: www.alderleypark.co.uk
Twitter: https://twitter.com/AlderleyPark
Linkedin: www.linkedin.com/company/alderley-park
About Cheshire East
Cheshire East is the third-largest council in the North West of England, responsible for more than 500 services and with a population of more than 370,000. For media inquiries, contact 01270 686577 or email media@cheshireeast.gov.uk. Our latest news can be found at www.cheshireeast.gov.uk/media
