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Category Archives: Venture Capital Industry
By: Alex Wilhelm
From a cluster of insurance marketplace startups raising capital earlier this year, to neoinsurance provider Lemonade going public this summer at a strong valuation, Hippo’s huge new round and Root’s impending unicorn IPO, 2020 has proven to be a busy year for startups and other growth-oriented private tech companies focused on insurance.
That news cycle continues today, with The Zebra announcing that it has reached a roughly $100 million run rate, and, perhaps even more notably, that it has turned profitable.
TechCrunch most recently covered the car and home insurance marketplace startup in February, when it raised the first $38.5 million in a Series C eventually worth $43.5 million that Accel led. As we noted at the time, the startup joined “Insurify ($23 million), Gabi ($27 million) and Policygenius ($100 million) in raising new capital this year.”
The Zebra released a number of financial performance metrics as part of its Series C cycle, including that it recorded revenues of $37 million in 2019, and that it had reached a $60 million annual run rate around the time of its Series C. The Zebra also said that it could double in size this year, putting it above a $100 million run rate by the end of 2020.
With that history in hand, let’s talk about the company’s more recent performance.
A changing market
According to the company, The Zebra recorded net revenue of $6 million in May, 2020. That number grew to around $8 million in September. For those of you able to multiply, $8 million times 12 is $96 million, or a hair under $100 million. According to a call with the The Zebra’s CEO Keith Melnick, the company’s September was very close to $8.3 million, a figure that would put it on a $100 million run rate.
Given that our $100 million ARR club has a history of granting startups a little wiggle room when it comes to their size, it seems perfectly fine to say that The Zebra has reached revenue scale of $100 million; at its current rate of growth, even if its final September revenue tally is a hair light. the company should reach a nine-figure topline pace in October.
According to Melnick, while the bulk of The Zebra’s revenue isn’t recurring, a growing portion of it is. Per the CEO, around 2-5% of The Zebra’s revenue was recurring last year, a figure that he said is up to around 10% today. (If The Zebra binds an insurance policy itself, and that policy is renewed, its commissions can recur.)
What drove the company’s quick 2020 growth? In part, the insurance market changed, with insurance networks that depended on in-person sales seeing their ability to drive business slow thanks to COVID-19. Insurance marketplaces like The Zebra stepped in to assist, helping move some offline demand online. Melnick detailed that dynamic to TechCrunch, adding that when certain advertising channels saw demand fall, his company was able to leverage inexpensive inventory.
A number of factors appear to have added to The Zebra’s rapid growth thus far in 2020. Our next question is whether other, related players in the insurtech startup space have seen similar acceleration. More on that in a few days.
Finally, regarding The Zebra, the company said that it is now profitable. Of course, profit is a squishy word in 2020, so we wanted to know precisely what the company meant by the statement. Per the company’s CEO, it is generating positive net income, the gold-standard for profitability as the metric is inclusive of all costs, including the non-cash expenses that startups tend to strip out of their numbers to make the results look better than they really are.
If other players in the insurtech space are surfing similar trajectories, all that capital that went into the sector around the start of the year is going to appear prescient.
March 5, 2020 – Mailprotector, a Greenville, SC-based cybersecurity company, raised $5 million in growth equity funding from Ballast Point Ventures. The channel-centric company will use that capital to accelerate product development, grow sales and marketing efforts, and expand services to its strong and growing network of Managed Service Providers (MSPs). As part of the expansion, the company plans to add more than 30 positions across all departments at its Greenville, SC headquarters and other locations around the country.
The company has over a decade of experience providing highly available and highly secure email solutions to organizations around the world. As a cloud-based email security, compliance, encryption, and hosting platform, Mailprotector’s solution is engineered from the ground up with partners’ management needs as a top priority. Mailprotector puts a premium on user experience and security with its advanced product stack, including CloudFilter, SafeSend, SecureStore, XtraMail, CloudMail, Exchange+, and Bracket. The company’s patent-pending flagship email encryption product, Bracket, is as simple to use as it is secure.
“Mailprotector is dedicated to empowering our channel partners with highly valued services and profitable recurring revenue streams,” said David Setzer, Mailprotector founder & CEO. “We know that email is still the prime vector for cyber-attacks, especially financially crippling ransomware and phishing threats. This investment means we can supercharge the development of our world-class cybersecurity protection tools for our partners and their clients, giving them an even stronger first line of defense against cyber threats and user error,” Setzer added. “We were thrilled to find in Ballast Point a firm that aligns with our channel partner commitment and one who respects our stewardship responsibilities in those relationships.”
“We are excited to partner with David, CTO Ben Hathaway, and the entire Mailprotector team to drive continued email security leadership and technology innovation,” said Robert Faber, Partner at Ballast Point Ventures, who will join Mailprotector’s Board of Directors. “BPV has a long history of supporting high-growth software companies throughout the Southeast, and we have been impressed with David and his team as they have built industry-leading email security tools with limited outside capital investment.”
Mailprotector empowers its users with a portfolio of cloud-based email security, management, and hosting services sold exclusively through the channel to businesses, government, and non-profits around the world. Products include inbound and outbound email security, email continuity, email archiving, email encryption, and business-class hosted email solutions. More information is available at www.mailprotector.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately-owned companies, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in the firm’s target industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.
Source: Intelligent Retinal Imaging Systems (IRIS)
PENSACOLA, Fla., Jan. 29, 2020 /PRNewswire/ — Intelligent Retinal Imaging Systems (IRIS), the industry leader in telemedicine solutions for diabetic retinal evaluation, was announced as a grantee for the Microsoft AI for Health Initiative. AI for Health, Microsoft’s newest initiative under their AI for Good program, will encompass a $40 million, 5-year program that will leverage AI to empower organizations like IRIS, and other companies in the realm of improving health.
“It has always troubled me when patients would come into my practice with severe late-stage eye damage and I couldn’t do anything to save their eyesight,” said Dr. Sunil Gupta, Retinal Surgeon and Founder at IRIS. “The opportunity to work with some of the most talented people in the world at Microsoft means that together we will generate new ideas and insights that will ultimately improve access to care, improve our ability to find and treat retinal disease earlier, all the while allowing us to more successfully save eyesight.” CEO of IRIS, Steve Martin added, “We are honored to have been chosen to partner with Microsoft through this great initiative. The exciting part about this opportunity is working with Microsoft to explore new technologies that will accelerate the development of AI solutions at IRIS to save people’s vision.”
Diabetic retinopathy is a leading cause of blindness across the world and 463 million people are currently at risk. Early detection and effective treatment can reduce the risk of blindness up to 95%. Microsoft’s collaboration with research and the development of an AI solution will empower IRIS to bring retinal evaluations to underserved populations across the globe in an effort to end preventable blindness. Through the AI for Health initiative, efforts will center on three key areas: Quest for Discovery, Global Health Insights, and Health Equity.
IRIS is one of six initial grantees for the AI for Health initiative and is honored to be recognized with organizations like BRAC, Fred Hutchinson Cancer Research Center, Novartis Foundation, PATH, and Seattle Children’s Research Institute. Each organization will work with Microsoft to use AI to decipher tough issues like discovering the cause of SIDS, eliminating leprosy, and building an ecosystem that allows safe and secure sharing of biomedical data.
The mission of the AI for Good program is to solve humanitarian issues and create a more sustainable and accessible world; this mission, combined with IRIS’ mission to eliminate preventable blindness shows a direct alignment and clearly demonstrates why this partnership will generate good for people.
About Intelligent Retinal Imaging Systems
Intelligent Retinal Imaging Systems (IRIS) is a Pensacola, Fla.-based company founded in 2011, with a vision to end preventable blindness through the development and deployment of retinal diagnostic services. The company’s IRIS solution includes an FDA Class II cleared medical device that has improved quality, expanded access and reduced costs for diabetic retinopathy exams across the U.S. For additional information visit our website: www.retinalscreenings.com
Microsoft (@microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.
Carterra® Closes Financing Round for Continued Growth of the LSA™ Platform for Next Generation Antibody Discovery
Salt Lake City, Utah, USA. Carterra® Inc., the world leader in high-throughput antibody screening and characterization, has closed a $6M round of financing led by Ballast Point Ventures with participation from current investor, Telegraph Hill Partners. The additional funding will support the continued adoption of the innovative Carterra LSA™ high-throughput Surface Plasmon Resonance (HT-SPR) antibody screening platform and the development of new products and applications.
The Carterra LSA revolutionizes the drug discovery process by enabling higher information content assays earlier in the discovery process¬¬—during antibody screening. The LSA can measure binding kinetics and affinities of hundreds of interactions in parallel and perform comprehensive epitope binning experiments on up to 384 antibodies simultaneously. By conducting detailed antibody characterization during screening, the Carterra LSA increases the efficiency and productivity of lead selection and reduces costs during drug discovery and development.
“Carterra’s proprietary technology addresses a key objective of the pharmaceutical industry by helping to minimize the time it takes to develop new therapeutics,” said Matt Rice, Partner at Ballast Point Ventures. “We’re excited to provide resources and guidance as Carterra continues its growth.”
Carterra has seen rapid uptake of its LSA platform among large pharmaceutical companies, biotechs, contract research organizations, and academic labs since its launch in late 2018. “We are honored to work with Ballast Point Ventures and Telegraph Hill Partners in our mission to help scientists push the boundaries of scientific discovery.” said Carterra CEO, Josh Eckman. “Researchers are seeing how the Carterra LSA can significantly shorten the lead selection timeline and provide insights that were not previously possible.”
About Carterra, Inc.
Carterra® is the leading provider of high throughput technologies designed to accelerate and improve the discovery of novel therapeutic candidates. Carterra’s LSA™ instrument, software, and consumables for monoclonal antibody (mAb) characterization deliver up to 100 times the throughput of existing platforms in 10% of the time while using only 1% of the sample required by other systems. The LSA combines patented microfluidics technology with real-time high throughput Surface Plasmon Resonance (HT-SPR) and industry-leading data analysis and visualization software to revolutionize mAb screening. Carterra, Inc. is based in Salt Lake City Utah, and has Customer Experience Centers in Dublin, California, Andover, Massachusetts and Munich, Germany. For additional information, please visit www.carterra-bio.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies in the healthcare, software and technology-enabled business services industries. For more information, please visit www.ballastpointventures.com.
About Telegraph Hill Partners
Telegraph Hill Partners, founded in 2001 and based in San Francisco and San Diego, CA, invests in innovative commercial stage life science, medical technology and healthcare companies. For more information please visit www.telegraphhillpartners.com.
January 9, 2020 – SPOTIO, a Dallas-based software company providing cloud-based sales acceleration and performance management solutions for field sales personnel, is pleased to announce a $4.5 million Series A investment from Ballast Point Ventures. The platform’s robust, mobile-first feature set enables sales teams to manage sales territories, execute face-to-face meetings, and optimize the sales pipeline and performance across the outside sales organization. SPOTIO will use the investment to accelerate development of its technology pipeline, add to its sales team, and intensify its marketing efforts.
“Built with the field sales representative and manager in mind, SPOTIO’s platform delivers a comprehensive mobile solution tailored towards providing actionable leads for outside sales reps in the field and unparalleled insight for managers back at the office. We provide both business-to-business outside sales personnel and residential sales teams the tools they need to execute and manage their outside sales activities,” said SPOTIO Founder and Chief Executive Officer, Trey Gibson.
“We are excited to bring an institutional investor into our company and are eager to get to work with Ballast Point Ventures. We look forward to this next leg of the journey and to continue to deliver a comprehensive solution to our many customers.”
“As BPV has gotten to know Trey over the last couple of years, we have been very impressed with the growth and success SPOTIO has been able to achieve with minimal outside investment. Given our focus on partnering with rapidly growing private companies with great management teams in the Southeast and Texas, SPOTIO is a great fit for us,” said Ballast Point Ventures’ Sean Barkman, who will join the SPOTIO Board of Directors.
“We are excited to partner with the entire SPOTIO team to drive continued growth and solidify the platform’s position as the leading outside sales enablement software.”
“We are excited to have another investment in the Dallas area,” continued Robert Faber, who will serve as a Board Observer at SPOTIO. “Trey is exactly the kind of entrepreneur that we want to work with, and we are excited about partnering with him after building a relationship with him for the last several years.”
SPOTIO is a mobile-first solution for outside sales teams to eliminate guesswork, and focus on the highest impact activity. The platform provides managers with real-time visibility into their team’s activities for improved sales development. Sales reps receive access to the mobile application with targeted prospect data, historical knowledge of each account, and document management functionality. Thousands of customers rely on SPOTIO to accelerate growth with their sales teams. SPOTIO is a privately held company based in Dallas, Texas.
For additional information, visit www.spotio.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million.
For additional information, visit www.ballastpointventures.com.
Abacode, a Fast-Growing Cybersecurity & Compliance Firm, Announces $4.85 Million Investment Led by Ballast Point
TAMPA, Fla., January 9, 2020 – Abacode, Inc., a Cybersecurity and Compliance services firm based in Tampa, FL, is excited to announce a $4.85 million Series A growth equity investment led by Ballast Point Ventures. Abacode will leverage the investment to scale its sales, security operations center and project execution teams, broaden its marketing efforts, and further enhance its technology-enabled service offering.
Abacode, a Managed Security Services Provider (“MSSP”), is a five-year-old company that is transforming the way businesses implement cybersecurity and compliance programs throughout the U.S. and abroad. Abacode has specific expertise in proactively monitoring, detecting, and responding to cyber threats in real-time through the Company’s 24/7 Security Operations Center. Abacode also provides a suite of Governance, Risk, and Compliance (“GRC”) Readiness services helping companies prepare for third-party audits and certifications. Among its many other professional services, the Company has a premier vulnerability assessment package along with digital forensic teams to assist companies in case of a suspected incident or breach. Abacode works with organizations ranging in size from mid-market businesses to publicly traded global enterprises.
CEO and Co-Founder Mike Ferris commented, “We are extremely excited to partner with Ballast Point Ventures as we continue our focus on building a world-class MSSP and invest heavily in scaling our service offerings. BPV was the right partner at the right time. Our visions are perfectly aligned in order to add unique value to our clients and partners alike.”
Current and emerging compliance mandates are forcing companies to take a different approach to how they manage internal data risk and cybersecurity needs going forward. This reality, combined with the flood of new technology products in the marketplace, has added additional complexity and confusion and is one of the primary reasons organizations are working with Abacode. “It’s very fulfilling to see so many market-leading companies reach out to us to help them consolidate their cybersecurity programs under one roof. Cybersecurity and compliance isn’t just a component of what we do, it’s our sole focus. We not only help drive enterprise strategy but also deliver and implement the most appropriate services and solutions. This is very unique in the market and the real value is providing client leadership a way to finally make holistic business-driven decisions instead of tactical product-driven decisions,” said Ferris.
“The Abacode team has made great progress growing its customer base, service offering, and organization during the Company’s short history,” said Ballast Point Ventures’ Sean Barkman, who will join the Abacode Board of Directors. “This is an exciting opportunity for BPV to partner with an impressive management team we have known for a few years now who are building a leading compliance-oriented cybersecurity business in a dynamic industry segment,” Sean also commented.
Abacode is a Managed Security Services Provider (MSSP). The Company addresses client risk from a business strategy first and cyber technologies second (product agnostic) standpoint. This methodology ensures that technical and non-technical leadership teams are able to make unbiased business decisions that positively impact the entire organization. Abacode has become one of the fastest-growing MSSPs by empowering companies to have a Cyber Capability Maturity Model (CCMM) and consolidate all cybersecurity & compliance initiatives under one roof. Abacode has offices in the Americas and Europe. Learn more at https://abacode.com, https://www.linkedin.com/company/abacode-llc or firstname.lastname@example.org.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately-owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.
Florida has hundreds of miles of beaches on both the Atlantic Ocean and the Gulf of Mexico. It has the Everglades. It has Walt Disney World and all of that theme park’s offshoots, as well as competing parks from Universal and Sea World. And, in case we forget, it has oranges.
These eight tech companies in the Sunshine State have been making waves with their products and practices, and most are currently hiring! If you’ve ever thought about relocating to Florida, getting the lowdown on these companies is a good place to start!
Cloud Computing|SaaS|Cloud Management
Location: Orlando, FL
PowerDMS provides a cloud-based solution that helps organizations reduce risk and liability with a comprehensive compliance and content management solution. It provides the practical tools necessary to organize and manage crucial documents and industry standards, maintaining compliance for organizations.
Source: Tampa Magazine
By: McKenna Kelley
Tampa’s Symphonic Distribution helps the songs you love get from the recording studio to streaming platforms around the globe
You’ve probably listened to music on a streaming service like Spotify, Apple Music, Pandora or Amazon at some point recently (and considering the Recording Industry Association of America reports that streaming accounted for 80% of the music industry’s revenue in the first half of this year, that is a strong probably). But have you ever wondered how the music ended up on that service in the first place?
For a growing number of musicians, the answer is the Tampa company Symphonic Distribution. Founded by CEO Jorge Brea in 2006, Symphonic helps independent artists and record labels get their music on streaming platforms and into the ears of listeners around the world. Musicians upload their audio files, artwork and metadata once to Symphonic’s system, and Symphonic distributes those files according to each streaming platform’s specifications. Royalties are also collected and distributed in one place, saving artists time and energy across the board.
“For the artist, that means they can just focus on their art form,” instead of the business side of music, Brea says. For consumers, a simpler method of distribution means more music is available to discover than ever before. “[Listeners’] tastes will evolve and become much more advanced because there’s much more new music from different regions that’s easily getting on these platforms,” Brea adds.
Brea was born in the Dominican Republic, and his family moved to Tampa when he was 7. Drawing on his Latin American roots, plus his background as a DJ and producer, Symphonic first focused on distributing electronic and Latin artists. A number of them have become global superstars; Symphonic distributed some of the early works of Daddy Yankee (who has more than 43 million monthly listeners on Spotify), Ozuna (more than 30 million, and one of the industry’s fastest-rising Latin stars) and J Balvin, Spotify’s fourth-most streamed artist in the world last year. The company has also worked with artists like Black Thought of The Roots and Deadmau5. “We’ve always been kind of in the beginning of these folks’ careers,” Brea says.
Beyond just distributing music, Symphonic helps its artists with marketing and social media to grow their brands and platforms. Artists and labels must apply to work with the company. Brea says his team typically looks for musicians who are already gaining traction on streaming — with around 50,000 to 100,000 monthly listeners — and labels with a deep existing catalog.
“Those are great starting points for us because those are [groups] we feel we can just turn up to 11, so to speak, and then grow,” Brea explains.
As Symphonic has expanded to have offices in Brooklyn, Denver, Nashville and Bogotá, Colombia, as well as a presence in China, Brea says he’s proud to have the opportunity to introduce others in the music industry to Tampa. One way Symphonic does that is through the annual Vibes of the Bay music festival, which highlights some of Tampa’s best up-and-coming talent each year in Ybor City.
“Our entire client base is finding out about these artists from Tampa, and we’re very proud to be able to do that,” Brea says.
Brea sees the education of artists in Tampa and beyond as one of Symphonic’s most crucial roles. The company is starting to host artist-focused panels and lectures on topics like industry trends, plus how-tos on monetizing your music. As they make a strong push into the hip-hop genre, Symphonic made a splash earlier this year with their inaugural Rap Con in New York City, which featured a keynote address by Killer Mike from the Grammy-nominated rap group Run the Jewels.
“I think there’s a lot of great talent [in Tampa], and I just think there isn’t enough education yet,” Brea says. “We’re trying to do our best to do that, in terms of how to get the music out there, how to properly develop and establish your brand. We’re not the type of company that wants to just put music up. We want to actually add value and educate and help guide individuals through their careers.”
Symphonic got a boost in late 2017 in the form of a $4 million investment from Tampa’s Ballast Point Ventures. Brea says that funding has helped him hire the senior staff the company needs to become increasingly competitive and raise Symphonic’s profile around the globe. Now that the industry has stabilized in the post-CD and digital download world, Brea says Symphonic plans to continue growing alongside the music business and Tampa.
Full article: https://tampamagazines.com/symphonic-distribution/
Ventures Roundup: After $82M round, TissueTech looks to expand in Miami; eMerge predicts record VC investment for South Florida
Source: South Florida Business Journal
By: Emon Reiser
TissueTech CEO Amy Tseng
COURTESY OF TISSUETECH
The next five years will bring job growth and possible clinical advances for Miami-based TissueTech, which landed South Florida’s top venture capital deal during the second quarter.
Co-founder and CEO Amy Tseng said the biotechnology firm, which developed a method of using fetal tissue to repair eye damage and reduce pain for amputees, will use the new capital to add employees and perform clinical trials as it seeks approval from the U.S. Food and Drug Administration.
“I’m very proud we can build a biotechnology company here in Miami and I hope we can participate and contribute to the growth of our technology ecosystem,” Tseng told the Business Journal.
TissueTech secured $82.3 million June 26 from Tampa-based Ballast Point Ventures and EW Healthcare Partners, which has offices in New York; London; Houston; and Palo Alto, California.
Before the mammoth funding round, Tseng said the company was already adding employees. Five years ago, TissueTech had just 40 workers. Today, it has about 260, including 100 sales representatives.
Tseng expects TissueTech to complete its current plan for growth in about five years. The company, which has raised a total of $110 million, is not currently seeking additional funding.
Founded in 2001, TissueTech has treated more than 300,000 patients with its products, according to its website. Co-founder Dr. Scheffer Tseng began research for its scientific advancements in 1986 at the University of Miami. The company has received support from the National Institutes of Health for more than 30 years.
TissueTech, Inc., the pioneer in regenerative medicine utilizing human umbilical cord and amniotic membrane, today announced the closing of an $82.25 million round of Preferred C equity financing led by EW Healthcare Partners (formerly Essex Woodlands) and followed by the third round of continuous investments from Ballast Point Ventures.
The funds will primarily be used to pursue regulatory approvals from the FDA for several of its development projects to comply with the agency’s new guidance documents and support ongoing commercial development. Investments will be made to transform technical operations to Good Manufacturing Practice to produce biologics products. A part of the funds will be used to liquidate a previous preferred investor and recapitalize some common shareholdings.
As part of the transaction, Martin Sutter, Managing Director and Co-Founder of EW, and William “Bill” A. Hawkins, III, Senior Advisor at EW and former Chairman and CEO of Medtronic, have joined TissueTech’s Board of Directors. Matt Rice, who is a partner of Ballast Point Ventures healthcare practice, will continue to serve as a Board member, and John Arnott, an accomplished global healthcare executive, will continue to serve as an independent member of the Board.
“TissueTech, and its wholly owned subsidiaries Amniox Medical, Inc. and Bio-Tissue, Inc., have pioneered the research, development and clinical application of umbilical cord and amniotic membrane technology for use in the ophthalmology, optometry, musculoskeletal and wound care markets,” Sutter said. “We have followed TissueTech’s impressive growth over the past few years and are proud to now be able to partner with them as they look to further scale up and transform from a tissue-based manufacturer to a biologics therapy provider. We’re excited about the significant opportunities ahead for the company.”
“The closing of this round of equity financing provides us with additional resources not only for research and clinical trials supporting product development but also to strengthen our commercial efforts,” said Amy Tseng, founder and Chief Executive Officer for TissueTech. “We’ve seen great results to-date with our clinical studies. I am very pleased to have an opportunity to partner with EW and Ballast Point, firms with great expertise in the field of regenerative therapies. I look forward to working with Marty Sutter and Bill Hawkins and am greatly appreciative of Matt Rice and John Arnott’s continuing endorsement of our mission to help build TissueTech into a world-class regenerative biologics company in the coming years.”
TissueTech’s portfolio of currently available commercial products are designed to provide better surgical and therapeutic outcomes for ocular surface injury and disease, chronic and complex wounds, orthopedics, sports medicine, spine, urology, gynecology, plastic and general surgery. The company’s Bio-Tissue portfolio of products contains the only cryopreserved amniotic membrane that has been designated by the FDA as anti-scarring, anti-inflammatory and anti-angiogenic on the ocular surface. Clinicians have performed more than 500,000 human implants with the company’s products and more than 300 peer-reviewed studies supporting its platform technology have been published.
About TissueTech, Inc.
TissueTech, Inc., the parent company of Amniox Medical, Inc. and BioTissue, Inc., pioneered the development and clinical application of human placental tissue-based products. Founded in 1997, Bio-Tissue markets products for the ophthalmology and optometry markets; and Amniox markets products for use in the musculoskeletal and wound care markets. Clinicians have performed more than 500,000 human implants with the company’s products and published more than 300 peer-reviewed studies supporting its technology platform. The Company’s first product, AmnioGraft®, is the only tissue graft designated by the FDA as homologous use for promoting ophthalmic wound healing. Learn more at http://www.tissuetech.com.
About EW Healthcare Partners
With over $3.0 billion under management, EW Healthcare Partners is one of the largest and oldest growth equity firms pursuing investments in pharmaceuticals, medical devices, healthcare services, and healthcare information technology. Since its founding in 1985, EW Healthcare Partners has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing and/or management of over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of over 20 senior investment professionals with offices in Palo Alto, Houston, New York, and London. For more information, see http://www.ewhealthcare.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including healthcare, software, technology-enabled business services and consumer. BPV has $360 million under management across three funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For more information, visit http://www.ballastpointventures.com.