The round was cornerstoned by a £300k syndicate investment from London Business Angels.
"I’d like to thank the London Business Angels Syndicate and the LBA’s Round Table EIS Fund, together with the Angel Cofund for supporting this round. Their commitment to investing in early stage companies is vital to the new business growth in the UK and I’m pleased that they share our passion for investing in innovative mobile technology."
The company secured backing from the Low Carbon Innovation Fund and Angel CoFund to expand its distribution network and ready its Shepherd monitor for launch.
"I was keen to find a highly innovative, original, self-sufficient company that was also turning a profit. Bactest is changing the face of the world as we know it, so I feel it is the worthy winner of the Business SME of the Year award"
The funding round was led by Finance Wales and the Angel CoFund alongside private investors to establish a new administration and sales team.
The funding will support the full commercial rollout of the melio catheter leg bag and next-generation product development.
"Since our last funding round in 2012 the team at AMD has been investing time and money on product development, with the goal of reducing the end cost for the user. We’ve also focused on building our commercial and marketing teams. The melio bag has been incredibly well received by professionals in the urology sector and we look forward to using this funding to reach more patients and to greatly improve the lives of those with urinary incontinence."
The funding round was backed by Rainbow Seed Fund, Angel CoFund, and various angel groups.
"We have developed a unique product that solves a clear need in the important and rapidly growing governance, risk and compliance software market. To have closed this latest round is a significant moment for us and means that we can further enhance Contego and scale the business into new market sectors. We believe that providing cost effective tools to address compliance, fraud and other business risks will be game-changing for many businesses, both in the UK and internationally."
