Koite Health Oy, an Espoo, Finland-based health technology company revolutionizing global oral health care, organized a well-received funding round for domestic and foreign investors between October and December 2023. Subscriptions totaled more than 4.1 million euros, and the funds will be used to support the strong growth of the Lumoral® oral care product developed by the company and to develop new applications.
In the equity round, Koite Health was advised by Mr. Harri Rehnberg, an experienced investment banker who advised the firm in the document preparation, transaction execution, and in the acquisition of new investors. The investors in the institutional private placement included 8 Media Ventures, Reaktor Innovations, Pharmacy Pension Fund (Finland), Valio Pension Fund, and a number of domestic and foreign investors. In addition, private investors were offered in October the opportunity to participate in the success story of Koite and Lumoral through a share issue through Invesdor’s crowdfunding platform.
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Vestra Advisors from Helsinki, represented by Nea Welling and Mårten Janson, acted as the legal advisor for the share issue.
– The demanding market situation for growth financing was already well known when planning the share offering, but on the other hand, the investment 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 in the financial markets 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 roadshows, he adds.
– The funding raised through the share issue will be used to support the international growth of Lumoral, says Sakari Nikinmaa, CEO of Koite Health.
In the last year, Lumoral has been launched in several European markets, e.g., in Germany, Italy, Great Britain, Denmark, and new markets are being opened all the time. As in previous years, the company managed to double its revenues in 2023.
As of today, more than 20,000 Lumoral devices have been sold, and the number of treatments given is already more than 1,000,000.
– The well-managed share issue and investor activities brought the company new growth capital and a new, broader investor base, as well as dozens of new useful international investor contacts, says CEO Nikinmaa. Koite Health’s funding round was still a bit too small, especially for larger American and European healthcare funds, but if we ever return to the capital markets again, 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.
