Koite Health, an Espoo-based health technology company, has secured €4 million investment from local and foreign investors. It will be used to support the growth of its Lumoral oral care product.
- Founded in 2018 by Sakari Nikinmaa and Tommi Pätilä, Koite Health offers Lumoral technology, medical device based on light-activated antibacterial solutions for treating and preventing oral diseases. In the last year, Lumoral has been launched in Germany, Italy, Great Britain, and Denmark.
- Currently, more than 20,000 Lumoral devices have been sold, and the number of treatments given is already more than 1,000,000. In 2023, the company managed to double its turnover.
- In this round, Koite Health was advised by Mr. Harri Rehnberg. The investors in the institutional private placement included 8 Media Ventures, Reaktor Innovations, Pharmacy Pension Fund, Valio Pension Fund, and a number of domestic and foreign investors. In addition, in October 2023 there was an issue of shares through the crowdfunding platform Vestra Advisors.
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. Its 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.
says CEO and the co-founder, Sakari Nikinmaa.
Koite Health will use the investment to support the growth of its Lumoral oral care product and to develop new applications.
