Three new investments made in health-tech startups

Montreal, May 6, 2020 – MEDTEQ Invest, has recently wrapped up three new investments in Ayogo Health Inc., MIMOSA Diagnostics Inc. and a third company to be named at a future date.

This announcement grows the portfolio to 13 Canadian companies. These investments were made in promising health-tech companies – from SaaS products to risky medical devices, to diagnostics – addressing health conditions ranging from mental health to cancer. As of today, the MEDTEQ Invest portfolio includes start-ups from British Columbia, Nova Scotia, Ontario and Quebec.

Venture investment played an important role in the annual MEDTEQ Innovation Summit in January with the first MEDTEQ Invest pitch competition attracting more than 50 applications from 7 Canadian regions. Five finalists were given the opportunity to pitch to a Seed-stage-representative panel consisting of angel, family office, public, private equity and crown-corporation investors.

The beginning of 2020 also saw MEDTEQ Invest commended in two prestigious reports: PwC MoneyTree defined MEDTEQ as one of the 5 most active investors at the early stage level in 2019, while White Star Capital noted that MEDTEQ Invest was one of the 5 most active Canadian public financial institutions. Additionally, MEDTEQ Invest recently invested Theodorus IV, an international seed-stage venture capital fund, as a limited partner.

Launched in July 2018, Invest is MEDTEQ’s $14M investment fund. Headquartered in Montreal, it invests in exceptional Canadian teams committed to developing and scaling health technology solutions, benefiting Canadian patients and citizens.

MEDTEQ Invest leverages its strong consortium of hospitals, service providers and multinationals to ensure that growing companies not only have capital but also the clinical or market expertise needed to drive adoption. The fund works hand in hand with other co-investors in the health technology space to provide fuel for pre-seed, seed, or series A companies with investments up to $1M.

“The first half of our 5-year active investment period was designed to build the foundations needed and expand our visibility. We have strengthened our bonds with corporate and national VCs, as well as regional VCs such as Innovacorp in Nova Scotia, allowing us to co-invest in disruptive start-ups and foster collaboration. As we are now beginning the second half of our investment window, we are well-positioned to accelerate numerous Canadian start-ups.” – Frederic Boucher, VP Finance of MEDTEQ.

 

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About MEDTEQ

MEDTEQ is the pan-Canadian Consortium for Industrial Research and Innovation in Medical Technology. Its mission is to accelerate the development of innovative technological solutions to improve patients’ health and quality of life. MEDTEQ supports their validation and integration in the healthcare system and their impact, both locally and globally, by bringing together the complementary skills of industrial and academic partners, and with those of healthcare providers. MEDTEQ relies on the financial support of the Government of Quebec, the Government of Canada (delivered through the Centres of Excellence for Commercialization and Research (CECR)), the private sector and complementary partners to foster research-industry relations.

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Contact:

Julien Caudroit,
Communications & Events Director
514 398-0896 ext 2405
julien.caudroit@medteq.ca