Successful exit for High-Tech Gründerfonds and Evonik Venture Capital – Synoste Oy becomes part of Globus Medical
- Globus Medical, based in Audubon, Pennsylvania, USA, is a leading medical device manufacturer
- The Finnish start-up Synoste, with offices in Helsinki and Düsseldorf, develops high-tech implants for minimally invasive treatment of leg length discrepancy
- The transaction marks HTGF’s 11th successful exit during the coronavirus crisis
High-Tech Gründerfonds (HTGF) and Evonik Venture Capital have exited Finnish start-up Synoste Oy. US based Globus Medical (NYSE: GMED) acquired all shares. High-Tech Gründerfonds (HTGF) has supported Synoste Oy for nearly seven years and brought Evonik Venture Capital, one of its fund investors, on board in a 2015 Series A financing round. Acting as a strategic partner, Evonik supported Synoste with its medical technology knowledge and materials expertise during the important phase of product verification and approval process for a multinational clinical study. Furthermore, Synoste’s implant is made using Evonik material: a high-performance polymer called polyether ether ketone, or PEEK.
The partnership between Evonik and Synoste bore fruit both strategically and financially and is a great example of why we invest in start-ups. We are now pleased to hand over to Globus, confident that it is the right partner to support Synoste’s further development.
Bernhard Mohr, head of Evonik Venture Capital
The cooperation was very successful with Evonik supporting us in the development of our products and the growth of the company as a whole. It was a privilege to be among the first HTGF’s international investments. HTGF, together with its impressive portfolio and co-investors, presents a unique ecosystem which is inspiring, supportive and friendly – a true family for a young entrepreneur.
Harri Hallila, managing director of Synoste
Synoste Oy, founded in 2012, is a spin-off of Aalto University in Helsinki, Finland. Together with Orton, a local hospital specialized in orthopedics, Synoste developed a high-tech implant for minimally invasive treatment of leg length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term. The bone of the shorter leg is lengthened in a gentle way over a period of several months. Synoste’ s mission has been to develop easier to use and less painful solutions for patients suffering with bone deformities.
This is a great example of successful European collaboration between Synoste, HTGF, Evonik as an HTGF fund investor and tremendous local support from Lifeline Ventures, Business Finland and Business Angels. Highly beneficial to all parties. Now I’m really looking forward to seeing Synoste’s extremely ambitious and tech-savvy team writing the next chapter in the company’s success story. Globus resources and excellent international positioning will leverage the huge market opportunities presented by Synoste’s smart technology.
Kay Balster, Principal at HTGF
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge almost 600 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and start-up experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial technology, life sciences, chemistry and related business areas. To date, external investors have injected over EUR 2.6 billion into the HTGF portfolio via more than 1,600 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies.
Investors in the public-private partnership include the Federal Ministry of Economics and Energy, KfW Capital, the Fraunhofer-Gesellschaft and 32 companies. Our Fund Investors
High-Tech Gründerfonds Management GmbH
Kay Balster, Principal
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