Seed capital fund invests $250,000 in Sudbury medtech start-up Verv Technologies
Sudbury, ON. The Sudbury Catalyst Fund, a $5M seed capital co-investment fund based in the City of Greater Sudbury, is pleased to announce the closing of its investment in Verv Technologies, a Sudbury-based medtech start-up that has developed an accurate and inexpensive platform for home-based biochemistry testing.
Recognizing the market opportunity and long-term growth potential, Verv Technologies has developed a combined hardware/software platform that provides people the ability to better monitor their health – in their home and on their own schedule. The initial product offering includes a micro-scale blood plasma separator and a series of disposable testing indicators, that when combined with a smartphone, can provide users with insight into their levels of vitamin D, cholesterol, and C-reactive protein, among other health-related indicators that are important to monitor.
“The growth in the consumable and medtech home diagnostic market, especially in light of the COVID-19 pandemic, is playing a critical role in re-shaping the global healthcare industry. We are excited to invest in a company with a strong portfolio of intellectual property, a well-defined go-to-market and partnership strategy, and an exceptional and growing team” cites Don Duval, co-managing partner of the Sudbury Catalyst Fund.
“We are appreciative for the support and confidence that both NORCAT and the Sudbury Catalyst Fund have placed in us,” says Verv Technologies co-founder and President, Jeff Sutton. “The co-investment from angels across Northern Ontario alongside the investment from the Sudbury Catalyst Fund, enables Verv Technologies to refine our product development and begin our initial deployment and testing in the marketplace”.
“In partnership with the City of Greater Sudbury, FedNor, NORCAT, and the Nickel Basin Federal Development Corporation, the Sudbury Catalyst Fund, is focused on investing in high potential tech ventures that have the capability of accelerating economic and social prosperity – not only for our community but also for Canada more broadly. Innovative companies like Verv Technologies will drive measurable change in the global health-care system and we are excited to be working with them as they continue to grow” says Rainer Paull, co-managing partner.
Established to accelerate the growth of scalable tech start-ups, the Sudbury Catalyst Fund brings together a variety of partners and angel investors eager to build Northern Ontario’s entrepreneurial ecosystem by investing in and supporting a diversified portfolio of early-stage high-growth companies. Administered by the Nickel Basin Federal Development Corporation, in collaboration with NORCAT, the Greater Sudbury Development Corporation, and FedNor, the fund is focused on unlocking angel capital via co-investing in early-stage tech companies with high growth potential.
For more information about the Sudbury Catalyst Fund, visit www.norcat.org/innovation/sudbury-catalyst-fund.html or www.nickelbasin.ca.
ABOUT THE SUDBURY CATALYST FUND
The Sudbury Catalyst Fund (SCF) is a unique $5 million seed capital venture fund administered by the Nickel Basin Federal Development Corporation in collaboration with the City of Greater Sudbury, FedNor and NORCAT.