Despite a difficult funding environment, VentureBlick, a Singapore-based venture platform for healthcare innovation, has announced the successful closure of its first two deals, securing a total of $2.6 million for two startups.
This accomplishment is evidence of VentureBlick’s unique strategy of enlisting the support of the international medical community to validate, fund, and invest in early-stage healthcare startups, the company said in a statement.
VentureBlick significantly surpassed expectations by raising $1.6 million for NousQ, a Singapore-based startup that is redefining glue ear surgery with a sophisticated robotic handheld device.
This oversubscription, which exceeded the initial target by 60%, shows that investors have a lot of faith in medical innovations that meet legitimate medical needs and have a convincing clinical use case.
The second deal, for a healthcare startup with operations in China, closed at more than $1 million.
Before they were listed on the platform, both startups underwent a three-step vetting process that included a thorough review by industry and medical experts from their respective fields around the world.
“This $1.6 million bridge funding is a significant step towards our ultimate fundraising goal of $5.5 million for our current ongoing Series A fundraise,” said Dr Lynne Lim, Founder, and CEO of NousQ.
The “Super Incubator” model, which offers an end-to-end, fully customizable solution to help build, test, and market medtech innovations with successful exits or commercialization as the ultimate goal, is being developed by VentureBlick as a result of this success.
The founder and CEO of VentureBlick, Chris Lee, highlighted the significance of this evolution by saying that “Medtech presents unique challenges and opportunities”.
He claims that the company discovered that current venture support models, such as incubator or accelerator programs, frequently lack industry-specific focus or only cover specific aspects or growth stages, leaving important gaps, uncertainties, and risks for all parties involved in a startup’s development.
“Super Incubator for VentureBlick is not another of those programs, but how we are going to redefine medtech venture building,
“What we offer medtech startups is a tailored Medtech-centric ecosystem and full-slate support model to enable their innovations to reach the market in the shortest time possible and create the most tangible impact,” he added.
In order to fund the new model, VentureBlick is currently raising money. The Super Incubator will formally debut in September 2023.
From ideation and testing to venture building and market success, the Super Incubator promises to accelerate the startup journey.