Materna Medical, a clinical-stage medical device company, has announced the completion of a $10 million Series A2 financing round. The round was led by Wavemaker Three-Sixty Health (Wavemaker 360) with new investors including Kimera Limited, Women’s Venture Capital Fund, Golden Seeds, Black Capital, Shatter Fund, and Astia Angels. Key existing investors also joined the syndicate including Band of Angels, Texas Halo Fund, and Houston Angel Network.
“Women’s health is a rapidly expanding market in MedTech, and at Materna, we are transforming the standard of care with our devices. We are excited to have such deep expertise in healthcare with our investor base,” Tracy MacNeal, President and Chief Executive Officer at Materna Medical. “The strength of this financing validates the novelty of our technology and our early clinical and commercial milestones.”
The company successfully launched its first commercial product, Milli, as a consumer wellness product in 2019 and has grown revenues year-over-year with attractive customer acquisition costs. Series A2 use of funds includes obtaining 510(k) clearance from FDA to support a new indication for Milli and accelerate Milli revenue growth. Materna’s second pipeline product, Materna Prep (Prep), is being evaluated in a pivotal trial (“EASE Trial”), which aims to reduce pelvic floor injury during childbirth.
“50% of women experience incontinence or prolapse by the age of 55. In our pilot study of 30 women, Prep reduced their pelvic floor injury by 55% compared to the standard of care with no intervention.. We are excited to accelerate the timeline to Prep’s commercialization with this financing round,” commented Michaela Griggs, a women’s health commercialization expert on Materna’s Board of Directors. The Series A2 funds will also expand and accelerate the EASE trial.
Jay Goss, General Partner at Wavemaker 360 added, “Venture investment into women’s health has trailed for too long. Materna’s platform is the most extraordinary innovation in labor and delivery since the epidural was introduced as commonplace over 50 years ago. We are thrilled to be supporting such a remarkable company and team!”