Gelexir Healthcare has found £414,000 ($652,480) of its targeted £950,000 venture backing courtesy of investment consortium the Co Angel Investment Service.
The Manchester spin-out is developing a hydrogel used to relieve back pain by providing support to spinal disc. Injected into discs, the gel replaces the need for back surgery.
Gelexir, founded in 2012, will now be working in partnership with Co Angel to seek the remaining sum. Launched late last year, Co Angel is a consortium of angel investors, venture capitalists, and banks looking to provide early-stage support to startups in the Manchester area. Gelexir marks the first deal of the consortium.
Hans von Celsing, executive director of Gelexir, said: “The team at Angel Co have been instrumental as part of the process to date in giving strong and impartial advice, providing us links to potential investors, and generally supporting us in the fundraising process.”
