Mendor - Enthusiasm meets experience
In June 2011, Mendor raised a 8.1 million euros of financing to facilitate the company’s global market expansion. Mendor’s blood glucose meter has received praise from its users. What makes the meter unique is that it allows users to easily download test results to a web-based application so that they can easily monitor and interpret the results.
Launched in January 2011, the product got off to a dynamic start. The company has signed major deals with international partners and has entered the European market. Blood glucose testing has a market of over EUR 2 billion in Europe and over EUR 7 billion worldwide, both growing at some 10 per cent a year.
Kristian Ranta founded Mendor with four other students in 2005. “We realised pretty soon that we had a lot of young enthusiasm but lacked business acumen. That’s why we wanted to complement our board with valuable seniority that strengthens our company’s business development.”
The business leaders on the company’s board give Mendor’s activities more muscle. They include pharmaceutical industry specialists, Olli Riikkala and Matti Vaheri; Life Science Partners’ Anne Portwich; Finnvera’s Mikko-Jussi Suonenlahti, and wellrespected business angel, growth entrepreneur and professional board member, Risto Siilasmaa.
Risto Siilasmaa admits that he was very impressed by Ranta’s persistence. The young entrepreneur stayed actively in contact, volunteered extra information and convinced Siilasmaa with his excitement and sales skills.
“What makes Mendor’s business so interesting is its potential. A large part of the company’s added-value in the future is based on the patient data collected through blood glucose measurements. The material compiled by Mendor’s service can be processed in research and patient self-care. Through this investment, I have an opportunity to explore both an interesting new growth company and the healthcare sector,” Siilasmaa explains.
Finnish Industry Investment, together with Risto Siilasmaa, Life Science Partners, Ilmarinen, Biothom and Finnvera invested altogether 8,1 million euros in Mendor.