UK Company Secures $1 Million Investment for Innovative Medical Device
A British enterprise, acclaimed for developing the ‘world’s first’ safe scratching medical devices, has successfully secured a $1 million investment aimed at establishing itself as a prominent global brand.
Cosi Care emerged as one of the fortunate five winners of the prestigious 43North startup competition, which garners thousands of entries from around the world.
Founded in 2018 by Lauren Bell from Swansea and Sandip Leihal from Nottingham, the brand was born out of a need for a medical device that delivers immediate itch relief while alleviating the discomfort associated with skin conditions such as eczema.
The inspiration for this innovative device struck Lauren after her brother, Rhys, endured a debilitating eczema flare-up that left him bedridden for three months and resulted in topical steroid withdrawal.
Recognized for its pioneering product development, Cosi Care has garnered over 50,000 customers across the UK, with total revenue surpassing £3 million to date.
The company’s cutting-edge technology provides focused cooling and soothing sensations, empowering users to mitigate scratching that may lead to further skin damage or infections.
As the brand prepares to expand its reach beyond the UK, the goal is to assist a greater number of individuals coping with skin ailments.
With the $1 million investment from the 43North competition, Cosi Care is set to penetrate the US market, proudly standing as the only UK entity among the winners.
In addition, the company clinched the People’s Choice Award, thereby securing an extra $25,000 in funding.
Co-founder Lauren Bell expressed her enthusiasm: “This investment is a profound affirmation of the universal need for our solution – virtually everyone knows someone plagued by itchy skin. The feedback from our UK customers has been extraordinary, and we are thrilled about launching Cosi Care in the US.”
She further added, “Our mission is to provide relief and support to families with children suffering from eczema, as we believe everyone deserves to be comfortable and self-assured in their skin. Access to genuinely effective products is crucial, and we are determined to conquer the itch on a global scale!”
Co-founder and CFO Sandip Leihal remarked, This marks a significant milestone for Cosi Care and the UK healthtech sector, demonstrating our capability to scale internationally.
We have crafted a medical-grade device with substantial demand, robust unit economics, and a growth model applicable across various markets.
“The investment from the US allows us to introduce British innovation into one of the world’s largest healthcare markets while establishing a category-defining brand in an arena that has seen minimal evolution for decades,” he concluded.
Cosi Care has confirmed that various aspects of its supply chain and product development will remain anchored in the UK, with plans for further recruitment on the horizon.
Source link: Eastmidlandsbusinesslink.co.uk.
