The investment in environmentally sustainable technology will help thousands more patients with burned or damaged skin tissue
Reykjavik, Iceland, Billund, Denmark and Arlington, Virginia – August 1, 2022 — Kerecis® today announced the completion of its $100 million Series D financing led by KIRKBI, the family holding and investment company behind the LEGO Group. Kerecis is the leading company in the use of sustainably sourced fish skin and fatty acids in cellular therapy and tissue regeneration and protection worldwide. The funding round was backed by several existing shareholders, including Silicon Valley’s Emerson Collective and Icelandic pension funds BRU and LSV. The financing round also included the conversion of existing convertible debt to equity and new and extended debt facilities.
The funding round will accelerate the company’s growth and development of the next generations of its patented fish skin medicinal products sourced from sustainable fishing grounds near the Arctic Circle. KIRKBI, a first-time investor in Kerecis, invested $40 million in cash in exchange for newly issued Kerecis shares. Co-investors contributed an additional $20 million in cash for newly issued shares; Converted $10 million of existing convertible promissory notes to equity; and Silicon Valley Bank provided an extension and increase to the company’s existing revolving credit facility to $30 million. After the investment round, Kerecis is valued at US$620 million.
“Kerecis is a highly innovative company that has built a successful business turning waste material into unique medical products,” said Niklas Sjöblom, Senior Director, Long Term Equity, KIRKBI. “We are particularly inspired by the company’s approach to sustainability, as we are responsible investors and owners. We are excited to support the company’s continued growth and strategic objectives to improve patient outcomes”.
“This funding and this new partnership with KIRKBI is a big step forward for Kerecis, and we are really encouraged by the investment that KIRKBI and the other participants are making,” said Fertram Sigurjonsson, Founder and CEO of Kerecis. “As we continue to grow, we will be able to help thousands more patients around the world by sustainably sourcing our products. Our mission is to be the world leader in tissue regeneration by sustainably utilizing nature’s own remedies,” he said.
Kerecis’s year-over-year growth has been tremendous in recent years, with revenue doubling every year. The company’s revenue in calendar year 2021 was $35 million, and this year’s revenue is expected to more than double that. The company’s medical fish-skin products have proven to be critical to improving patients’ well-being and quality of life. Revenue is primarily derived from sales in three distinct market segments: private offices and wound centers that treat diabetic and other chronic wounds, burn centers, and hospital operating rooms. Sales across all three segments have increased over the past year with new product offerings, increased demand, and strategic sales efforts.
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$100 Million Funding from LEGO Owner KIRKBI and Others Kerecis Medical-Fish-Skin Company Worth $620 Million –
Source link $100 Million Funding from LEGO Owner KIRKBI and Others Kerecis Medical-Fish-Skin Company Worth $620 Million –