STOCKHOLM, May 3, 2023 /PRNewswire/ — Tada Group AB is delighted to share its latest milestone. Having recently closed a round of 10 million SEK in equity, they have now secured a convertible loan with the EIC Fund advised by the EIB of 9 million SEK. This partnership is a clear demonstration of the company’s dedication to bringing innovative solutions to the medical industry.
“We are thrilled to have secured this convertible loan with the EIC Fund advised by the EIB,” said Katarina Hedbeck, CEO of Tada Group AB. “This funding will help us to execute on our commitments, including advancing our clinical trials beyond Europe, starting in the USA and submitting to the FDA. Additionally, we aim to expand our collaborations and sales partnerships while delivering exceptional solutions to our customers. This partnership with the EIC Fund is an exciting step towards realising our overall mission of saving lives of patients and nurses worldwide.”
Tada Group AB recognises that more investments will be required to scale and prove market viability, but the company is optimistic about their potential to impact lives positively.
Katarina Hedbeck, CEO Tada Group AB, +46702206500, email@example.com
Thomas Nordén, Senior Fundraising Advisor, Apollonian, +46 73 992 14 89, firstname.lastname@example.org
Andreas Dahlen, CEO and Co-Founder, Apollonian, +46709778818, email@example.com
About the EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
About Tada Group
Tada Group AB is a Swedish medical device company specialising in need-based innovations for health and medical care. Our vision is to improve lives by providing innovative solutions for unmet healthcare needs. IV therapy is the most frequent invasive procedure in modern healthcare, being received by 90% of in-hospital patients. Unfortunately, 40% of these procedures will be prematurely interrupted by mechanical complications like phlebitis, infiltration, and accidental dislodgement where the IV catheter is forcefully ripped from the patient’s vein. This results in patient injury, spilled medication, air embolisms and increased workload for the healthcare professionals. It also increases the healthcare professional’s risk of exposure to potentially contaminated blood and hazardous drugs. When the problem is that something breaks the standard solution is to make it stronger, we did the opposite – we made it weaker. Our solution to the global healthcare problem of mechanical IV complications is the breakaway connector ReLink. ReLink is specially engineered to enhance infusion stability by keeping the connections between patient and IV catheter, with a controlled break away and predictable results, thereby providing increased safety for patients and nurses across the globe.
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Tada Group AB signs convertible loan with EIC Fund