Foresight backs Fertility Focus with £1.25 million growth capital investment
Manchester, 24 January 2019
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Foresight Group LLP (“Foresight”) is pleased to announce a £1.25 million growth capital investment into Fertility Focus Limited (“FFL” or the “Company”) a leading fertility monitoring technology company that has developed OvuSense, a registered medical device that enables women to predict ovulation. The investment was led by Foresight on behalf of Foresight VCT plc and Foresight 4 VCT plc as part of a larger £2 million funding round, supported by new and existing investors including private High Net-Worth Individuals (“HNWI’s”).
Based in Warwick, FFL was established in 2005 to commercialise the intellectual property developed by a team from Bristol University that identified the ability to determine and predict ovulation with a high degree of accuracy by monitoring subtle changes in body temperature. Leveraging this knowledge, FFL developed OvuSense, a vaginal sensor that monitors core body temperature. When combined with the proprietary algorithm available on the Company’s smartphone App, OvuSense is able to predict ovulation up to 24 hours in advance in real time and detect ovulation in advance with 99% accuracy.
OvuSense is unique in that it remains highly effective in women with irregular cycles and who suffer from ovulatory conditions such as Polycystic Ovarian Syndrome and as such the technology is specifically targeted at the over 4 million women who have difficulty conceiving.
FFL’s management team is led by CEO Robert Milnes, an expert in his field with more than 29 years’ experience in medical devices, with 20 years focused on women’s health, and non-exec Chairman Steve Godber, ex Vickers Medical and Forum Bioscience.
Foresight’s investment will primarily be used to invest in sales and marketing and will also fund a clinical trial to further prove the benefits of OvuSense as a tool to diagnose ovulatory issues.
Rob Jones, Investment Manager, Foresight Group, commented: “We have been impressed by the rapid progress FFL has made since launch of the second-generation OvuSense product with strong sales traction in the US and UK. FFL is a well-run business that has developed an innovative, clinically supported and IP rich product in OvuSense. We are looking forward to working alongside Rob Milnes and the wider management team on the next stage of the Company’s growth.”
Rob Milnes, CEO, OvuSense, commented: “We are thrilled to be working with Foresight to grow our team and accelerate our sales and marketing activity. The investment marks an important stage in our development. With Foresight’s deep experience and support, FFL is well prepared and equipped for further growth.”
Advisers on this deal included:
Legal advisers: Shakespeare Martineau
Financial and tax due diligence: Smith Cooper
Commercial / e-commerce diligence: 5X Thinking
Management due diligence: Catalysis
For more information contact: Ben Thompson, Group Marketing Director Foresight firstname.lastname@example.org / 020 3667 8155
NOTES FOR EDITORS
Enclosed Picture caption: (From left to right) Dr Al Pirrie, Kate Davies, Laura Underwood, Rob Milnes (CEO), Shazia Shakir, Craig Citron, Caroline Price
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has some £2.8 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).
Foresight’s Private Equity team, comprising 24 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight was voted ‘Best VCT Investment Manager’ at the 2017 Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards and was a shortlisted finalist for Venture and Growth Capital House of the Year at the 2018 Unquote British Private Equity Awards. Foresight VCT was recently named Best Generalist VCT at the 2018 Investment Week Tax Efficiency Awards.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Rome, Madrid, Seoul and Sydney.