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Scandinavian groups back Medinsite

Medinsite, a Swedish company providing online pan-European tender-based purchasing for medical products, has raised SKr29 million from IT Provider and Oresa Ventures. IT Provider is an incubator and venture group formed by 22 managers and senior advisers from across the IT industry, while Oresa Ventures, listed on the Stockholm Stock Exchange, has an established track record in the healthcare sector and is actively seeking e-healthcare opportunities.

Medinsite, formed by a management team drawn from management and operational roles throughout the healthcare business, will initially focus on the German and Swedish markets but plans to extend its operations throughout the entire European healthcare tendering market.

Medical products are generally sold via tenders in accordance with EU directives and local laws. By simplifying the time-intensive tendering process, Medinsite will cut business costs for its users and hopes ultimately to enable lower prices for medical products and supplies. IT Providers senior partner Anders Lindqvist says Medinsite’s business idea “represents the next phase in the development of business-to-business and business-to-government e-commerce applications”.