Venetec International Inc., maker of catheter securement devices, has raised a $19 million round of financing led by Channel Medical Partners, with an additional new investment from Affinity Capital Management. Previous Venetec investors, Lurie Investments and Wasserstein Adelson Ventures also contributed to the round.
Venetec plans to use the newly raised cash to fuel its continuing expansion into the more than $2 billion catheter securement marketplace with its product, StatLock, which replaces tape and suture to secure virtually all kinds of catheters and medical tubing, providing a safer approach for patients and healthcare workers alike.
“This new financing allows Venetec to fully realize its vision, which is to establish StatLock safety securement as the evidence-based standard of care throughout the world,” says Dr. Steve Bierman, Venetec’s founder and CEO. “I believe that in the very near future, StatLock’s cost-efficiency and patient safety benefits will enable us to dominate this marketplace. In large part, Venetec will have its committed financial partners to thank for its success.”
Thus far in the U.S., Venetec has distributed over a dozen StatLock products through its 25-person sales force, as well as through selected regional distributors and major medical device companies. Additionally, StatLock is currently sold in more than 1,500 healthcare facilities throughout the world, including the Mayo Clinic, Memorial Sloan Kettering and Kaiser Permanente.
“We are excited about our investment in Venetec,” says Gregory Shearer, founder and principal of Channel Medical Partners and new director on the company’s board. “The company has the management, the products, and the market opportunity to succeed.”
Founded in 1997, this round is Venetec’s third. The company has raised a total of $35 million, according to Venture Economics.
Contact Danielle Fugazy