Fibroheal raises Rs 6.3 crore funding in Pre Series A round

New Delhi: Fibroheal Woundcare has raised Rs 6.3 crore funding from the promoters and a set of new investors including some leading surgeons, medical professionals and bankers. The company has also a commitment of another 10 crore from existing and some new investors.

Fibroheal intends to scale up its go to market, recruit more people, invest in their future robust pipeline of products in medical devices area and create an impact through the economic multiplier potential of silk and few other biomaterials.

The company with its unique range of products have been healing different types of acute, chronic, traumatic, post operative, non-healing or difficult to heal wounds like diabetic ulcers, bed sores, infected C section wounds, accidental trauma etc.

Fibroheal Woundcare was started on 6th April 2017 by Vivek Mishra and Bharat Tandon later joined by S Subramanian in 2018 as a co-promoter with trio coming together with an aspiration to create research driven comprehensive wound management and tissue reconstruction company catering to different types and stages of wounds using various new age biomaterials including silk.

Fibroheal has 8+ granted patents in hand and few more in process. As a R&D driven startup, Fibroheal collaborated with IISc, Bangalore and supported a student under PMRF program which led to a joint research translation and commercialization of an external haemostatic product named “Fibroplug” which is a big success and have treated more than 3000 bleeding cases within 4 months of its early introduction cum commercialization. This joint research collaboration highlights the commitment of Fibroheal towards translational research by actively engaging with various leading science institutes across the world and bridging the gap of industry-academia connect.

About this successful funding round closure, one of the earliest believers of Silk and co-founder of Fibroheal, Bharat Tandon who led the round said, “Congratulations Vivek and whole team of Fibroheal on successful closure of your Pre Series A Fundraise. As earliest backer of Fibroheal which is pioneer in medical application of Silk Proteins, I am happy to have lead this round because I believe the product pipeline which the R&D team is working on is robust and extremely valuable with great potential, Good luck to the entire team”.

Dr KK Narayanan also invested in this round who previously built Metahelix lifesciences which got acquired by Rallis India and co-founded Kottaram Agrofoods (Soulfull cereals) which got acquired by Tata Consumer products sounded his belief on Fibroheal, “Woundcare is a fast-growing segment of the health and wellness sector. Fibroheal is poised to become a major player in this sector with a differentiated technology based on ‘Natural Silk’, a committed leadership and a competent team.”

Joseph J Thomas a keen investor with over 2 decades of investment experience currently working as Sr Director in India’s largest private banking company said, “The medical devices and healthcare sector is in a very exciting place and there is exponential growth prospects in future. Fibroheal with its cutting edge technology around silk proteins and various medical applications looks very promising.”

Dr Abhishek Vijaykumar, a leading plastic and reconstructive surgeon with a keen interest around medical devices research said “I have been using Fibroheal for about 4 years and the clinical outcome of their wound care products are excellent. They are value of money in comparison to existing imported products from various MNCs. I believe in Fibroheal’s strong and robust R&D pipeline and team. I believe in their CEO,  Vivek Mishra and his competent team to make it one of leading players in medical devices space in India and globe and having watched Fibroheal for 4+ years, I am quite confident about this.

Post this successful investment raise, Harikrishnan PV, CEO, KITVEN Funds exuded confidence in Fibroheal said that “KITVEN Fund 3 (Biotech) invested in Fibroheal Woundcare first in 2021 impressed by the potential and promising future in woundcare industry using silk derived proteins. True to our belief, Fibroheal has come a long way in developing unique products.Overall, Fibroheal is on right path and has potential to create huge impact globally with continued innovation, partnerships and association and we have confidence that company will continue to achieve substantial growth and success in future.”