Medtech trade sales deliver healthy return

Two trade sales of Irish healthcare and medtech companies have delivered €5m in return to investors.

Sales of Swiftqueue and Oncomark have delivered €5m in returns to Bank of Ireland Seed and Early Stage Equity Fund.

Cork-based venture capital firm Kernel Capital has confirmed that Dedalus Group, a leading international healthcare software solutions provider, has acquired Kildare-based Swiftqueue Technologies Limited. Swiftqueue specialises in hospital appointment and queue management.

In addition Kernel Capital confirmed that in recent weeks its portfolio company Oncomark, which is developing a prognostic test for breast cancer, has been acquired by an undisclosed international buyer. 

“The initial €650,000 investment in Swiftqueue and in Oncomark, made when they were very early stage companies, demonstrates the power that ‘pre-seed and seed’ funding has in being a catalyst for significant foreign direct investment into Ireland”

Both Swiftqueue and OncoMark as early stage companies received €650,000 investment from The Bank of Ireland Seed and Early Stage Equity Fund managed by Kernel Capital.

Promise of Irish early stage ventures

 The two trade sales deliver €5m in returns to this Fund, which is supported by Bank of Ireland, Enterprise Ireland, the University of Limerick Foundation and the Galway University Foundation. 

“The initial €650,000 investment in Swiftqueue and in Oncomark, made when they were very early stage companies, demonstrates the power that ‘pre-seed and seed’ funding has in being a catalyst for significant foreign direct investment into Ireland,” Kernel Capital said.

“Both Swiftqueue and Oncomark have been acquired by global players who are now funding their scaling plans.”

Pictured: Dawn Walsh, Kernel Capital & Brendan Casey, CEO, Swiftqueue

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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