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GreenBone raises €3M from META Zernike Ventures and Italian Angels for Growth (IAG)

30/09/2015

GreenBone a medtech startup has raised €3M in a Series A funding round lead by META Zernike Ventures

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GreenBone a medtech startup has raised €3M in a Series A funding round lead ​​by META Zernike Ventures, our finance company specialized in the finance for the innovation and creation of new companies, via our​​ Ingenium Emilia-Romagna fund and Italian Angels for Growth (IAG), the largest group of business angels in Italy active since 2007 in the development of new businesses and with the contribution of some private investors, both Italian and foreigners. 

GreenBone Ortho srl, an innovative startup according to the Italian law, was founded in March 2014 in Faenza (Emilia-Romagna) and is lead by Lorenzo Pradella - Co-Founder and CEO&COO. The company wants to become a worldwide leader for biomimetic by providing innovative and easy to use lifelike inspired solutions that will help cure severe diseases. 

GreenBone develops a highly innovative wood derived bone implants technology, to generate biomimetic – reabsorbable– load bearing implant suitable to address severe high morbidity condition including non-union fractures, through a breakthrough technology that foresees the realization of bone implants derived from natural structures such as the wood, with extraordinary regenerative properties and that are particularly suitable to face the loss of considerable portions of long bones following trauma or tumours, and other crises of the skeletal system. 

The high incidence of such damage often leads to significant impairments. Thanks to technology developed by GreenBone, the body recognizes the implant as its own, replacing it with true bone tissue. GreenBone's first target is a clearly recognized unmet clinical need: pseudo​arthrosis or non-union fractures. It represents a highly valuable niche market that can clearly demonstrate the properties of the new scaffold allowing its application in most of the other orthopaedic surgery market segments. 

The idea was conceived and developed by a research group of the ISTEC-CNR of Faenza (Institute of Science and Technology of Ceramic Materials) composed by Andrea Ruffini, Simone Sprio and Anna Tampieri (team leader). The technology involves the processing of certain particular types of wood in an implant with the same chemical composition of the bone preserving the ability of the wood itself to bring weight. 

GreenBone targets a high value market segment with a smart one-shot solution. Team with 25 years experience and remarkable bench-to-market record. GreenBone will complete its development reaching clinical validation (POC) and will be suitable for commercialization by the end of 2018 and then exit (2018-19) through M&A with major industry players. The raised funds will be used to continue to develop its platform, conducting clinical studies on patients with bone damages, and obtain the CE mark. 

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META Zernike Ventures (MZV), our holding company specializing in finance for innovation and new businesses creation, is an Italian-Dutch joint venture between Zernike Group and META, both having decades of experience in early stage finance. 

Since 1987, Zernike and META have managed more than 200 million euro for the seed and start-up financing, investing between 200,000 and 1,000,000 euro, in more than 200 companies and getting returns higher than the European sector average with 100 exits. 

META Zernike Ventures manages, in Italy and abroad, seed funds and start-up capital addressing entrepreneurs with global ambitions and local roots. MZV consists of a team of professionals who provide investee companies with an extensive network of contacts, advice for the procurement of any additional financial resources, the identification of managerial and professional expertise, and support service for accelerating the commercialization of products through the available global network in United Kingdom, Spain, Slovenia, Italy, USA and Argentina.​​

Source: Venture ​CapItaly