Checkpoint Surgical Completes $16M Equity Financing to Fuel Growth and Launch New Products
CLEVELAND--(BUSINESS WIRE)--Aug 24, 2021--
Checkpoint Surgical, Inc., a privately held US-based medical device company with proprietary neurostimulation technology for nerve protection and repair, announced today the completion of a $16 million capital raise led by River Cities Capital, a Cincinnati-based healthcare-focused growth equity firm. Existing backers also participated in the round, including Cleveland-based venture funds Mutual Capital Partners and JumpStart NEXT Fund, First Analysis, a growth equity firm based in Chicago, and several other investors.
“Rivers Cities is delighted to partner with the Checkpoint team in this fast-evolving sector. Our market and clinical diligence confirmed Checkpoint’s leadership within the nerve care sector and our previous iterations with the management team gave us great confidence on their ability to execute on the opportunity. We are in the early innings of peripheral nerve management and Checkpoint will be a significant factor in the space going forward,” said Carter McNabb, Managing Director at River Cities Capital.
“We witnessed firsthand Checkpoint’s impressive growth and development of a leadership position in the peripheral nerve care space. We look forward to our continued partnership with Checkpoint and now welcome River Cities Capital to the team,” said Wayne Wallace, Managing Director of Mutual Capital Partners, who was instrumental in bringing River Cities to the table.
The growth capital will be used to support Checkpoint’s sales force expansion and multiple new product launches, including the recently acquired NeuroShield nerve wrap, as well as fueling continued research and development efforts. With a specialized, dedicated sales force of 30 and growing, and a substantial multi-disciplinary R&D team, Checkpoint Surgical is well equipped to scale the business rapidly.
“Nerve care specialists are doing amazing things in nerve protection and repair today, but they want to do even more to enhance the quality of life for their patients. We want that too and we believe we can help,” said Checkpoint’s President & CEO Len Cosentino. “This funding will fuel the advances in peripheral nerve care we are pursuing in collaboration with nerve care specialists through innovative research and product development.”
About Checkpoint Surgical, Inc.
Checkpoint Surgical is a privately held medical device company based in Cleveland, Ohio. The company works alongside surgeons to advance the science and practice of peripheral nerve care through research, education and innovative product development. Checkpoint Surgical’s state of the art nerve stimulation devices inform intraoperative decision making to help surgeons safely and effectively protect, assess and repair motor nerves during surgery. For more information about Checkpoint Surgical, visit www.checkpointsurgical.com.
About River Cities Capital
River Cities is a growth equity firm investing in high-potential companies at the intersection of healthcare and technology. We seek to be a business partner first and a capital provider second, investing significant human capital to leverage our domain expertise, a network of healthcare thought leaders and deep relationships with health systems assembled over our 27-year history. With more than $750 million of capital raised and a consistent track record of success, the firm has established itself as a preferred source of growth capital. We are actively seeking new portfolio companies for our $200M Fund VI. For more information, please visit www.rccf.com.
About Mutual Capital Partners Funds
Mutual Capital Partners Funds invest in rapidly growing, post-revenue, technology businesses. MCPF’s investors are successful executives from across the U.S. and combine the best elements of an angel fund into committed capital, professionally-managed venture funds. For more information regarding Mutual Capital Partners, please visit www.mutualcapitalpartners.com.
About First Analysis
First Analysis invests mainly in the United States with a focus on technology/software, healthcare, and environmental technology. We help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Our flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective. For more information please visit www.firstanalysis.com.
About the JumpStart NEXT Fund
The JumpStart NEXT Fund is a $20M for-profit venture fund focused on early-stage technology startups located in Ohio. The fund is designed to make Series A investments, typically in the range of $500k and $1.5M, and seeks to invest in companies that demonstrate experienced leadership, sustainable competitive advantages, large addressable markets, capital efficient business models and significant exit potential. Learn more about the NEXT Fund, and JumpStart’s other investment vehicles at www.jumpstartinc.org/investments.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210824005250/en/
CONTACT: Len Cosentino
Checkpoint Surgical, Inc.
Tel: 216-378-9107 x123
KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: GENERAL HEALTH HEALTH SURGERY MEDICAL DEVICES
SOURCE: Checkpoint Surgical, Inc.
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PUB: 08/24/2021 10:00 AM/DISC: 08/24/2021 10:02 AM