Indigo Diabetes raises €38m Series B financing led by Fund+

– BELGIUM, Ghent –  Indigo Diabetes nv, a young high-tech medical device company that develops medical solutions using nanophotonics, today announced the conclusion of a €38 million Series B funding round led by Fund+, with the participation of Ackermans & van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII, Titan Baratto and the Series A investors.

The funding will help to further develop the promising Multi-Biomarker Sensor for people with diabetes, and will enable Indigo Diabetes to prepare and start up the clinical study phase. The small sensor chip is designed to be inserted underneath the skin and continuously measure glucose and ketones in people with diabetes. The latter is a worldwide first and aims at enabling the faster detection of life-threatening situations by both the users and their healthcare providers. At the same time, the invisible sensor strives to afford patients a substantially improved quality of life.

“It is our ambition to give people with diabetes control over their own lives again. By using nanophotonics – a spectrometer in miniature form – our sensor will allow to measure glucose and other biomarkers or metabolites such as ketones accurately and continuously. Unlike the Continuous Glucose Monitoring systems (CGMs) on the market today, our sensor will be invisible. The sensor will sit underneath and not on the skin. Diabetes therefore will no longer need to be visible,” said CEO Danaë Delbeke.

The funding will also drive further expansion of the company, which now has twenty-five employees. With the Series A round, Indigo Diabetes has raised over more than €45 million since 2016.

“We have been impressed by Indigo’s world-class team and innovative approach. They have applied ground-breaking photonics technologies at miniature scale to develop an innovative product for people with diabetes around the world. This product has the potential to provide easier, continuous monitoring and provide a better quality of life to millions of people,” commented Jan Van den Bossche, Partner at Fund+.

“We are delighted to be part of the further growth and development of Indigo Diabetes as a long-term investor. The company boasts an excellent management team that has grown from a unique ecosystem that combines UGent’s photonics expertise with imec’s nanoelectronics expertise. We are convinced that Indigo’s sensor can make a substantial difference for people with diabetes and see a broader application potential for this mini-spectrometer in the long run,” added An Herremans, Investment Manager at Ackermans & van Haaren.

The company received strong support from the investors of the Series A capital round, led by Thuja Capital Healthcare Fund II, PMV and Sensinnovat, with the participation of Powergraph, Qbic Arkiv Fund, Fidimec, Manuardeo and Capricorn ICT Arkiv, as they all reinvested in the Series B capital round.

“Clinical evidence has proven that CGMs are effective tools for people with diabetes to improve glycemic control. We strongly believe Indigo’s invisible sensor is the next stage. Not only will it allow better monitoring and treatment of diabetes, but the psychological impact of continuously painful finger-pricking or having to live daily with visible sensors will be a thing of the past thanks to this Indigo sensor,” said Dr Harrold van Barlingen of Thuja Capital.

About Indigo Diabetes nv

Indigo Diabetes nv is a young high-tech medical device company founded by Danaë Delbeke and her team end 2016. Indigo develops the world’s first invisible sensor for people living with diabetes to address their need for accurate glucose monitoring with improved user experience. Indigo exploits groundbreaking photonics technology that revolutionized the Internet during the last decades and now aims at transforming diabetes management. Indigo is based in Ghent, Belgium.

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About Fund+

Fund+ is a Belgian venture capital firm that invests in innovative European Life Sciences companies developing drugs, medical devices and diagnostics, with a strong focus on patient-centric approaches and major unmet medical needs. With over €200M in assets under management, Fund+ has built a strong track record since 2015, investing in 13 portfolio companies with two major exits. The fund is managed by a specialist team of seasoned life sciences professionals with the healthcare industry, corporate finance and strategy consulting experience, supporting companies throughout their growth cycle. The company aims to maintain a leading position in the Life Sciences sector, creating sustainable value for its shareholders and a tangible impact on society.

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About Ackermans & van Haaren

Ackermans & van Haaren is a diversified group operating in 4 core sectors: Marine Engineering & Contracting (DEME, one of the largest dredging companies in the world – CFE, a construction group with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK – Bank J. Van Breda & C°, niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate & Senior Care (Leasinvest Real Estate, a listed real estate company – Extensa, major land and real estate developer with a focus on Belgium and Luxembourg) and Energy & Resources (SIPEF, an agro-industrial group in tropical agriculture).

At an economic level, the AvH group represented in 2019 a turnover of 5.6 billion euros and employed 21,522 people through its share in the participations. The group focuses on a limited number of strategic participations with a significant potential for growth. AvH is listed on Euronext Brussels and is included in the BEL20 index, the Private Equity NXT index and the European DJ Stoxx 600 index.

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About Thuja Capital

Thuja Capital Management manages several venture capital funds aimed at building and scaling companies in the fields of (bio)pharmaceuticals, MedTech and digital health. Besides a financial return, Thuja selects investments that will positively affect the health and well-being of patients, by providing capital to daring entrepreneurs with ground-breaking product concepts. Thuja’s investment team consists of seasoned investors and entrepreneurs with a proven track record. Consistently performing in the top quartile, the team has backed and helped to build several of today’s unicorns, as a first investor in Galapagos, Argenx and Nightbalance.

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About Capricorn Partners

Capricorn Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as a competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and broad industrial experience. Capricorn Partners is managing the venture capital funds Capricorn Digital Growth Fund, Capricorn Sustainable Chemistry Fund, Capricorn ICT Arkiv, Capricorn Health‐tech Fund and Capricorn Cleantech Fund. In addition, it is the management company of Quest for Growth, quoted on NYSE Euronext Brussels, and the investment manager of Quest Cleantech Fund and Quest+, sub‐funds of Quest Management SICAV, registered in Luxembourg.

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About imec.xpand

imec.xpand is an early stage and growth fund with a game-changing approach to turn hardware driven nanotechnology innovation into successful global companies. The fund is independently managed by a team of entrepreneurs, seasoned venture capitalists and business experts and is targeting ambitious tech start-ups that meet all the criteria to become a successful, scalable venture with the potential to change the world and where imec knowledge, expertise and infrastructure can play a determining role in their success.

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