Estonian medtech Nanordica Medical raises €375k in a seed round

Tallinn-based medtech startup Nanordica Medical has raised €375,000 in an oversubscribed seed funding round. Estonian health and startup investors including Erki Mölder, Heidi Kakko, and Martin Goroško led the round, ArcticStartup reports.

  • Founded in 2019, Nanordica Medical is a deeptech company developing advanced antibacterial wound care products to avoid infection-related amputations. Its first product is an antibacterial wound dressing for infected diabetic wounds.

“Our solution provides 8 times more effective infection treatment compared to standard care currently used by the hospitals. Eight times is a huge number in medicine. This means we can cure infected wounds that can not be cured with standard care methods and save around €500 billion costs for hospitals. I am happy to see, how our scientific discovery is transforming into a successful global business,”

Olesja Bondarenko, CEO of Nanordica Medical, comments.
  • Recently, Nanordica Medical also received a €2.4 million EIC Accelerator grant for ground-breaking EU innovations. It will enable the company to expand the clinical study to 220 patients and conduct conformity assessments. Thanks to this, it can receive the CE marking required to sell wound dressing in EU countries.
  • The lead investors in this round included Erki Mölder (Founding Partner of Health Founders and Managing Partner of Verge HeathTech Fund), Heidi Kakko (European Innovation Council IC Member), and Martin Goroško (head of Tallinn Science Park Tehnopol).
  • Using the fresh funds, Nanordica will extend its clinical study and accelerate the process of acquiring the certification necessary for product commercialization.