A recently opened top-up round has further strengthened Formus Labs’ long-term capital outlook, despite the COVID-19 pandemic.
Prior to this, a significantly oversubscribed seed round in 2019 had placed Formus in a strong financial position. With commitments now exceeding NZ$500,000 this round, we are set up to flourish well into 2021 and beyond, resilient against the pandemic’s adverse impact on the general availability of venture capital.
“We’re tremendously thankful for our existing local shareholders, along with new US-based investors. With their support, we’re confident we can ride out this pandemic and be well-positioned to take advantage of remote medicine opportunities moving forward”, assured Formus CEO, Ju Zhang.
Parties involved in this bridging round include Cure Kids Ventures, Flying Kiwi Angels, and NZGCP (formerly NZVIF), along with a prominent US investor and local private investors. A strong commitment from Cure Kids Ventures emphasizes their continued commitment to supporting local healthcare innovation in the current climate.
Product development will proceed as planned, incorporating data from our existing case studies while hospital access restrictions remain in place. With a full product launch to take place as soon as is reasonably practicable, we look forward to meeting the demand for telehealth tools that provide a safe, streamlined alternative to in-person planning.