The Spanish medtech Mowoot recently opened a financing round with my mind set on raise two million euros. The objective of the startup, backed by EIT Health, is to bring its non-pharmacological solution against chronic constipation.
This project is designed for patients with spinal cord injuries, neurological diseases and older people whose mobility is reduced. To obtain this capital, the company has the support of the two largest European platforms specialized in attracting investments for companies in the health sector: Capital Cell and Aescuvest, the latter being the digital platform for venture capital and crowdfunding supported by the EIT Health.
After successfully participating in various EIT Health programs, the company has become the first to simultaneously launch a pan-European funding campaign on these two platforms. Its goal for 2023 is to reach markets throughout the European Union, optimize processes and end up making the leap to the United States.
Mowoot’s solution
Chronic constipation is a common disorder that affects up to 17% of the general population in Europe1. The groups most affected are women, the elderly and patients with neurogenic intestinal disorders related to spinal cord injuries, Parkinson’s and multiple sclerosis. Constipation causes painful bowel movements, impaction and fecal incontinence, which have a great negative impact on the quality of life of these patients.
‘Mowoot-II Intestinal Transit Management System’ is the first medical device to provide the intermittent exoperistaltic treatment of the colon (Intermittent Colonic Exoperistalsis, ICE), externally emulating the natural contractions of the healthy large intestine (colon), to facilitate intestinal transit. ICE is inspired by the specific abdominal colon massage performed by professional neuro-rehabilitation therapists to treat chronic constipation. It is a novel non-invasive and non-pharmacological solution developed with the aim of avoiding or reducing the use of laxatives, medications and invasive solutions.
To make this device a reality, Mowoot has had the collaboration of doctors and physiotherapists from the Institut Guttmann neuro-rehabilitation center. Through hundreds of interviews with patients, the promoters of the company confirmed the great impact that chronic constipation has on the quality of life of people with spinal cord injury or other neurological pathologies.
Almost four million euros in public and private funds
To date, Mowoot has managed to raise up to 3,800,000 euros thanks to private and public funding. This amount has been allocated to the development, clinical evaluation and certification of ‘Mowoot II Intestinal Transit Management System’.
The startup has been accelerated and awarded by EIT Health on numerous occasions and this round of financing, through Aescuvest, a platform created in collaboration with EIT Health, once again highlights the value that the company offers to patients, to health professionals and investors.
In addition, Mowoot was one of the 11 European startups, the only Spanish one, to receive the support of EIT Health during the pandemic through the Start-up Rescue Instrument program. The objective of this program was to respond to the health crisis and support entrepreneurs at a time when venture capital could have reduced their investments in these types of companies. In this sense, EIT Health co-invested up to 500,000 euros and acquired a stake in the company.
