Biotech start-up Upside Biotechnologies raises $2.3m in Series A funding round

22 March 2017

Regenerative medicine start-up, Upside Biotechnologies, has successfully raised NZ$2.3m in its Series A funding round.
 
The New Zealand-based company is developing an advanced, world-class skin replacement treatment for patients suffering major burns.
 
Upside CEO Robert Feldman says the capital raised will enable the company to complete development of the product, demonstrate proof of concept, ready the product for its first human trial and in the United States, forge additional links, collaborations and explore market opportunities.  
 
The largest investor in the latest funding round is ICE Angel Nominees, which represent investment from both ICE Angel individuals and Tuhua Ventures.  Other major investors include The University of Auckland Inventors Fund (managed by Auckland UniServices), Cure Kids Ventures and New Zealand Venture Investment Fund.
 
“Upside ticked a lot of boxes for us: it can genuinely help change lives around the world; it is led by an experienced team and their research out of the University of Auckland is world class,” says Robbie Paul, CEO of ICE Angels.
 
Robert Feldman, Upside CEO says, “Raising $2.3m is a fabulous start for Upside and puts the company is a strong position. I am genuinely excited about the future and although there will inevitably be challenges, I am optimistic about being able to take Upside’s products for burns into clinical testing.”