[Funding alert] London-based Koalaa Secures €1.1 Million in Funding

Friday 16, 2024 | By Startup Rise EU

London-based Koalaa secures €1.1 million in funding. British Design Fund, an existing investor, started the round, which includes £200k from Imperial College Enterprise Fund II (ICEF), which makes investments in early-stage businesses with close ties to the university.

London-based Koalaa secures €1.1 million in funding. British Design Fund, an existing investor, started the round, which includes £200k from Imperial College Enterprise Fund II (ICEF), which makes investments in early-stage businesses with close ties to the university.

The funds raised during this round, which began in July 2022, will help Koalaa continue to develop new products, hire more staff members in the UK and abroad, and broaden its collaboration with international NGOs and clinicians, including providing more prosthetics to people living in conflict areas.

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Nate Macabuag, founder of Koalaa, commented: “A huge thank you to British Design Fund, Imperial College Enterprise Fund and our angel investors for their continuing support. I still find it incredible that something which started out as a spark of an idea at University, has turned into a fully-fledged company, employing a team of 18 people and with around 1,000 people worldwide now using Koalaa prosthetics!”

Nate added: “Koalaa is the only company in the world making soft prosthetic arms and we believe we have hit on a model of working that could aid inclusivity across the globe. Through our work with clinicians and NGOs, and also direct to consumer capabilities, we plan to continue to increase access to our prosthetics on a global scale. We are already the market leader in upper limb prosthetics in the UK for children, and see huge potential to support large numbers of adults here as well. It is our hope that one day soon our products will be made available through the NHS.”

Attached to the sleeve, interchangeable tools can be swapped in and out based on the work the user wants to perform. Their design is informed by user feedback and needs. They can therefore be applied to an endless variety of tasks. A limb buddy who offers support at every stage is paired with new users.

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Damon Bonser, CEO, British Design Fund, said: “What has always really impressed us about Koalaa is the team’s focus on end users, their needs and feedback, which is central to every stage of the product development process. Koalaa’s prosthetics also solve many of the challenges presented by traditional prosthetics and the growth of their global user base has been incredible to watch.”

Brijesh Roy, Head of Startup Investment Funds, Imperial College London, added: “Nate and the team are a great example of the innovative startups being founded by Imperial College’s community. Koalaa’s soft prosthetics are addressing an unmet need and the investment provides the financial fuel to scale this impact globally.”

About Koalaa

Nate Macabuag, an alumnus of Imperial, launched Koalaa in 2020 with the goal of addressing the three primary problems that the global community of people with limb differences faces today: accessibility, affordability, and comfort. Their users are what motivate them to innovate at Koalaa. They are able to comprehend their particular wants and goals on a deeper level by elevating their voices.

Read also - Copenhagen-based Go Autonomous Secures €10 Million in Series A Round Funding

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