In a press release, it was disclosed that Vaportherm closed a US$29 million financial round last 12th of April 2013. The financial round was headed by 3x5 Special Opportunity Fund L.P. with the inclusion of a new investor, Morhenthaler Venture Partners L.P. Existing investors Kaiser Permanente, Cross Creek Capital, GE Asset Management, QuestMark Partners and Integral Capital Partners also took part in the recent round.
Jason Lettman, Principal of Morgenthaler Venture Partners together with Tony Arnerich, General Partner of the 3x5 Special Opportunity Fund will be joining the Board of Directors while long time board member, James Liken will assume the Chairman of the Board position.
According to Bill Nilland, founder of Vaporthem, "We appreciate the support of new investors 3×5 and Morgenthaler and our existing investors, as well as Jim's commitment to serve as Chairman of the Board. He brings a wealth of knowledge and experience to our organization."
While Tony Arnerich, General Partner of the 3×5 Special Opportunity Fund, said, "We are delighted to be a part of the Vapotherm story. The unique technology and its clinical benefit for patients with a wide variety of breathing disorders is what appealed to our group. We look forward to supporting the Company and its management team."
Vaportherm will use the proceeds of the financial round for plans on increasing its revenue.
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