Coroflo raises additional €2.8m to bring breastfeeding monitor to market
Irish medtech company Coroflo has raised €2.8 million in equity funding as it private investors as it prepares for production of its breastfeeding monitor this year.
The investment will allow the company, which recently appointed former TD and health minister Mary Harney to its board, to double their staff numbers and move to larger offices in the DCU Alpha campus. It plans to have the monitor in store in the second half of 2024.
The company has developed what it says is the world’s first accurate breastfeeding monitor, named Coro. It uses a standard silicone nipple shield with an embedded patented micro-flow metre, alongside an app that that helps mothers monitor the milk flow to their baby in real time. With concerns over low supply often cited as a reason to stop breastfeeding, the monitor may be helpful in increasing rates.
The latest investment, which sees investors such as Brian Caulfield of Scale Ireland and Shemas Eivers of the Boole Syndicate, come on board, brings to €4.2 million the total amount of equity funding raised by the company to develop its technology. Coroflo said a number of private investors who previously invested in Coroflo’s seed round, had also backed the company.