Medpoint targets EIIS investors with healthcare products and near patient diagnostics

/ 24th November 2022 /

Medpoint is launching its follow-on €500k EIIS funding round to expand and scale its sales and marketing functions. The company is targeting turnover of €5m over the next five years for both domestic and international markets.

The company, founded in 2020, has allocated 20% of its share capital to private investors including EIIS. It recently moved to new premises in Shankill, Dublin 18 (pictured), and employs six staff with plans to expand this to ten by the end of 2023.

“We will achieve this by cultivating key supplier relationships and becoming the partner of choice to the medical community,” says founder Neil Brown.

Neil Brown established Medpoint to meet the significant and growing demand for physio, injury management and near patient diagnostic healthcare products.

He has over 25 years’ experience in growing and scaling businesses in a variety of sectors including seven years in the medical and biotechnology industry.

An experienced entrepreneur and accountant by profession, he started and trained in BDO and Mazars before setting up a Corporate Care business which he later sold to Nasdaq quoted Bright Horizons Family Solutions.

Fellow director Lisa Mitchell, who heads up Medpoint’s Marketing & IT function. She has a degree in Information Technology from Trinity College Dublin and has over 20 years’ experience in all aspects of IT and infrastructure.

Mitchell has worked in a variety of roles including with Zurich Insurance, Irish National Insurance and Phillips.

Medpoint sources and distributes a range of healthcare and diagnostic products for its expanding customer base including doctors, physiotherapists, nursing homes, chiropractors, pharmacies and professional sporting organisations.

According to Brown: “We serve the physio and near patient diagnostics healthcare market with products in a variety of categories, including ergonomic and clinical equipment, exercise and rehabilitation, injury treatment and management and diagnostic testing products.

“The demographic profile of customers is aged over 35 years and is split evenly between male and female.

"We are committed to supplying patient and healthcare professionals with a range of niche medical products by offering superior levels of customer service and engagement.”

“Medpoint will focus on the Irish market first before expanding to other EU markets in 2023. Of particular interest to Medpoint is the ergonomic and clinical equipment market where the company sees significant opportunities to specialise in neck pain products,” Brown adds.

“Many studies over the years have pointed to an annual prevalence rate in the population of between 30% and 50%, with women reporting higher statistically.”

“Medpoint is also focusing on the expanding and growing market for Medical Aids particularly for Ireland’s growing older population as well as targeting HSE tender opportunities in 2022 and 2023 and European markets.”

Growth market

The global medical device market is worth over $21bn annually and still growing due to ageing populations, the prevalence of infectious diseases, as well as the increasing prevalence of chronic diseases and technological innovation.

During 2022, Medpoint’s has made a significant investment and upgraded the company website in order to facilitate increased B2B and B2C demand.

The company hopes to be in a position to launch a Series A funding round towards the end of 2023 which should see an increase in its current valuation to investors.

The minimum EIIS investment is €5,000 and with investors receiving a tax refund of up to 40%, the scheme is highly attractive.