August 2020: Stoic Venture Capital has taken part in a $3.5m Series A funding round for Australian biotechnology company Ferronova Pty Ltd.
The funding round was led by Uniseed, where Stoic Venture Capital is the co-investment fund. Uniseed is a commercialisation fund which focuses on financing early-stage companies that emerge from member universities.
Ferronova’s technology has the potential to transform care for early stage cancer patients in complex cancers such as colorectal cancer. The company originated from landmark research by the Victoria University of Wellington and the University of South Australia.
Stoic Venture Capital Partner Geoff Waring said the venture capital fund’s portfolio expanded dramatically to a total of 17 companies in the past two years with a primary focus on healthcare.
Around 145,000 new cases of cancer are expected to be diagnosed and just under 50,000 people are expected to die from cancer in 2020;
Colorectal cancer is Australia’s second-highest cause of cancer-related deaths of people aged between 50 to 54.
“Ferronova is a visionary Australian company with technology solutions that are advancing the detection, diagnosis and treatment of early stage cancer,” Dr Waring said.
“We support the growth of healthcare companies that are changing outcomes and improving the lives of patients.”
Dr Waring said Stoic Venture Capital would continue to have a big allocation to healthcare opportunities.
“Healthcare remains a resilient and high potential asset class. Evidence-backed medical technology creates alternative models of care and prevention.”
“Importantly, our investments are also contributing to the pioneering of new research and development in medicine and science to help more patients in the future.”
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