CLEVELAND--(BUSINESS WIRE)--Checkpoint Surgical, Inc., a privately held U.S. based medical device company with proprietary neurostimulation technology for nerve protection and repair, announced today the completion of an $8.8 million preferred series capital raise led by Mutual Capital Partners, a Cleveland based venture fund investing in rapidly growing, post-revenue technology businesses. Existing backers, First Analysis, a growth equity firm based in Chicago, the JumpStart NEXT Fund, a Cleveland based venture fund, and several individual investors also participated in the round.
“First Analysis has witnessed firsthand Checkpoint’s impressive growth and watched as Checkpoint’s core products have moved from acceptance to adoption throughout the surgical community the past several years. We look forward to our continued partnership with Checkpoint and now welcome Mutual Capital Partners to the team,” said Tracy Marshbanks, Managing Director of First Analysis.
Wayne Wallace of Mutual Capital Partners added, “We spoke with many of Checkpoint’s surgeon-users and distributors and were impressed with the enthusiasm expressed by key opinion leaders at world renowned medical institutions using Checkpoint’s technology. Checkpoint has the core technology and team needed to build a significant business in a large high-growth market. We look forward to helping the team build on prior success in the nerve protection and repair space.”
The growth capital will be used to expand Checkpoint’s sales and marketing resources, advance new product/market opportunities in nerve regeneration and neuroma pain, as well as bolster Checkpoint’s executive team. In connection with the completion of the equity financing, the Company has hired industry veteran Derek Lewis to head up operations, research and development. “Derek’s proven track record in developing and launching new medical device products with established firms as well as early-stage technology companies makes him a perfect fit for Checkpoint, which is poised for rapid growth in its core markets and expansion into new markets,” said Checkpoint’s President & CEO Len Cosentino. “We are excited to add a person of Derek’s caliber and experience to our team and we expect him to contribute quickly to our growth,” Len continued. Within the past year, Checkpoint also added veteran medical sales leadership to its executive team with the hiring of Rick DiBlasi as Vice President of Sales. “Rick brings a wealth of experience, success and enthusiasm to the table. He is a master at building effective, inspired sales teams as evidenced by the strong revenue growth we have enjoyed this year under Rick’s leadership,” said Len Cosentino.
About Checkpoint Surgical, Inc.
Checkpoint Surgical is a privately held, Cleveland, Ohio based medical device company committed to providing surgeons with user-friendly, cost-effective devices to protect and repair nerve intraoperatively across the anatomy. At Checkpoint Surgical, our mission is to advance the science and practice of nerve protection and repair to improve the quality of life for patients and physicians. For more information regarding Checkpoint, please visit www.checkpointsurgical.com.
About Mutual Capital Partners Funds
Mutual Capital Partners Funds invest in rapidly growing, post-revenue, technology businesses. MCPF’s investors are successful executives from across the U.S. and combine the best elements of an angel fund into committed capital, professionally-managed venture funds. For more information regarding Mutual Capital Partners, please visit www.mutualcapitalpartners.com.
About First Analysis
First Analysis invests mainly in the United States with a focus on technology/software, healthcare, and environmental technology. We help established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Our flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective. For more information please visit www.firstanalysis.com.
About the JumpStart NEXT Fund
The JumpStart NEXT Fund is a $20M for-profit venture fund focused on early-stage technology startups located in Ohio. The fund is designed to make Series A investments, typically in the range of $500k and $1.5M, and seeks to invest in companies that demonstrate experienced leadership, sustainable competitive advantages, large addressable markets, capital efficient business models and significant exit potential. Learn more about the NEXT Fund, and JumpStart’s other investment vehicles at www.jumpstartinc.org/investments.