Estonian startup Nanordica Medical secures €375K

Estonian startup Nanordica Medical, which develops antibacterial wound care products to avoid infection-related amputations, secures €375K from Estonian business angels Erki Mölder, Heidi Kakko, Martin Goroško and others.

Angel investors from Germany, Finland, Belgium and Switzerland also participated in this round. The deal was closed in January 2023.

With the help of the raised financing, the startup plans to extend its clinical study and work towards buying the certification which is needed for product commercialization. Nanordica Medical recently started to develop its first product, an advanced antibacterial wound dressing that cures infected wounds that can not be cured with standard care methods. For example, the product could be used by patients suffering from infected chronic diabetic foot ulcers.

In October 2022, the startup received a €2,4M grant from the Accelerator of European Innovation Council Accelerator (EIC). In August 2022, it raised €150K from the Estonian association of business angels EstBAN in the framework of sTARTUpsdays. Nanordica Medical plans to secure further investments in the second quartal of 2025. 

Nanordica Medical was established in Tallinn in 2019. The company is a subsidiary of the National Institute of Chemical Physics and Biophysics.

Erki Mölder is an Estonian business angel, co-founder of Estonian accelerator Health Founders, and a Managing Partner of Singapore-based health tech Venture company Verge HeathTech Fund.

Heidi Kakko is an Estonian business angel, chair of the Council of UniTartu Ventures, former partner of BaltCap Growth Fund, and a fund manager of Estonian Development Fund and its venture arm SmartCap. She served as an advisory board member and investment committee member for the EIC Fund. 

Martin Goroško is a business angel from Estonia, Head of Business Development at Estonian science park and business campus TEHNOPOL, and lead investor in the Estonian Business Angels Network (EstBAN) syndicate.