3i closes medical technology funding round(2)

3i has added its 25th healthcare business to its portfolio after closing a financing round for Glucon, a US medical technology company.

3i, the London-listed private equity firm, has closed a financing round for Glucon, a US medical technology company, a statement said.  No financial details were disclosed.

Glucon: 3i’s 25th healthcare investment

Glucon, which has its US base in Colorado and offices in Israel, develops equipment for monitoring glucose levels in blood.

New investors from the US include venture capital firms Sequel Venture Partners and Hunt Ventures, and Quest Capital Partnership, a US private equity firm.

Returning investors from Israel include venture capital funds Aurum Ventures, Ascend Technology Ventures, Infinity Venture Capital Fund, and Giza Venture Capital, the technology-focused venture capital arm of Giza Ventures, a private investment bank, and Medical Knowledge Institute, a non-profit foundation focused on healthcare information and education.

Klaus Stoeckemann, a partner at 3i and Dan Mitchell, a partner at Sequel Venture Partners, a Colorado-based venture capital firm, are joining the board.

Last week 3i’s proposed £462 million (€704 million; $912 million) bid for Enterprise, a UK-listed support services firm, was publicly rejected by the company’s board of independent advisors. 

In separate news last week, 3i, Innovationskapital, a venture fund manager; Germany’s SMAC Partners and management sold their stakes in software company Nordnav to Cambridge Silicon Radio for $75 million.

Shares in 3i Group hit a 52-week high after Dresdner Kleinwort increased its price target for the private equity company to £11.80 from £11.30.  The broker repeated its buy recommendation following strong returns such as the sale of Nordic Modular, a temporary building provider, to Kungsleden, a Stockholm-listed real estate firm, for €100 million, generating a return of 10 times 3i’s original investment, earlier this month.