Coala Life adds $1.8M in capital investment, eyes US expansion.

Sweden Investments 29 June 2018
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Coala Life, a Stockholm, Sweden-based medical device and services company, announced in a press release securing SEK 16M ($1.8M) in capital investment.

The money comes from new and existing investors, including 20 North Street and Laurent Leksell, and will be used to further accelerate the company's growing plans.

Coala Life, founded in 2004 and led by CEO Philip Siberg, has developed a portfolio of solutions based on the Coala, a patented and commercial service for remote monitoring and self-screening of heart sounds and ECG. The company claims over 100,000 ECG analyzes have been carried out with Coala Lifes products and services, while its platform is used by 100 healthcare providers and 250 physicians.

The company is yet to be profitable, with more than SEK 20M ($2.3M) in losses at a sales figure of SEK 1M recorded for 2017.

Prior to this, Coala Life raised a little more than $10M in capital investment, half of which was secured in 2017 in two rounds - 1, 2.