Medical design company Ostique has secured £457,000 from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group.
Ostique is dedicated to alleviating challenges faced by individuals living with an ostomy. Ostomies are required as a result of many medical conditions, including; congenital disabilities, bladder, bowel or rectal cancers, inflammatory bowel disease (“IBD”), and trauma. The company’s ground-breaking solution involves a two-part approach, featuring products such as a patented ostomy bag addressing key unmet patient needs, and support services, such as digital wellbeing platform, ‘Ostique Connect,’ fostering a supportive community for ostomates.
MEIFs £457k investment will empower Ostique to launch its revolutionary range of ostomy bags into the market and complete the ‘Ostique Connect’ platform. The digital platform will serve as a hub for ostomates to connect and seek support, and provide a foundation for the company to engage with clients and market its innovative products.
In 2022 there were an estimated 205,000 people in the UK living with a stoma. Ostomy surgery results in the need to wear an ostomy bag which can seriously impact a patient’s lifestyle, and there can also be serious mental health issues surrounding this treatment.
Ostique aims to provide a comprehensive remedy for ostomates, addressing their needs with an integrated and holistic solution that alleviates both the physical and the mental challenges surrounding ostomy bags.
The wellbeing platform will be delivered via an app allowing ostomates to connect with people that have already been down a similar path, giving them access to 1:1 peer support and advice. The app will match ostomates who are similar by demographics, life stages, type of ostomy and type of underlying illness.
Ostique’s ostomy bags provide noise reduction, enhanced adhesion, and odour control via a filter and integrated odour barrier. The investment from Midven and MEIF will propel the company’s mission to disrupt the market, whilst enhancing the quality of life for individuals with ostomies. Midven has identified Ostique as a compelling investment opportunity due to the company’s innovative ostomy solution that directly addresses unmet patient needs.
Stephanie Monty, CEO of Ostique Limited says “Ostique is driven by a passion to transform the lives of ostomates. The investment from Midven will empower us to make a meaningful impact, launching our innovative products and building a supportive community through ‘Ostique Connect.”
Tony Stott, Investment Director at Midven says “Considering the intrusive nature of ostomy surgery and the permanent impact it can have on a patient’s life, we are pleased to be able to invest in Ostique and help those in need of this innovative product. The company is directly addressing the unmet needs of ostomates through their innovative products. The team at Ostique is highly passionate about their products, and we are excited to work with them and help scale their business.”
Kiera Shepperson, Investment Director, Regional Funding at the British Business Bank, added: “The Midlands Engine Investment Fund’s investment in Ostique is a testament to its commitment to funding innovative SMEs in the Midlands region. This recent investment from the MEIF will help the company bring its product to patients in need and provide necessary support to those going through this life altering procedure.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.