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Koite Health Oy raised more than 4 million euros in the autumn share issue

Koite Health Oy raised more than 4 million euros in the autumn share issue

Koite Health Oy, an Espoo, Finland-based health technology company revolutionizing global oral health care, organized a well-received funding round for domestic and foreign investors between October and December 2023. Subscriptions totaled more than 4.1 million euros, and the funds will be used to support the strong growth of the Lumoral® oral care product developed by the company and to develop new applications.

In the equity round, Koite Health was advised by Mr. Harri Rehnberg, an experienced investment banker who advised the firm in the document preparation, transaction execution, and in the acquisition of new investors. The investors in the institutional private placement included 8 Media Ventures, Reaktor Innovations, Pharmacy Pension Fund (Finland), Valio Pension Fund, and a number of domestic and foreign investors. In addition, private investors were offered in October the opportunity to participate in the success story of Koite and Lumoral through a share issue through Invesdor's crowdfunding platform.

Vestra Advisors from Helsinki, represented by Nea Welling and Mårten Janson, acted as the legal advisor for the share issue.

– The demanding market situation for growth financing was already well known when planning the share offering, but on the other hand, the investment story of Koite Health and Lumoral is so strong that we were sure of the success of the financing round from the beginning, says Harri Rehnberg, who was responsible for the practical arrangements.  The difficult situation in the financial markets was mainly reflected in the slowness of negotiations and decision-making, but on the other hand, in the post-corona world, even foreign investor meetings and investment decisions were successful through Teams meetings, without time-consuming and expensive foreign roadshows, he adds.

– The funding raised through the share issue will be used to support the international growth of Lumoral, says Sakari Nikinmaa, CEO of Koite Health.

In the last year, Lumoral has been launched in several European markets, e.g., in Germany, Italy, Great Britain, Denmark, and new markets are being opened all the time. As in previous years, the company managed to double its revenues in 2023.

As of today, more than 20,000 Lumoral devices have been sold, and the number of treatments given is already more than 1,000,000.

– The well-managed share issue and investor activities brought the company new growth capital and a new, broader investor base, as well as dozens of new useful international investor contacts, says CEO Nikinmaa. Koite Health’s funding round was still a bit too small, especially for larger American and European healthcare funds, but if we ever return to the capital markets again, we already know where interest will be found.

Founded in 2018, Koite Health has revolutionized oral health care with its Lumoral technology. Lumoral is the world's first targeted antibacterial treatment designed for home use.

Additional information for the media:

Harri Rehnberg, HRS Investment Advisors

Tel. +358 44 979 1568       

Sakari Nikinmaa, Koite Health Oy               

Tel. +358 40 822 2034     

Koite Health Launches a Share Issue to Finance Lumoral’s Growth

Koite Health Launches a Share Issue to Finance Lumoral’s Growth

In 2020, Espoo-based Koite Health launched Lumoral, a revolutionary device for oral health care at home. Today, on Sept. 21. 2023, the company launches a share issue via Invesdor's crowdfunding platform to support its strong growth. At the same time, there will be a directed share issue for interested institutional investors.

Koite Health Oy has so far been owned by three founders, well-known Finnish and foreign angel investors in the healthcare sector and the Pharmacy Pension Fund in Finland. Now the general public has the opportunity to become an owner in the success story of a Finnish growth company.

Lumoral is a clinically proven and CE-marked medical device for oral health that has already experienced strong growth in popularity in Finland. The company has already sold more than 10,000 units in Finland and Sweden in three years and gained strong support from the experts.   Since the spring, Lumoral has also been available in other European countries. Sales of the device are now growing strongly in markets such as Germany, Italy and the UK. New partners and distributors will be announced before the end of the year. The company's ambition is to bring the unique benefits of Lumoral to users and patients across Europe and, with future partners, to expand into the US and Asian markets.

Lumoral contributes to human well-being

Lumoral has a direct impact on human well-being. More than half of the Finnish population suffers from some degree of gingivitis. The situation is no better elsewhere. According to last November's WHO's Global Oral Health Status Report, nearly half of the world's population suffers from some form of oral disease, and the number of oral diseases has increased by one billion cases worldwide over the past 30 years.

Koite Health's health technology product offers the opportunity to prevent oral diseases and treat their severe forms .

Koite Health Oy's Board of Directors also includes Timo Hildén, who made a name for himself as CEO of the publicly traded Revenio Group Oyj.  Mr. Hildén was instrumental in building the growth story of Revenio, known for its ophthalmometer technology, and the company's market value increased by almost during his tenure.

Make sure you are part of the Finnish healthcare technology success story. Invest in a company that has already revolutionized home oral health care in Finland and around the world.

Click here to become a Lumoral shareholder.                                            


About Koite Health

Koite Health is a Finnish health technology company whose patented dual light therapy innovation has revolutionized oral health care for Finns. The company's expert team consists of experienced physicians and technologists. Founders Sakari Nikinmaa, Tommi Pätilä and Juha Rantala established Koite Health in September 2018 as part of a project funded by Business Finland and Aalto University.