Creative Balloons closes €15 million growth financing and appoints Frank Gehres as CEO
- Medical technology specialist will use financing to launch its lead product on the global market and to further develop its product pipeline.
- With Wellington Partners, MIG Fonds and Salvia, Creative Balloons obtains investment from three leading German venture capitalists.
- Frank Gehres, an experienced executive with expertise in medical technology industry, sales and marketing, joins as CEO.
Munich and Waghäusel, February 24, 2021
Creative Balloons GmbH, Waghäusel near Heidelberg, a specialist in medical technology, announces the successful completion of a €15 million growth financing, involving three leading German venture capitalists – Wellington Partners, MIG Fonds and Salvia.
For thirteen years, Creative Balloons has been researching and developing ultra-thin polyurethane (PUR) balloons for medical device applications, namely catheter manufacturing. These PUR balloons provide a unique combination of mechanical durability, shape retention, maximum seal ability and patient comfort – ideal for building an entire portfolio of high-performance catheters. Creative Balloons addresses a high unmet medical need, particularly in intensive care units, which have been heavily burdened during the COVID-19 pandemic. The company’s innovative technology improves patient care with greater comfort, provides medical benefits, improves hygiene and significantly reduces the workload of nursing staff. Creative Balloons’ lead product, hyghtec®, is already marketed in Germany and successfully used in the treatment of intensive care patients for fecal management.
With the closing of this financing, Creative Balloons also announces the appointment of Frank Gehres as its new CEO. Mr. Gehres brings extensive experience in international markets, leadership, management, sales and marketing expertise in medical devices and other pharmaceutical products, as well as global strategic development and set up of various business units. Previously, Mr. Gehres served as Global President Continence & Critical Care at Convatec Plc, as well as Vice President DACH & UK.
Dr. Fred Göbel, founder and CTO of Creative Balloons, said: “The successful completion of this growth financing enables us to vigorously pursue our entrepreneurial goals. With Frank as our new CEO, we are now ready to position our lead product hyghtec® globally in the market.”
Dr. Karl Nägler of Wellington Partners added, “We are convinced that Creative Balloons offers an innovative product portfolio that can significantly improve the outcomes and efficiency of intensive care – as already proven by the success of hyghtec®. With this financing and the appointment of Frank Gehres, Creative Balloons has the opportunity to become an ICU-focused technology leader.”
Matthias Guth, Venture Partner of MIG AG, said: “We have invested in Creative Balloons because, in addition to their innovative lead product, we believe in the experienced management team and their technology platform. Founder Dr. Fred Göbel has already proven
that he can build an attractive start-up company with the successful sale of his first company, microcuff to a strategic partner.” Creative Balloons and Dr. Göbel were advised by healthcare M&A experts at miura Advisors in the transaction.