Harper Macleod has helped Bedi OralCare, a Scottish dental product start up targeting the special care dental market, raise £140,000 in seed funding.
The company raised the money from Glasgow-based investment syndicate Kelvin Capital, through the Seed Enterprises Investment Scheme (SEIS), and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Bedi OralCare has targeted a growing market in dental products for people with disabilities, dementia or for young children as it aims to become a niche brand in a dental market.
Paula Skinner, Partner in Harper Macleod's Corporate team, said: "We are delighted to have helped Bedi OralCare secure this vital seed funding. The company is extremely ambitious, with great products which target a growing niche market. This deal once again shows that there is backing out there for companies that can provide genuine innovation, utilising schemes such as SEIS which help deal with some of the difficulties early-stage companies face in attracting funding by offering a range of attractive tax reliefs to investors."
Raman Bedi, founder and Chairman of Bedi OralCare, is also Chairman of the Global Child Dental Fund and a leading figure in the international dental industry.
He said: "We are delighted to receive this vital seed funding. At present the mainstream dental market does not cater adequately for the growing ageing population or those with special needs eg people suffering from dementia. Bedi OralCare aims to make good oral health accessible to everyone, regardless of age or disability."
The Edinburgh-based company is set to launch its first product, the Dental Shield, later this year. The innovative product makes it simple for health professionals or carers to prop open the mouth of a patient, with dignity, for an examination, routine cleaning of teeth or the placement of fluoride varnish.
A second product, the Bedi Tray – which enables dental impressions to be taken from pre-school children without restraining them – will follow in 2014.
Bedi OralCare, which will sell to both consumers and businesses, is targeting revenues of £1 million by 2015 and has plans to introduce more product lines as the brand grows, taking advantage of rising demand in emerging markets such as China, India and Brazil.
Jim Hall, co-founder of Kelvin Capital which specialises in early stage investment into Scottish innovations, said: "We are always keen to support innovative Scottish companies with the potential to do extremely well internationally, and Bedi OralCare has true potential to become a global brand. We look forward to helping them to the next stage of their development."
Kerry Sharp, Head of the Scottish Investment Bank said: "Bedi Oralcare is the kind of company we're here for. It is innovative and ambitious for growth, and that's exactly what we want to support. We look forward to working with management and our co-investors to see the company establish and grow its business."