Ostomy specialist Trio Healthcare has secured a second round of funding from US specialty finance firm SWK Holdings Corporation.
The funding, approximately $ 10 million in total, will support the Skipton-based company’s R&D and manufacturing as it ramps up operations to support a large-scale global deployment of Trio’s first ostomy bag, GeniiTM.
This latest funding follows SWK’s previous support to Trio in October 2020 and comes as the company prepares to increase its share of the ostomy products market against more established players.
The funds will also be used to support Trio’s rapid international expansion, the company is looking to increase its presence in the United States particularly during 2021 and is in the process of building a United States-based management team to oversee the American operations.
2021 has already been a busy year for the ostomy specialist who in April appointed two new international directors to manage the Middle East and Asia-Pacific markets, as it looked to expand its export operations in key growth regions.
Founded in 2006 by CEO Lloy Pearce, Trio’s products are now sold in more than 25 countries around the world, with international expansion plans on the horizon to enable ostomates around the world to reap the benefits of GeniiTM. , the world’s only ostomy bag to incorporate silicone, with a full global launch slated for Q1 2022.
Richard Anderson, President of Trio Healthcare, said: âTrio has started 2021 well, and this second round of financing from SWK Holdings will allow us to build on the momentum we gained in the first half of the year. The team has provided invaluable support over the past nine months, and as we seek to further accelerate our domestic and international growth, their support will be vital.
âThe Trio and SWK teams recognize the enormous untapped potential of the global ostomy market. It’s a sector that is expected to reach $ 4 billion in 2021, but the biggest developers of ostomy products have continuously failed to modernize. Trio’s silicone-based lines challenge that, offering the first true innovation in ostomy care in over forty years. We sincerely believe that there is a real possibility here of becoming the Northwest’s first medtech unicorn.
âUltimately, our mission is to improve the daily lives of people living with an ostomy, by creating care products adapted to their needs and their daily lives. With the support of key partners, such as SWK, we will be able to reach even more patients, with even more products, to provide a better quality of life for ostomates.
Winston Black, CEO of Dallas-based SWK Holdings Corporation, said: âAfter providing initial funding in late 2020, SWK Holdings continued to be impressed with Trio’s performance and potential for future growth. The company’s unique R&D, ambitious management team and talents have provided a solid foundation for rapid expansion. It is one of the most innovative companies in the field of ostomy care, with its products offering a real point of difference in the market. We look forward to continuing our partnership and supporting Trio’s growth journey.