Albert Medical Devices has banked £940,000 of growth capital in what represents the third round of funding for the business.

The deal has been led by the Angel CoFund, a £100 million pot of capital funded by the British business bank and government, as well as the SPARK Impact-managed North West Fund for Biomedical and London Business Angels.

Following on from a seed round worth £300,000 in April 2012, the money it has now garnered will be used to continue development of the company’s ‘flagship’ product. Albert Medical’s melio leg bag is a catheter leg bag, which provides a patient warning system and control panel.

Albert Medical Devices now hopes to launch the melio leg bag in what it has identified as ‘key healthcare markets’, whilst also focusing on next generation product development.

Matt Pearce, CEO of the business, says that since its last funding round, the business has been investing time and money on product development to reduce costs for the end user.

‘We’ve also focused on building our commercial and marketing teams,’ he adds. ‘The melio bag has been incredibly well received by professionals in the urology sector and we look forward to using this funding to reach more patients and to greatly improve the lives of those with urinary incontinence.’

The Angel CoFund, set up in 2011, has now invested in 40 companies with £17 million of its own funds and a further £65 million from business angels and investors it pairs with. Its mandate sees the fund couple with groups of business angels and smaller funds to make commitments of between £100,000 and £1 million.

More on the Angel CoFund:

• Healthy beverage brand Koji latest repeat investment for Angel CoFund
• Angel CoFund joins investors at BaseKit
• Gousto raises further investment from Angel CoFund

Tim Mills, investment director at the Angel CoFund, comments, ‘The Angel CoFund is all about working with angels to get cash to the best of British businesses, helping them realise their potential and grow to the next stage – Albert Medical Devices fits the bill perfectly.

‘The company has developed a potentially life changing product which offers significant enhancement to health outcomes and gives patients a better quality of life.’