Behind the Deal: BioMimir
Introduction
Front Row Ventures is Canada’s leading Venture Capital firm operated by students investing solely in student founders. Our aim is to back young startups advancing breakthrough innovation, powered by ambitious founders emerging from Canadian university campuses. Therefore our decision to invest in BioMimir, a biotech company founded by three amazing individuals, was very exciting for all parties involved.
Meet the Team
BioMimir was founded in August of 2021 by Dr. Fiona Simpson and Dr. Elle Edin, both researchers in the biomaterials field. The company was launched to bring the promise of biomaterial-assisted regenerative medicine to patients around the world. The BioMimir team has designed a novel biomaterial for use in complex wounds like ulcers, abscesses, fistulas, and skin tears.
Fiona holds a PhD in Biomedical Engineering from the Université de Montréal focusing on biomimetic materials. Her doctoral work includes LiQD Cornea, a novel liquid to solid hydrogel corneal sealant, and she has extensive experience in cleanroom manufacturing procedures for biomaterials.
Elle holds a PhD in Polymer Chemistry from Uppsala University. Her postdoctoral work focused on designing an improved, second generation LiQD Cornea. Elle is leading BioMimir’s design and optimization of biomaterials and is the inventor of their wound healing solution.
Benjamin Yam joined the founding team in the infancy of the venture, having been introduced to Fiona and Elle through the CDL MBA matching program. Benjamin, a Global Executive MBA graduate from Rotman, perfectly balances out the science backgrounds of Fiona and Elle with his background in business operations in healthcare, and works with them in complete unison.
From the first meeting with the team, watching Fiona and Elle go through FRV’s Women Founders’ Project, and seeing the quick growth of BioMimir, this investment journey has been nothing short of exciting and inspirational. The team’s passion for solving a real problem to help real people gives confidence of their success and positive impact BioMimir will have on the world.
Problem
Many medical procedures and injuries require the use of dressings to cover wounds and promote healing. However, the current standard-of-care for wound dressing often leads to the formation of scar tissue, which can reduce tissue flexibility. Beyond causing discomfort for the patient, this change in tissue flexibility can further increase the risk of infection. Additionally, the use of suture points or adhesive dressings in surgical procedures can increase the need for follow-up medical appointments and further elevate the risk of infection.
All of these factors make it clear that there is a need for better wound healing solutions, to promote faster and more comfortable healing for patients.
Solution
BioMimir provides an innovative product that can be used for all sizes and forms of skin wound. The biomaterial is composed of (1) a proprietary synthetic adhesive and anti-scarring agent that holds the wound closed, and (2) a collagenous matrix to fill the wound and promote healthy cells to regrow into the material. Its elastic properties are tuneable to specific wounds and tissue types. Conveniently packaged in a syringe form, its ease of application will allow medical staff to quickly fill the wound with the biomaterial. This hydrogel will ease the healing process and keep the wound closed, therefore reducing potential infection and improving the patient’s comfort. Overall, this solution provides an all-in-one product reducing burden on medical staff while reducing scar tissue and follow-up wound care.
Our investment
Three major factors that underpinned our decision to invest in BioMimir and add the company to the Front Row Ventures portfolio:
- The Team and their coachability: When initially meeting with BioMimir in 2021 it was clear they had a groundbreaking idea with a lot of research to support it. It was less clear on how they were going to execute it and in what ways FRV could help them. When Fiona and Elle went through the Womens Founders’ Project, they gained glowing testimonials from the WFP team on their coachability, eagerness to learn, and work ethic. When meeting with the team later in 2022 it was clear that the business was growing, but they were also growing as founders. Fiona, Elle, and Benjamin were beyond pleasant to work with, their professionalism mixed with spunky personality made meetings heavily enjoyable and gave themselves the reputation of being standout founders.
- Other verticals: The business model of mixing groundbreaking tech with numerous potential applications is a very attractive one in pre-seed venture capital. Fiona and Elle’s years of research that went into producing the innovative surgical sealant already made the merits of the company evident. When paired with their go-to-market plan and multiple ideas of other verticals for later on expansion, the growth path of the company could be clearly visualised.
- Business model: With their in-depth knowledge of the competitive landscape, the BioMimir team was able to design a go-to-market strategy that ignited a lot of excitement and confidence from the FRV team. Their partnership with Cardinal Health, a global healthcare distributor and cold chain shipping company, highlighted an efficient pathway to getting their products in the hands of medical professionals. The whole FRV team is very excited to see what happens in the following months once the founders have shifted their focus from the tech development to the deployment of the product.
Next steps
BioMimir is actively looking to hire new talent in the form of research and lab assistants. Our investment will go towards aiding the team in finishing their small animal prototype study as well as creating packaging for them to use when the product is officially deployed. The team is also working on their FDA application. In 2024, BioMimir hopes to launch their full scale clinical trial.
Conclusion
Being able to see the BioMimir team go through the FRV process, from the beginning when they originally met with Frederique, going through the Women Founders’ Project, to being introduced to the associates who eventually led the deal through IC, it has been an amazing experience. At FRV we look for disruptive tech, someone who is doing something that no one else is and no one else can, and that is exactly what the BioMimir team is. Elle, Fiona, and Benjamin all bring their own unique skills to the table and together their team fits together like a perfect puzzle. The future holds a lot of excitement, and all the potential team has, as can not wait to see everything they will accomplish.
You can find more information and updates on BioMimir on their website and LinkedIn.
More about Front Row Ventures
Front Row Ventures is Canada’s leading university-focused and student-operated VC firm with a presence on 20+ university campuses across Canada. We are early-stage and industry-agnostic investors backing high impact student entrepreneurs with diverse backgrounds and ambitious technology-enabled ideas, regardless of their field of work.
Every year, we select and train 60+ outstanding students with diverse backgrounds to shape the next generation of Venture Capitalists and start-up operators.
Over the past 5 years, we have invested in 30+ companies including Nomic Bio and Valence Discovery. Combined, our portfolio has gone on to raise over $100 million in follow-on funding from top tiers investors.
Working on an idea that will disrupt an industry, and think it will be part of the next wave of innovations? Visit our website https://frontrow.ventures/ and contact us at hello@frontrow.vc. We’d love to chat!
