Biotechnology company Ovagen raises €2M in financing round

RDJ advised Ovagen, a biotechnology company based in Ballina, Co Mayo on its €2 million Series A equity investment led by the Western Development Commission (WDC).

Alongside WDC, other private sector investors that took part in this investment round included IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding, and Enterprise Ireland.

The latest funding, which brings the total amount received by Ovagen to-date to more than €21 million, is aimed at accelerating the production of Ovagen's germ-free eggs which are produced in commercial quantities for use primarily in the vaccine and pharmaceutical industry. The company plans to expand its workforce from 17 to 77 highly skilled personnel by 2029 and increase production to four million germ-free eggs annually from its Mayo base.

The WDC, through its Western Investment Fund (WIF), has long been a champion of innovation and enterprise in the Northwest and West of Ireland. The WIF was set up to provide capital to businesses in the region, offering both equity and debt finance to support innovative companies in sectors such as biotechnology, digital technology, and renewable energy.

The RDJ transaction team included Marie Gavin and Conor Moran (Corporate and Commercial).