Virgo Announces Growth Capital Investment in Swift Medical
BURLINGAME, CA. – Virgo Investment Group LLC (“Virgo”) today announced a growth capital investment through one of its managed-investment funds in Swift Medical (“Swift”), the global leader in digital wound care. The Series B funding round of $35 million, led by Virgo, was followed by additional investments from existing investors and other leading health tech firms. The investment will help Swift expand their leading market position and scale their digital wound management platform across the care continuum in North America. This partnership aligns with Virgo’s focus on strategically expanding its franchises within the healthcare sectors, focusing on founder-run businesses that are disrupting healthcare in a meaningful way.
Wounds are often considered the silent epidemic in healthcare - as patients with wounds frequently suffer from other, more eminent, conditions such as diabetes or hypertension, which conceal the severe impact of wounds. In the US, over 30% of all healthcare beds are occupied by patients with wounds, costing Medicare alone nearly $100 billion annually. Patients with wounds often experience chronic pain, loss of mobility, social isolation, depression, frequent hospitalization, amputation and even death.
Carlo Perez, Founder & CEO of Swift, said, “Our partnership with Virgo goes so much further than capital. They have the deepest understanding of our market and the strongest passion for the problem we are trying to solve. We consider them, not just investors, but long-term, strategic partners. That, combined with a truly differentiated culture, has us engaging with them – with open arms – at all levels of our business.”
Swift provides an AI-powered, digital wound care platform that allows any patient or clinician to easily capture a high precision image of their wound with their mobile phone, autonomously determines wound dimensions and clinical characteristics, enables virtual wound care consultations and provides real-time, predictive insights to drive enhanced preventative and personalized care. The technology has been adopted by over 4,000 healthcare organizations across all 50 states, spanning the entire continuum of care, and helping organizations realize profound clinical and economic outcomes. In every market Swift has entered, it has become the dominant player, growing 300% year-over-year for three years after entry
“Wound care is a space that has been void of innovation for so long. A comprehensive approach to identification and treatment is needed to combat this silent epidemic. We are very excited and confident that Swift Medical’s wound engagement tool is going to transform the way patients heal across any care continuum; whether that be a hospital, skilled nursing facility or at home,” said Pooja Goel, Managing Director overseeing the healthcare portfolio at Virgo. “Carlo and team have demonstrated that their technology is making a difference in the lives of patients. We could not be more delighted to now call them our partners, and look forward to supporting their continued growth as the leader in wound care management.”
Virgo’s investment capital will be used to further accelerate Swifts mission to transform the future of wound care - to prevent wounds before they even happen and improve quality of care for every patient with a wound.
About Virgo Investment Group
Founded in 2009, Virgo is a private investment firm based in the San Francisco Bay Area that has an established track record of building and transforming businesses. Virgo seeks to identify and grow unique business models into differentiated and profitable industry leading companies. Virgo focuses on two distinct strategies - creating, building and scaling asset-based/credit businesses, and executing transformative growth equity investments in Founder-led or Family-owned companies. The Firm has raised over $1.8 billion and completed 66 investments to date. For more information, please visit www.virgo-llc.com.
About Swift Medical
Founded in 2015, Swift Medical is the world leader in digital wound care management technology for the healthcare enterprise. Swift Medical captures wound images and measurement without the doctor or nurse having to touch the wound. Digitizing, tracking and automating the entire wound care management workflow, Swift Medical aims to create better outcomes from capture to claim. Today, Skin and Wound has been adopted by more than 2,000 facilities to monitor over 100,000 beds. To learn how Swift