Planet Innovation raises $9.8 million to support expansion

Planet Innovation has announced an oversubscribed $9.8 million capital raise, backed by institutional funds such as Perennial Value, SG Hiscock and Australian Unity, and sophisticated investors.

“This funding will enable us to invest in our business, including expanding our manufacturing facilities, so we’re able to meet the flood of opportunities coming in from international healthcare, diagnostics and life sciences clients,” said co-founder and CEO Stuart Elliott in a statement. 

“We’re very happy that investors understand our ambition and see the value in investing in our business now to fuel even greater growth in the future.”

The healthtech innovation and commercialisation company reported FY20 revenues of $66.4 million, up 28 per cent, and EBITDA up 56 per cent to $10.9 million.

About 100 new hires had been made in the last year, taking headcount well over 300 people.

This growth has mainly driven by growth for manufacturing services from both local and international companies. 

Pictures: Planet Innovation

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