Businesses in Wales backed for expansion

Here we feature the latest equity investments news in Wales

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Swansea-based healthcare business Cosi Care, which has developed a medical device providing instant itch relief and soothing for painful symptoms of skin conditions such as eczema, has secured a $1m investment to support its global expansion plans.

The venture has secured the investment as one of the five winners of the 43North startup competition, which is based in Buffalo, New York and attracts thousands of applicants from across the globe.

Lauren Bell, from Swansea, founded the brand in 2018 while in her final year studying design at Brunel University.

The device was created after her brother, Rhys, was confined to bed for three months with an eczema flareup that led to topical steroid withdrawal.

Her brand has been recognised for its breakthrough product development for eczema and skin relief with over 50,000 customers in the UK and the revenue to date across the Cosi Care Group has now exceeded £3m.

The company’s technology delivers targeted cooling and soothing sensations to the skin to help stop itching.

As one of five winners of the 43North competition, the $1m equity investment will allow the brand to expand to the US market.

Cosi Care was the only UK company to secure investment and also won the People's Choice Award, voted for by the Buffalo community, adding $25,000 funding to the prize and highlighting public appreciation for the innovative product designs.

Ms Bell said: “We are so proud to have received the recent funding from 43North, and to have also been recognised by the Buffalo community for the People's Choice Award.

“Receiving this investment is a true testament to how universal our solution is - everyone knows someone with itchy skin.

“We couldn't be more excited to launch Cosi Care in the US..

“Our mission is to offer relief and support to families raising children with eczema, and we believe everyone deserves to feel comfortable and confident in their skin.”