Funding profile · Long term care technology
Momo Medical
A Delft bed sensor company financed through a Delaware parent, a Dutch pension investor, a bank loan, three retail bond issues on a small Dutch exchange, and years of customer prepayments.
$8.89MSold of $10.59M offered, Form D filed Sep 16, 2024
$5.80MNew cash in that total; $3.09M was note conversion
33Investors on the Form D, none non-accredited
€3.59MNPEX bond debt after the January 2026 refinancing
Data as of September 24, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Summer 2021 | Y Combinator, Summer 2021 batch | $125,000 | Y Combinator | Quote, 2022 |
| Dec 2021 and Jul 2022 | Two loans to Momo Medical B.V. | €580,000 at 5% | Stichting Innovatiefonds Ouderenzorg | Offering doc |
| Jul 2022 | Bank facility, two tranches | €1,000,000 at 8% | Rabobank, partly under the Dutch SME guarantee scheme, with a €30,000 founder guarantee | Offering doc |
| Aug 2022 | NPEX bond I, 9%, 5 years | €999,500 | Retail bondholders | NPEX |
| May 2023 | NPEX bond II, 9%, 5 years | €1,750,000 | Retail bondholders | NPEX |
| Aug to Sep 2024 | Equity in Momo Medical Group Inc. | $8,891,000 sold of $10,591,000 offered; announced as €6.5M | 33 investors. Named in the release: PGGM for Pensioenfonds Zorg en Welzijn, NextGen Ventures, Jay Searson, UNETI Ventures, Centre for Aging + Brain Health Innovation. | Form D + release |
| Jan 2026 | NPEX bond III, 9%, issued Jan 11, 2026, due Jan 11, 2031 | €2,749,500 | Retail bondholders, mostly rolling over bonds I and II | NPEX |
What the filings show
Momo Medical Group Inc. · Form D · filed Sep 16, 2024
- First sale
- Aug 30, 2024
- Offered
- $10,591,000 equity
- Sold
- $8,891,000 · $1,700,000 remaining
- Composition
- $3,091,000 note conversion · $5,800,000 new capital
- Investors
- 33 · average about $269,400 · none non-accredited
- Exemption
- Rule 506(b)
- Fees
- Commissions $0 · finders fees $0
- Industry entered
- Other Technology · revenue: Decline to Disclose
- Related persons
- Menno Gravemaker (executive officer, director); Rini Van Solingen (director); Peter Haajes (director)
- Issuer
- Delaware corporation, incorporated 2021, business address Melville, NY
- Filing
- SEC EDGAR, CIK 0002036113, file number 021-524079
Momo Medical Holding B.V. · NPEX bond III · offering document dated Sep 9, 2025
- Issued
- Jan 11, 2026 · repayable Jan 11, 2031
- Size
- €2,749,500 · 27,495 bonds of €100 · ISIN NLNP05100757
- Coupon
- 9% a year, monthly · 8.4% after NPEX charges
- Purpose
- Mainly refinancing bonds I and II
- Rank
- Subordinated, behind Rabobank, then the STW and IFOZ loans
- Regime
- European Crowdfunding Regulation, no AFM approved prospectus
- Issuer
- Momo Medical Holding B.V., KvK 68344554, Delft
Reading the filings
- The Form D landed on the last allowed day, four days after the press release.First sale was Aug 30, 2024. A Form D is due within 15 days. The fifteenth day, Sep 14, was a Saturday, pushing the deadline to Monday Sep 16, the day it was filed. The €6.5 million was announced on Sep 12.
- A third of what was sold was not money.Of the $8,891,000 sold, the filing states that $3,091,000 was conversion of outstanding convertible securities and $5,800,000 was new capital, so the conversion is 34.8 percent of the total. Across 33 investors the sold amount averages about $269,400, but the filing does not say who brought cash and who brought notes.
- The announced euro figure and the filed dollar figure do not reconcile from the record.The release says €6.5 million of new financing. The Form D says $8,891,000 sold, of which $5,800,000 was new. Neither document gives a rate or a date, and no amendment has been filed. The 2025 Dutch document still repeats €6.5 million for 2024.
- The refinancing increased bond debt rather than retiring it.Bonds I and II together were €2,749,500 nominal. On Jan 12, 2026, holders of 1,381 of the 1,999 bond I notes and 12,203 of the 17,500 bond II notes converted, or €1,910,800, which is 69.5 percent of the new issue. Bond III is listed at its full €2,749,500, leaving €309,000 of bond I and €529,700 of bond II outstanding. Total NPEX bond debt therefore rose to €3,588,200.
- Customers, not investors, fund the working capital.At June 30, 2025 the holding company held €5,922,458 received in advance from care organisations against €484,835 of cash. Most customers pay one, two, three or five years up front. That line grew from €363,232 at the end of 2023 to €2,257,635 a year later.
- Equity is negative and the bonds are subordinated.Equity was minus €2,597,676 at the end of 2023, minus €3,188,945 at the end of 2024 and minus €3,427,069 at June 30, 2025. The offering document says so plainly: “Ons eigen vermogen is negatief.” Bondholders rank behind the bank and the two fund loans.
- One name is spelled two ways.The Form D lists Menno Gravemaker, Rini Van Solingen and Peter Haajes. The 2025 Dutch document names the same board but spells the third director Haasjes, and identifies him as a director at NextGen Ventures and Head of Investments at Noaber. NextGen co led the 2024 round.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Revenue | €2,070,105 (2023), €3,990,659 (2024), €3,008,600 (first half 2025). The annual accounts carry a compilation statement; the half year figures are internal. | Public record |
| Result | Net loss €1,408,737 (2023), €1,502,726 (2024), €699,623 (first half 2025). EBITDA improved to minus €216,235 in that half year. | Public record |
| Concentration | Largest customer more than 9 percent of revenue; top five more than 32 percent. | Public record |
| Pricing | €30 per bed per month excluding VAT in the 2022 document. Vilans recorded €42 including VAT per resident per month in June 2023, or €32 at a scale up rate. | Mixed |
| Regulatory | CE marking stated under Directive 2014/53/EU, the Radio Equipment Directive. No notified body, MDR certificate or device class named. No FDA record found. | Public record |
| Named customers | Archipel, Saffier, tanteLouise, Mijzo, Thebe, Amstelring, Laurens, Pieter van Foreest, Beweging 3.0, Aafje. Framework contracts with ICWB (2,500 units), Thebe (550), Archipel (400). | Offering doc |
What to watch
- Whether a new Form D or an amendment appears. EDGAR holds only one for this company.
- The 2025 and 2026 accounts on NPEX, and whether EBITDA turns positive as the first half of 2025 suggested.
- Whether the prepayment balance keeps outrunning cash if growth slows.
- The January 2031 maturity against negative equity and a stated need for further financing.
- Any conformity assessment under the EU Medical Device Regulation, which would change both the cost base and the permitted claims.
The Momo Medical story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D, Momo Medical Group Inc., accession 0002036113-24-000001, and the SEC Form D structured data set for 2024 Q3
- Public recordInformatie Memorandum obligatielening III, Momo Medical Holding B.V.
- Public recordInformatie Memorandum obligatielening I, Momo Medical Holding B.V.
- Public recordMomo Medical securities, documents and news pages, including the January 2026 conversion counts
- IndependentDutch-based Momo Medical raises €6.5M
Compiled from SEC, NPEX and other public records as of September 24, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Euro and dollar figures are reported as each source states them, without conversion. Healthcare Venture Capital Fund holds no position in Momo Medical. This page is not an offer to sell or a recommendation to buy any security.