Rochester, NY company experiences rapid growth, attracts outside capital
Tampa, FL – March 12, 2014 – Stonehenge Growth Equity Partners (SGEP) announces the successful exit of its investment in iCardiac Technologies Inc., a leading global provider of cardiac safety assessment services based in Rochester, NY. Recognized as one of the fastest growing start-ups in upstate New York, iCardiac has attracted capital from Norwest Venture Partners. Stonehenge invested in iCardiac in 2006 in the Company’s initial round of financing.
“We knew there was something special about iCardiac,” said Brian Model, managing partner of Stonehenge Growth Equity Partners. “The management team had deep domain experience and had been successful with prior companies in a similar industry sector. The strong relationship with a major pharmaceutical company validated the technology and the growth potential of the company. We wholeheartedly congratulate the management team at iCardiac and will continue to support them as they begin working with a new partner.”
Model says iCardiac is a perfect example of what Stonehenge Growth Equity Partners looks for in a company – both characteristically and geographically. SGEP focuses on technology-enabled growth stage companies, often at the intersection of healthcare and information technology. Additionally, the firm concentrates on areas of the country that are rich breeding grounds for innovation, but lack local investment capital. Florida, the Southeast and Upstate New York are among these underserved markets in SGEP’s spotlight.
About Stonehenge Growth Equity Partners
Stonehenge Growth Equity Partners spun out of Stonehenge Capital Company in 2013. Prior to founding Stonehenge Growth Equity Partners (SGEP), the investment team managed the growth equity investment activities of Stonehenge Capital Company (SCC). Since 1999, the team at Stonehenge Growth Equity Partners (SGEP) has been investing in growth stage businesses. By developing trusted relationships with experienced entrepreneurs, SGEP supports its portfolio companies through the most dynamic phases of their lifecycles. Based in Tampa, FL, SGEP invests in companies where an entrepreneur is applying proven technology to solve a business problem. These technology-enabled businesses typically generate at least $3M of revenue and are profitable. Our target investment size is $1M to $5M in each portfolio company. For more information, visit www.StonehengeGrowthEquity.com.