November 2, 2022 – Ottawa, ON – Invest Ottawa is pleased to announce the successful graduation of Spiderwort Inc. from the IO Accelerator. The flagship program is designed to help entrepreneurs grow and scale on their Venture Path.
“The technology Spiderwort has developed is truly ground-breaking, with seemingly endless applications,” said Megan Maltby, Manager, Accelerator Programs & Investor Relations, Invest Ottawa. “It has been exciting to witness the firm’s growth and knowing that Spiderwort’s solutions will have a positive impact on human health and the health of our planet makes the experience all the more rewarding.
Spiderwort, a biotechnology company founded in 2015 and led by CEO and Co-Founder, Dr. Charles M. Cuerrier, joined the IO Accelerator program in 2018. Spiderwort focuses on plant-based biomaterials that have the potential to repair spinal cord injuries and promote healing. Since joining the program, Spiderwort has become a pioneer in life sciences and has grown from six to 22 full time employees (FTEs) as of Q3 of 2022. To date, Spiderwort has raised $20.8 million CDN in total capital including a $17 million CDN Series A round in early 2022, led by Horizons Ventures.
This latest round of funding will support the company as it heads to clinical trials, a critical step in bringing its products to market. In 2019, the United States Food and Drug Administration (FDA) designated Spiderwort’s CelluBridge product as a “Breakthrough Device”. This FDA program is designed to help accelerate the assessment and review processes to get products to market quicker.
“Following the successful close of our Series A, we are now moving closer toward clinical trials. We are inspired by the innovation coming out of our team as we work toward our mission to bring life-changing regenerative medicine to patients,” said Dr. Charles M. Cuerrier, CEO and co-founder at Spiderwort, “The guidance and support we have received from Invest Ottawa since joining their portfolio have been critical in achieving our success and growth. For Spiderwort, this graduation marks a new chapter in our company story as we take the next step toward serving the unmet medical needs and increasing the quality of life of patients.
“The Spiderwort team has been a pleasure to work with and is an example of the type of success that can occur when founders and their teams are coachable and open to learning from others,” Maltby explained. “This is just the beginning for Spiderwort, and we can’t wait to see what they accomplish next in the ScaleUp!”
About the IO Accelerator
The IO Accelerator is designed to rapidly and systematically accelerate the development and commercial success of high growth technology startups. In a phased and milestone-based approach, founders push themselves over 12 to 18 months to create a scalable and globally competitive technology company. Companies receive 10 hours of advisory services per month from experts in a variety of management fields, guidance and introductions to investors, curated market research, as well as access to the IO Accelerator co-working space and startup community.
About IO ScaleUp
Designed for high-potential product-based technology firms, IO ScaleUp provides advisory services, networks and programming to help overcome three key challenges to rapid growth and market success – customers, revenue and talent. The platform is jointly delivered by Invest Ottawa, Communitech, and MaRs Discovery District to help scale-up firms rapidly scale revenues or teams and increase their potential of becoming $100 million companies.
Spiderwort is transforming biotechnology with a platform of cellulose-based biomaterials that serve as the scaffolds for the regenerative medicine of the future. Spiderwort’s biomaterials have shown promise in the treatment of Spinal Cord Injuries and soft tissue regeneration. Spun out as a startup from the Pelling Lab, Spiderwort is led by CEO Charles M. Cuerrier and inspired by the work of CSO and TED Fellow Andrew E. Pelling. Learn more at spiderwortbio.com.