Minnesota Medical Technologies Raises $20.6M Series A

Minnesota Medical Technologies Corporation (MMTC), a burgeoning force in continence care, has successfully closed a substantial $20.6 million Series A funding round. This significant capital injection is poised to accelerate the commercial rollout of its flagship fecal incontinence solution, StaySure™, across the United States, addressing a critical unmet need in a market historically dominated by palliative products.

The financing round saw co-leadership from prominent venture capital firms, HM Venture Partners and Southeast Minnesota Capital Partners. This strategic investment underscores growing investor confidence in innovative medical device companies targeting large, underserved patient populations. The global market for incontinence products is projected to reach over $20 billion by 2027, driven by an aging demographic and increased awareness, yet restorative solutions remain scarce.

According to David A. Jonas, CEO of MMTC, this funding is a transformative moment for the company. "This capital empowers us to introduce StaySure™ into the U.S. market, which recently granted us regulatory clearance, and to significantly expand our operational capabilities and team," Jonas stated. "For the millions grappling with fecal incontinence, this represents a genuine opportunity for a safe, effective, and life-enhancing alternative to current options."

The newly secured funds are earmarked for several strategic initiatives. A primary focus is establishing a robust U.S. market entry infrastructure, encompassing commercial operations, distribution networks, and comprehensive market education for StaySure™. Furthermore, MMTC plans aggressive talent acquisition, building high-performing sales, marketing, and customer care teams to drive market penetration and brand awareness. A portion of the capital will also enhance the company's financial stability, supporting disciplined, sustainable growth.

Founded in 2015, MMTC emerged from a collaboration with Mayo Clinic gastroenterologist Adil Bharucha, MD, to tackle the pervasive issue of fecal incontinence, which impacts over 2% of the global population. The company's innovative StaySure™ device is a single-use insert designed as a discreet, patient-centered alternative to traditional absorbent products like adult diapers and pads. Following the establishment of a state-of-the-art manufacturing facility and successful clinical trials at Mayo Clinic, StaySure™ received FDA 510(k) clearance in July 2025, paving the way for its commercialization.

The leadership team at MMTC brings a strong track record of value creation, including prior experience from Rochester Medical Corporation, which was acquired by CR Bard for $262 million in 2013. This deep industry expertise, combined with validated clinical data and regulatory approval, positions MMTC to unlock significant value in the continence care sector. The company's focus on physician and patient education, coupled with expanded distribution channels, is expected to drive broad market adoption of this differentiated solution, offering a meaningful impact on patient quality of life and substantial long-term shareholder returns.

HM Venture Partners, a San Francisco-based firm founded in 2019 by Robert Luo, manages over $600 million across three funds, backing high-growth medtech and biotech companies globally. Southeast Minnesota Capital Partners, based in Rochester, MN, was established in 2022 by David Herbert and Harry Hoffman, managing early-stage venture capital funds with a focus on Minnesota medtech companies.