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EndoChoice Closes Series B Financing With Council Ventures and River Cities Capital Funds



8/21/2009 7:28:32 AM

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ALPHARETTA, GA-- EndoChoice, Inc., an emerging leader in GI endoscopy products and services, announced today that it completed its Series B financing. The financing was co-led by Council Ventures and Series A lead investor River Cities Capital Funds. With more than 500 GI products and services, EndoChoice is bringing new efficiencies and innovation to the GI professional.

EndoChoice will use the funds to expand their existing team in the US, Europe and Asia, to accelerate growth as they launch new technology and services. "We are excited to enter the next phase of our dramatic growth and are pleased to have partnered with two world-class venture capital firms," said Mark Gilreath, founder and chief executive officer of EndoChoice.

"The GI market has long suffered from a lack of innovation and high quality service," said Grant Jackson, General Partner at Council Ventures. "We are excited to be an investor in EndoChoice and to back an excellent management team with strong experience in GI as they bring needed innovation to the GI space."

"EndoChoice has proven that there is significant need in the marketplace for their offering as evidenced by rapid growth, customer praise and industry accolades. We are pleased to continue to support the management team in their endeavor to build an industry leading medtech company," said Rik Vandevenne, Principal, River Cities Capital Funds.

About EndoChoice

Incorporated in 2007, EndoChoice is a specialty medtech company delivering innovative solutions to professionals in gastrointestinal endoscopy. The Company is led by a management team with executive experience from GI companies such as Given Imaging, Boston Scientific, C.R. Bard and Pentax Medical. The Company leverages its sales force and an efficient web-based channel to deliver innovative products and services to professionals in the field of gastrointestinal endoscopy in the USA, Europe and Asia. The Company is headquartered in Alpharetta, Georgia. For more information, visit www.endochoice.com.

About Council Ventures

Council Ventures is a venture capital firm that focuses on healthcare services, healthcare IT, and the convergence of healthcare and financial services. Council Ventures targets growth and early-stage investments where companies seek to provide innovative solutions that improve the quality and delivery of care, while reducing costs in the healthcare system. Council Ventures' team consists of four general partners and five operating partners who have built over $7 billion and $9 billion, respectively, of realized value as President and CEO, as well as 18 CEO Council members who have had successful careers as senior executives in healthcare, financial services, and related businesses. For more information, visit www.councilventures.com.

About River Cities Capital Funds

Formed in 1994, River Cities is an expansion stage venture capital fund managing $400 million in capital with offices in Cincinnati, Ohio and Raleigh, North Carolina. River Cities seeks to partner with exceptional management teams to build great companies based on sound business economics and market leadership potential, creating significant potential for growth and superior returns for both entrepreneurs and our investors. Among River Cities' successes are EVault, Suros Surgical Systems, Nielsen Buzzmetrics, Health Personnel Options and many other technology and healthcare market leaders. River Cities has partnered with 85 companies over the last fifteen years and is currently investing out of its $120 million fourth fund. For more information, visit www.rccf.com. Contact:

For further information contact: Scott Fraser Vice President, Marketing EndoChoice, Inc. 11800 Wills Rd. Suite 100 Alpharetta, GA 30009 770-682-8700 (Office)


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