Birmingham based healthtech creates new jobs via seven-figure funding round

Birmingham based healthcare technology company Medmin Group Ltd (Medmin) has secured a £750k investment, as part of a larger £1.45m funding round.

This £750k will come from two different funds: £500k will come from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, and the remaining £250k from the West Midlands Co-Investment Fund. Both are managed by Midven, part of the Future Planet Capital Group.

This is the first investment from the West Midlands Co-Investment Fund, which was set up by the West Midlands Combined Authority (WMCA) in partnership with the West Midlands Pension Fund to provide innovative SMEs with equity of up to £1m matched on a 1:1 basis by private co-investment.

The Fund’s objective is to help expand and grow the region’s industries of the future. This investment highlights Midven’s position as a “regional powerhouse” committed to fuelling growth and supporting “innovative” high-growth SMEs like Medmin.

The capital will help Medmin address the growing demand for self-pay private elective surgery, and help them in their mission to transform private healthcare. The significant funding from the two funds through Midven will allow Medmin to create 60 new jobs over the next three years.

It will also use the investment to complete the technology platform that supports Get Well Soon (GWS), their customer facing brand. This will ultimately facilitate the expansion of clinics beyond the Midlands, forming additional regional clusters to serve the wider UK market.

Medmin is on a mission to transform the provision of private surgery to self-pay patients in the UK. It aims to do this by addressing two “crucial” market dynamics: the growing demand from patients for private treatments amidst post-pandemic NHS waiting lists, and the increasing need from clinicians for a different way of working in the private sector.

Keith Duddy, CEO at Medmin, commented: “We are delighted to be working with Midven, the Midlands Engine Investment Fund and the West Midlands Co-Investment Fund. Our business started here in Birmingham, and is very much rooted in the region.

“This funding will allow us to scale up operations, recruit more staff and continue to develop the business. We are grateful that Midven took the time to understand, appreciate and support our exciting plans for the business as we move forward in our mission to uncomplicate healthcare.”

By Matthew Neville – Senior Correspondent, Bdaily

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