MedTech fund boosted by £30 million backing

A venture capital fund focusing on medical technology startups has secured a major commitment to fuel its growth. 

The British Business Bank has pledged up to £30 million to THENA Capital’s inaugural UK MedTech Fund, which has already raised £27 million.

Founded in 2021, THENA Capital’s all-female leadership team of Dr. Pamela Walker Geddes, Esther Reynal de St Michel Richardot and Tatum Getty bring expertise from across the healthcare spectrum in the UK, Europe and the US.

THENA say the fund will aim to support early-stage UK medical tech companies specialising in digital healthcare solutions and fast-track medical devices, helping companies improve patient experiences and scale innovations globally.

They add that the fund will improve opportunities for gender-smart investing and will “empower” female entrepreneurship in the healthcare industry, ensuring capital is used to drive gender equality and “drive impactful change”.

Pamela, Esther and Tatum said, in a joint statement: “We are thrilled to join forces with the British Business Bank, whose strategic vision and cornerstone commitment empower us to lead as a specialised fund and accelerate growth across the MedTech landscape. 

“This partnership strengthens our ability to drive impactful change, disrupt the status quo, and transform the future of healthcare.”

The British Business Bank, which signed the Investing in Women Code along with THENA Capital to commit to supporting the advancement of female entrepreneurship in the UK and improve female entrepreneurs’ access to finance, is the UK’s largest domestic venture capital investor, with its Enterprise Capital Funds programme supporting 47 funds and over £2.3 billion in finance.

Its commitment to THENA Capital represents the programme’s first all-female general partner led fund.

Christine Hockley, managing director and co-head of funds at British Business Bank, added: “This commitment to THENA Capital supports our strategic objective to back innovation as they back startups developing digital healthcare solutions and fast-track medical devices. 

“Supporting early-stage businesses with growth potential sits at the core of our investment strategy.

“As one of the founding signatories of the Investing in Women Code, we are delighted to partner with an all-female investment team who also signed the Code. 

“Supporting the advancement of female entrepreneurship in the UK is key for the British Business Bank, not only because it is the right thing to do but also because it is good for business, leading to better performance and better returns.”

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