London tech company gets multi-million pound funding for expansion

A health technology company based in London has secured a multimillion pound loan through alternative SME credit specialist Caple.

iPLATO, which provides the myGP platform and app, plans to use the loan to invest in its technology, new products and services, and marketing.

It says that the funding will enable it to grow in the UK and to launch internationally.

It also plans to increase its 1.5m myGP app users to 10m users in the UK next two years.

The company was ranked one of the 100 fastest-growing private tech companies in the UK by The Sunday Times Tech Track.

Martin Rowden, CFO of iPLATO, said: “Our aim is to transform healthcare by making it easier for patients to better organise their and their family’s healthcare.

“To do so, we need funding that reflects our ambitions. While equity funding was a possible option, it was expensive, failed to match our vision, and we did not want to dilute our ownership.

“This deal with Caple is ideal for our business as it enables us to develop new products and services to achieve our growth targets.

“We have achieved significant user growth and we want to keep our foot on the gas to reach 10m users in the next two years.

“There is a significant appetite for digital first healthcare services both in the UK and internationally and we aim to meet this demand.”