Medtech fund boosted by £30 million backing

A venture capital fund focused on medtech start-ups has secured a major commitment to fuel its growth. 

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 brings expertise from across the healthcare spectrum in the UK, Europe and the US.

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

They add 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.

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

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.

It is the UK’s largest domestic venture capital investor, with its Enterprise Capital Funds programme supporting 47 funds and more than £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: “Supporting the advancement of female entrepreneurship in the UK is key for 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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