Hampshire-based Simplyhealth, a health solutions provider, announced on Monday that it has launched its new venture capital fund, Simplyhealth Ventures, at £60M (approximately €68M).
Simplyhealth Venture will invest in UK-focused early-stage healthcare businesses to accelerate the development and adoption of predictive and preventative healthcare solutions.
Through the latest fund, the venture fund intends to support the Government and UK economy as well as broaden its products for its customers. Simplyhealth Ventures has already announced an investment in Daye, a female-founded gynaecological health company.
The company offers convenient products and services for period pain, at-home STI testing, and the treatment of vaginal infections. This funding is crucial in enabling Daye to progress its offering from menstruation to vaginal microbiome screening.
Valentina Milanova, Founder of Daye, says, “We have ambitious plans to ensure women’s health is treated with the importance it deserves, and we are delighted to have Simplyhealth join us on that journey. This funding will support Daye’s growth and the launch of the UK’s first tampon-based at-home vaginal microbiome screening kit, making vaginal testing more accessible, easy to use, and even more accurate.”
“Simplyhealth’s investment will also enable us to build a comprehensive platform for gynae health, giving more women and AFAB individuals valuable insights into their bodies,” she adds.
Besides Daye, the VC has already invested in two innovative HealthTech startups:
Ocuplan – Provider of plans to support those with chronic eye conditions.
Ampersand – A digital therapeutics platform for chronic inflammatory conditions.
Dr. Sneh Khemka, Chief Executive Officer at Simplyhealth, says, “I am proud to launch Simplyhealth Ventures, which has been a focus of mine since I stepped into the CEO role last year. We’re investing in pioneering healthcare businesses in the HealthTech and MedTech sectors and have already made significant investments this year in predictive and preventative healthcare in the UK.”
He adds, “We strive to make healthcare accessible to all, and I am excited that we can financially support innovative healthcare businesses through our fund, addressing challenges in the UK healthcare system. We are a purpose-driven company with no shareholders, so our profits go to fulfilling this purpose.”
Simplyhealth: What you need to know
Founded in 1872, Simplyhealth helps individuals, families, and employees easily access in-person and virtual well-being services. It includes cash plans, dental plans, private medical insurance, and self-funded health plans. Currently, the company claims to serve over 2.3 million customers in the UK.
In July, the UK company became the first Health Insurer to be awarded B Corp status.
To become a certified B Corporation (a for-profit company dedicated to using business as a force for good), companies must commit to achieving high social and environmental performance standards.
To qualify, companies must achieve a minimum verified score of 80 points on the ‘B Impact Assessment,’ which measures the impact on workers, suppliers, the community, and the environment.
Simplyhealth achieved 91.9 points.