London-based THENA Capital, a venture capital firm investing in early-stage medical technology, has officially launched its Fund I with a first close at £27M (approximately €32M) of its £50M (approximately €59.7M) targeted fund.
The fund was backed by Firebird Collective, This Day Foundation, Baroness Martha Lane Fox, and other individuals from private equity and pharma companies.
The British Business Bank announced that it has made a cornerstone commitment of up to £30M (approximately €36M) through its Enterprise Capital Funds programme.
Christine Hockley, Managing Director and Co-Head of Funds, British Business Bank, says, “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 that 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,” adds Hockley.
The fund will back early-stage UK medical technology startups developing digital healthcare solutions and fast-track medical devices.
THENA: Investing in early-stage medtech
THENA was founded in 2021 by three healthcare industry veterans: Pamela Walker Geddes, Esther Reynal de St Michel Richardot, and Tatum Getty. The organisation aims to accelerate the development of life-changing companies in the UK to achieve global reach.
Fund I focuses on supporting digital businesses and fast-tracking medical devices in key opportunity areas, including chronic conditions, oncology, cardiovascular health, mental health, and care service delivery. A quarter of the fund is specifically designated for women’s health.
In addition to providing capital, THENA will collaborate closely with founders to commercialise innovations and scale products from the UK into other major markets, including the US.
The fund will invest in companies that aim to enhance the patient experience, particularly in the domains of care delivery, patient support, and innovative medical products.
Moreover, THENA Capital employs a gender-smart investing strategy, ensuring that capital is utilised to promote gender equality in the healthcare market.
Dr. Pamela Walker Geddes, Esther Reynal de Saint-Michel, and Tatum Getty, Co-Foundering General Partners, THENA Capital says, “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.”
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