London-based venture capital firm THENA Capital has launched its Fund I, securing an initial close of £27 million out of its £50 million target. The fund aims to support early-stage UK medical technology startups focused on digital healthcare solutions and fast-track medical devices. Investors include Firebird Collective, This Day Foundation, Baroness Martha Lane Fox, and several private equity and pharmaceutical industry professionals. The British Business Bank has committed up to £30 million through its Enterprise Capital Funds programme. THENA Capital plans to leverage this funding to accelerate the development of healthcare startups with high-growth potential.
THENA Capital was established in 2021 by experienced healthcare professionals to address gaps in early-stage medtech funding. Over the years, similar funds have emerged, with increasing interest in the digital health sector. Other firms have also been focusing on gender-smart investing, but THENA Capital has taken a more structured approach by allocating a quarter of its fund specifically for women’s health. Compared to previous medtech funds in the UK, this initiative demonstrates a growing emphasis on innovation in care delivery and patient experience.
What Areas Will THENA Capital Focus On?
The fund will prioritise investments in digital healthcare businesses and medical devices addressing chronic conditions, oncology, cardiovascular health, mental health, and care service delivery. A significant portion of the fund is allocated to women’s health, reflecting an effort to support underfunded areas. THENA Capital aims to help portfolio companies scale their innovations beyond the UK and expand into larger markets like the US.
How Will THENA Capital Support Startups?
Beyond financial investment, THENA Capital will actively collaborate with founders to commercialise their products and accelerate their market entry. The firm focuses on improving patient experience through advancements in care delivery, patient support, and medical product development. The fund’s gender-inclusive approach ensures that capital is strategically used to address disparities in healthcare innovation.
The British Business Bank highlighted its strategic commitment to innovation in healthcare startups.
“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,”
said Christine Hockley, Managing Director and Co-Head of Funds at the British Business Bank.
THENA Capital is also a signatory of the Investing in Women Code, reinforcing its aim to support female entrepreneurship in the medtech space.
“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,”
added Hockley.
The fund’s leadership expressed confidence in its collaboration with the British Business Bank.
“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,”
stated Dr. Pamela Walker Geddes, Esther Reynal de Saint-Michel, and Tatum Getty, Co-Founding General Partners of THENA Capital.
THENA Capital’s focus on medtech innovation aligns with the increasing demand for digital healthcare solutions. The funding environment for early-stage medical technology startups has seen fluctuations, but dedicated funds like this provide targeted support for emerging businesses. By directing investment into chronic diseases, mental health, and women’s health, the fund seeks to address critical gaps in healthcare. Companies benefiting from this initiative will have opportunities to expand internationally, particularly in markets with high demand for advanced medical technology. As the medtech sector evolves, financial backing and strategic guidance will remain essential for startups aiming to bring new healthcare solutions to a broader audience.
