The British Business Bank has committed up to £30 million to THENA Capital’s inaugural UK MedTech Fund. The fund reportedly has held its first close at £27 million with commitments from Firebird Collective, This Day Foundation, Baroness Martha Lane Fox, and other individuals. The fund states that it will back early-stage UK medical technology startups.
The Bank notes that THENA Capital is founded by all female team. Thena also works closely with founders to help commercialise and scale products from the UK.
The British Business Bank is the largest domestic investor in UK venture and growth capital. The Bank’s Enterprise Capital Funds program is key in helping to develop and maintain effective venture capital provision in the UK, lowering the barriers to entry for first-time fund managers and supporting the progression of emerging managers as they seek to establish their market presence. The program has backed 48 funds, representing nearly £2.4bn of finance, and helps those fund managers specifically target early-stage businesses with long-term growth potential.
Christine Hockley, Managing Director and Co-Head of Funds at British Business Bank, said the commitment supports their strategic objective to back innovation as they back startups developing digital healthcare solutions and fast-track medical devices.