Birmingham health tech group Medmin completes £1.45M funding round to transform self-pay surgery
Birmingham-based healthcare technology company Medmin Group has secured a £750,000 investment, as part of a larger £1.45m funding round, to grow its consumer-facing platform, Get Well Soon – designed to offer a concierge-style service for patients looking to access private surgery, as well as a network of clinics providing elective surgery.
The £750,000 will come from two different funds: £500,000 will come from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund and the remaining £250,000 from the West Midlands Co-Investment Fund. Both are managed by Midven.
This is the first investment from the West Midlands Co-Investment Fund, which was set up by the West Midlands Combined Authority (WMCA) in partnership with the West Midlands Pension Fund to provide innovative SMEs with equity of up to £1m matched on a 1:1 basis by private co-investment.
The capital will help Medmin address the growing demand for self-pay private elective surgery, and help it in its drive to transform private healthcare. The cash will also help Medmin to create 60 jobs over the next three years and expands it clinic offerings beyond the Midlands, forming additional regional clusters to serve the wider UK market.
Medmin is looking to change the provision of private surgery to self-pay patients in the UKby addressing the growing demand from patients for private treatments amidst post-pandemic NHS waiting lists, and the increasing need from clinicians for a different way of working in the private sector.
The funding marks the first investment from the West Midlands Co-Investment Fund, a £25m fund from the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund to support the growth of innovative SMEs with equity of up to £1m matched on a 1:1 basis by private co-investment.
Andy Street, Mayor of the West Midlands, says: “When the West Midlands Co-Investment Fund was established, I wanted to see us find and fund great local entrepreneurial teams. So it’s great to see this first investment into Medmin – an innovative health-tech start up with high growth potential. This £250k investment has been matched with private co-investment and the Midlands Engine Investment Fund have also contributed to this investment round. This backing will enable the firm to scale its operations – at the same time as creating jobs within our region which is an important part of powering our regional recovery.”
Medmin is also developing a network of specialist clinics in partnership with consultants which includes a total practice management solution for doctors operating in the private sector. The services offered include patient registration, administration, billing, legal, marketing, business management and indemnity insurance cover.
Keith Duddy, CEO at Medmin, said: “We are delighted to be working with Midven, the Midlands Engine Investment Fund and the West Midlands Co-Investment Fund. Our business started here in Birmingham, and is very much rooted in the region. This funding will allow us to scale up operations, recruit more staff and continue to develop the business. We are grateful that Midven took the time to understand, appreciate and support our exciting plans for the business as we move forward in our mission to uncomplicate healthcare.”