Healthcare technology firm Medmin Group has completed a £1.45m funding round that will help it to create 60 jobs over the next three years.
Birmingham-based Medmin says it will use the funding to expand its network of healthcare clinics and to develop the technology behind customer-facing brand Get Well Soon as it aims to meet growing demand for self-pay private elective surgery.
The funding round includes £500,000 from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund. The group has also secured £250,000 from the West Midlands Co-Investment Fund, with the remaining funding secured privately.
It 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.
Medmin's Get Well Soon brand aims to offer a "fast concierge-style service for self-pay patients" looking for elective surgery. It is also developing a network of specialist clinics including a "total practice management" system for doctors working in the private sector.
Andy Street, Mayor of the West Midlands, said: "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”.
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."
Both MEIF and the West Midlands Co-Investment Fund are managed by Midven, part of the Future Planet Capital Group.
Surjit Kooner, investment director at Midven, said: “Medmin offers an exciting opportunity to disrupt the provision of elective private surgery in the UK. Their technology and expertise puts them in a fantastic position to transform private healthcare and we are excited that our investment will help make this possible.”
Mark Wilcockson, senior investment manager at the British Business Bank, said: “The Midlands Engine Investment Fund invests in innovative SMEs across the Midlands. Medmin is a leader in the private healthcare sector with its cutting edge technology, and this funding will support the company’s presence across the UK by creating 60 new jobs. This investment is a good example of how the MEIF supports companies based in the Midlands to create a wider positive economic impact on the region’s economy.”
