Birmingham-based healthcare technology company Medmin Group Ltd (Medmin) has secured a £750,000 investment, as part of a larger £1,450,000 funding round.
This £750,000 will come from two different funds: £500,000 will come from Midlands Motor 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 me Midvenpart of Future Planet Capital Group.
This is the first investment from the West Midlands Mutual Fund, set up by the West Midlands Mutual Authority (WMCA) in partnership with the West Midlands Pension Fund to provide innovative SMEs with up to £1m of capital on a 1:1 basis of private co-investment. The fund aims to help expand and develop the region’s industries in the future.
This investment highlights Midven’s position as a regional powerhouse committed to fueling growth and supporting innovative, high-growth SMEs such as Medmin. Capital will help Medmin meet the growing demand for self-propelled private elective surgery, aiding them in their mission to transform private healthcare.
The large funding from the two funds through Midven will allow Medmin to create 60 new jobs over the next three years. They will also use the investment to complete the technology platform that powers Get Well Soon (GWS), the customer-facing brand. This will ultimately facilitate the expansion of clinics outside the Midlands, and the formation of additional regional groups to serve the wider UK market.
Medmin is on a mission to transform the provision of private surgery to self-paying patients in the UK. They will do this by addressing Crucial market dynamics – The growing demand from patients for private treatments amid post-pandemic NHS waiting lists, and the growing need from doctors for a different way of working in the private sector.
Figures reported in April 2023 showed around 7.4 million people are waiting for treatment. To help combat long waiting lists, GWS offers an express, concierge-style service for self-pay patients and provides a practical and affordable alternative to elective surgery.
Medmin is also developing a network of specialist clinics in partnership with consultants that includes a comprehensive practice management solution for physicians working in the private sector. Services offered include patient registration, administration, billing, legal, marketing, business administration, and indemnity insurance coverage.
Andy Street, Mayor of West Midlands, says, “When the West Midlands Mutual Fund was set up, I wanted to see us find and fund great local entrepreneurial teams. So it’s great to see this first investment in Medmin – an innovative health tech start-up with high growth potential This investment of £250,000 has been matched with a co-investment from the private sector, the Midlands Drive Investment Fund has also contributed to this investment round.This support will enable the company to expand its scale of operations – at the same time as creating jobs within our region, which is An important part of strengthening our regional recovery.”
Keith Doody, CEO of Medmin, says: “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 rooted in the region. This funding will allow us to scale operations and hire even more 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 of uncomplicated healthcare.”
Surjit Conner, Chief Investment Officer at Midven says, “Medmin presents an exciting opportunity to disrupt the provision of elective private surgery in the UK. Their technology and experience puts them in a great position to transform private healthcare and we’re excited that our investment will help make this possible.”
Mark Wilcoxon, Senior Investment Manager at British Business Bank said: “The Midlands Engine Investment Fund invests in innovative SMEs across the Midlands region. 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 MEIF can support businesses based in the Midlands region to create a broader positive economic impact on the region’s economy.”
The Midlands Drive Investment Fund project is financially supported by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Program 2014-2020 and the European Investment Bank.
The West Midlands Co-Investment Fund is looking to invest in SMEs across a variety of sectors including green technology, advanced manufacturing, life sciences, creative and digital, helping them scale operations. The WMCA has put £12.5m into the fund, and this has been rewarded by the West Midlands Pension Fund. The fund has been in operation for 10 years, focused on bringing new money to private investors to the region and, using a co-investment model, invest alongside business angels and other private investors on a minimum £1 to £1 basis.