Health tech firm secures £750,000 investment 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, part of the Future Planet Capital Group.

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 enable Medmin to create 60 jobs over the next three years and facilitate the expansion of clinics 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.

Figures reported in April 2023 showed around 7.4million people waiting for treatment. To help combat the long waiting lists, GWS offers a fast concierge-style service for self-pay patients and provides a viable and affordable alternative for elective surgery.

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.

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.”

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.”

Surjit Kooner, investment director at Midven, added: “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.”