Key Takeaways
- • Medmin Group Ltd, a Birmingham-based healthcare technology company, secured £250,000 from the West Midlands Co-Investment Fund, establishing itself as the first portfolio company for this newly established regional investment vehicle.
- • Total funding package for Medmin reaches £750,000, combining £250,000 from the West Midlands Co-Investment Fund and £500,000 from the Midlands Engine Investment Fund (MEIF) West Midlands Equity Fund, both managed by Midven.
- • The West Midlands Co-Investment Fund operates with a £1 million equity ceiling per investment matched on a 1:1 basis by private co-investors, designed to support high-growth SMEs in the region's strategic industries.
- • Medmin will deploy capital to complete its Get Well Soon technology platform and expand from its Midlands base into additional regional clusters serving the broader UK private elective surgery market, with plans to create 60 new jobs over three years.
- • Investment targets the growing private healthcare demand driven by NHS waiting lists (7.4 million patients awaiting treatment as of April 2023) and clinicians' demand for alternative working arrangements in the private sector.
Summary
Medmin Group Ltd, a healthcare technology company headquartered in Birmingham, has achieved first-mover status within the newly established West Midlands Co-Investment Fund, securing £250,000 in equity investment. The West Midlands Co-Investment Fund was created by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund to provide capital to innovative SMEs with high-growth potential, offering equity investments up to £1 million on a 1:1 matched basis with private co-investors.
The funding forms part of a broader £750,000 capital raise for Medmin, supplemented by £500,000 from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund. Both funds are managed by Midven, part of the Future Planet Capital Group. This coordinated deployment of public and private capital reflects a structured approach to regional economic development in the West Midlands healthcare technology sector.
Medmin operates Get Well Soon (GWS), a customer-facing platform addressing the private elective surgery market for self-pay patients. The company targets two interconnected market dynamics: sustained demand from patients for private treatments amid elevated NHS waiting lists—approximately 7.4 million individuals awaiting treatment as of April 2023—and clinicians' interest in alternative working models within the private healthcare sector. The capital will be deployed to complete the technology infrastructure supporting GWS and facilitate geographic expansion beyond the Midlands into additional regional clusters to serve the UK market more broadly.
The investment carries employment and operational milestones: Medmin projects the creation of 60 new jobs over the three-year period following the funding close. This initial deployment of the West Midlands Co-Investment Fund signals active capital deployment into the region's healthcare innovation ecosystem and establishes a template for the fund's ongoing investment activity in high-growth SMEs.
The funding forms part of a broader £750,000 capital raise for Medmin, supplemented by £500,000 from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund. Both funds are managed by Midven, part of the Future Planet Capital Group. This coordinated deployment of public and private capital reflects a structured approach to regional economic development in the West Midlands healthcare technology sector.
Medmin operates Get Well Soon (GWS), a customer-facing platform addressing the private elective surgery market for self-pay patients. The company targets two interconnected market dynamics: sustained demand from patients for private treatments amid elevated NHS waiting lists—approximately 7.4 million individuals awaiting treatment as of April 2023—and clinicians' interest in alternative working models within the private healthcare sector. The capital will be deployed to complete the technology infrastructure supporting GWS and facilitate geographic expansion beyond the Midlands into additional regional clusters to serve the UK market more broadly.
The investment carries employment and operational milestones: Medmin projects the creation of 60 new jobs over the three-year period following the funding close. This initial deployment of the West Midlands Co-Investment Fund signals active capital deployment into the region's healthcare innovation ecosystem and establishes a template for the fund's ongoing investment activity in high-growth SMEs.
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