Announcing the first closure of its £50M fund, London-based THENA Capital, the first specialised early-stage medtech venture fund in the UK run by an all-female team, secured £27M from prominent investors. In addition to filling important financial shortages in early-stage medical technology, the company hopes to diversify the venture capital scene. THENA Capital was established by Tatum Yount Getty, Dr. Pamela Walker Geddes, and Esther Reynal de St Michel Richardot. It is a combination of three nationalities—French, American, and Canadian—with complementing experience in creating and growing healthcare, wellness, and health businesses. The fund was established five years ago with the goal of revolutionising venture capital and the healthcare industry.
“The UK is a key player in the global medical landscape generating game changing innovations,” said THENA Capital co-founder and general partner Esther Reynal de Saint-Michel Richardot. “We are thrilled to collaborate with founders, turbocharging their businesses to transform patient experiences at scale and close the gender healthcare gap.”
THENA Capital will focus on British entrepreneurs that are creating medical devices and digital healthcare solutions, with an emphasis on inventions that address the health issues facing women. They already have a number of noteworthy femtech investments in their portfolio, such as Daye and Samphire Neuroscience. Institutional and individual investors have contributed significantly to the fund, including the British Business Bank’s Enterprise Capital Funds program, Firebird Collective, This Day Foundation, Patrick Healy of Hellman & Friedman, Baroness Martha Lane Fox, co-founder of Lastminute.com, and several people from private equity and pharmaceutical companies.
“THENA Capital fills a critical funding gap in early-stage medtech, a sector vital to the UK economy and growth ambitions,” commented Baron David Prior of Brampton, former chairman of NHS England and chairman of University College Hospital. “If we are to maintain our global leadership and competitive advantage in medtech and life sciences, we must back researchers and scientists bravely bringing their innovations to market. THENA Capital has demonstrated a strong ability to scale these innovations for the benefit of patients and their families.”
“If you can’t see it, you can’t be. If you can’t dream it, you can’t do it,” shared Tatum Getty in her announcement of the first close. “I hope we inspire others to follow suit and join us in breaking the barriers and redefining the image of a venture capitalist.”
THENA Capital’s launch coincides with a pivotal moment for investments in women’s health. Women’s health businesses have typically received proportionally less funding than other healthcare categories, despite the femtech market’s strong development. THENA wants to assist in narrowing the financial gap and, eventually, the gender healthcare gap by concentrating on medtech breakthroughs that can solve women’s health concerns.
An essential step towards diversity in venture capital, where women are still notably under-represented, is the fund’s all-female leadership. Women make up only a small portion of general partners at venture capital companies, and even fewer of the startups funded by VC firms are run by women. THENA’s strategy, which offers financing and representation, directly confronts these figures.
