THENA Capital Announces First Close of its Inaugural UK MedTech Fund Backed by the British Business Bank

THENA Capital, a specialist venture capital firm backing early-stage UK-based medical technology startups, announces a first close at £27M, targeting a £50 million fund (“Fund I”).

THENA Capital is the first all-female General Partner (GP) led fund to receive backing from the British Business Bank’s Enterprise Capital Funds programme. Founded in 2021 by three industry experts with a strong team track record in MedTech, THENA Capital is well-positioned to drive impact and returns in a sector that has long faced funding constraints despite its strong talent and innovation pipeline. 

Fund I will partner with UK startups developing digital healthcare solutions and fast-track medical devices. THENA Capital’s founding team brings deep industry expertise from across the healthcare spectrum in the UK, Europe and the US. As well as capital, they will work closely with founders to bring pivotal MedTech innovations to market and support the companies to scale successfully from the UK into other key markets, including the US. 

“The UK is a key player in the global medical landscape generating game-changing innovations. We are thrilled to collaborate with founders, turbocharging their businesses to transform patient experiences at scale and close the gender healthcare gap.” -Esther Reynal de Saint-Michel Richardot, Co-Founder & General Partner, THENA Capital 

In addition to the cornerstone investment from The British Business Bank’s Enterprise Capital Funds programme, THENA Capital’s Fund I is backed by notable LPs, including Firebird Collective, This Day Foundation, Patrick Healy (CEO of Hellman & Friedman), Baroness Martha Lane Fox (co-founder of Lastminute.com), and other individuals from private equity (including H&F, TA Associates and GHO Capital) and Pharma. 

“THENA Capital fills a critical funding gap in early-stage MedTech, a sector vital to the UK economy and growth ambitions. 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.”  - Baron David Prior of Brampton, Former Chairman of NHS England and Chairman of University College Hospital 

About THENA Capital 

THENA Capital is a London-based venture capital firm investing in early-stage medical technology with a gender-smart investment strategy. Founded by three healthcare industry veterans, THENA aims to accelerate the development of life-changing companies in the UK to achieve global reach. Fund I focuses on backing 20-25 digital businesses and fast-track medical devices across key opportunity areas in chronic conditions, oncology, cardiovascular, mental health, and care service delivery, with a quarter of the fund earmarked for women’s health innovations.