Medmin Secures £750,000 Investment to Revolutionize Self-Pay Surgery in the UK

**Birmingham-based Healthcare Technology Company Medmin Secures £750,000 Investment**

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. The investment will come from two different funds, namely the Midlands Engine Investment Fund (MEIF) and the West Midlands Co-Investment Fund.

**Investment from the Midlands Engine Investment Fund**

£500,000 of the investment will come from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund. The MEIF is managed by Midven, which is part of the Future Planet Capital Group. This funding demonstrates Midven’s commitment to supporting innovative high-growth SMEs such as Medmin.

**First Investment from the West Midlands Co-Investment Fund**

The remaining £250,000 of the investment will come from the West Midlands Co-Investment Fund. This is the first investment made by the fund, which was established by the West Midlands Combined Authority (WMCA) in partnership with the West Midlands Pension Fund. The fund aims to provide innovative SMEs with equity matched on a 1:1 basis by private co-investment.

**Supporting the Growth of Medmin**

This investment emphasizes Midven’s position as a regional powerhouse that fuels growth and supports innovative high-growth SMEs like Medmin. The funding will enable Medmin to create 60 new jobs over the next three years and complete the technology platform that supports their customer-facing brand, Get Well Soon (GWS). Additionally, the investment will facilitate the expansion of clinics beyond the Midlands, serving the wider UK market.

**Medmin’s Mission to Transform Private Healthcare**

Medmin is on a mission to transform the provision of private surgery to self-pay patients in the UK. They aim to address two crucial market dynamics – 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.

**Addressing Post-Pandemic NHS Waiting Lists**

The demand for private treatments has increased significantly due to post-pandemic NHS waiting lists. According to figures reported in April 2023, approximately 7.4 million people were waiting for treatment. To combat this issue, GWS offers a fast concierge-style service for self-pay patients, providing a viable and affordable alternative for elective surgery.

**Developing a Network of Specialist Clinics**

Medmin is also developing a network of specialist clinics in partnership with consultants. This network includes a total practice management solution for doctors operating in the private sector. It offers services such as patient registration, administration, billing, legal support, marketing, business management, and indemnity insurance cover.

**Impression from Key Stakeholders**

Andy Street, Mayor of the West Midlands, applauds the first investment into Medmin, stating that it supports an innovative health-tech start-up with high growth potential. Keith Duddy, CEO at Medmin, expresses gratitude for the funding and emphasizes the company’s commitment to develop and scale up operations. Surjit Kooner, Investment Director at Midven, believes that Medmin has the potential to disrupt the provision of private surgery in the UK, and this investment will help make that possible.

Mark Wilcockson, Senior Investment Manager at the British Business Bank, describes Medmin as a leader in the private healthcare sector with cutting-edge technology. He believes that this funding will support the company’s presence across the UK and create 60 new jobs. He also highlights how the MEIF supports companies in the Midlands to have a positive economic impact on the region.

**Supporting Green Technology and Advanced Manufacturing**

The West Midlands Co-Investment Fund aims to invest in SMEs across various sectors, including green technology, advanced manufacturing, life sciences, and creative and digital. The fund, which operates over a 10-year period, brings new private investor money to the region and invests alongside business angels and other private sector investors.

**Financial Support from the European Union**

The Midlands Engine Investment Fund project receives financial support from the European Union through the European Regional Development Fund (ERDF), as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

In Conclusion, Medmin Group Ltd has secured a £750,000 investment from the Midlands Engine Investment Fund and the West Midlands Co-Investment Fund. This investment will support Medmin’s mission to transform private healthcare in the UK by addressing growing patient demand for private treatments and the need for a different way of working in the private sector. Medmin plans to use this funding to create 60 new jobs, complete their technology platform, and expand their clinics beyond the Midlands. The investment demonstrates Midven’s commitment to supporting innovative high-growth SMEs and the potential for Medmin to disrupt the provision of private surgery in the UK.