Women-led VC fund THENA Capital raises £27m to back UK medtech startups - with focus on women's health
A quarter of the targeted £50m final fund will be earmarked for women's health
A London-based venture capital firm, led by an all-female team, has launched its first medtech fund with a £27m ($35m USD) initial close, pledging to invest in early-stage UK medical technology firms.
THENA Capital aims to raise a total of £50m, with a quarter of its investments earmarked for women’s health.
Founded by industry veterans Dr Pamela Walker Geddes, Esther Reynal de St Michel Richardot, and Tatum Getty, THENA Capital is positioning itself as a specialist fund that will support startups developing digital healthcare solutions and fast-track medical devices. Its gender-smart investment strategy is designed to address disparities in healthcare funding, particularly in areas affecting women.
“As first-time fund managers, it has been a labor of love, dreamt up five year ago with my steadfast partners Pamela Walker Geddes and Esther Reynal de St Michel Richardot, with the mission to change the face of venture capital and transform the future of healthcare,” wrote Tatum Getty.
“We are the first specialized early-stage VC fund in the UK, founded by an all-female team with relevant operating experience. If you can't see it, you can't be it. If you can't dream it, you can't do it. I hope we inspire others to follow suit and join us in breaking the barriers and redefining the image of a venture capitalist.”
Cornerstone commitment from British Business Bank
The British Business Bank has committed up to £30m to Thena Capital’s fund through its Enterprise Capital Funds programme, which aims to support high-growth early-stage businesses. Other backers include Firebird Collective, This Day Foundation, Baroness Martha Lane Fox, and private equity and pharmaceutical industry figures.
THENA’s co-founding general partners said in a statement:
"We are thrilled to join forces with the British Business Bank, whose strategic vision and cornerstone commitment empower us to lead as a specialised fund and accelerate growth across the MedTech landscape.
"This partnership strengthens our ability to drive impactful change, disrupt the status quo, and transform the future of healthcare."
Christine Hockley, managing director at the British Business Bank, highlighted the importance of investing in medtech and backing female-led funds:
"As one of the founding signatories of the Investing in Women Code, we are delighted to partner with an all-female investment team who also signed the Code.
“Supporting the advancement of female entrepreneurship in the UK is key for the British Business Bank, not only because it is the right thing to do but also because it is good for business, leading to better performance and better returns."
Despite the UK’s strong medtech sector, early-stage firms often struggle to secure funding due to regulatory challenges and a lack of specialised investors.
Mark Sims, senior director at the British Business Bank, explained:
"The UK MedTech industry is large and rapidly growing, though equity gaps remain for early-stage companies. Regulatory complexities, commercialisation challenges, and a lack of investor specialisation contribute to this equity gap, particularly at seed stage. By committing to THENA Capital’s inaugural MedTech fund, we are helping to narrow this equity gap whilst backing high growth companies working to improve the patient experience."
Supporting founders to succeed
As well as providing capital, THENA Capital will work closely with founders to commercialise their medical innovations and expand into key international markets, including the US. By prioritising women’s health and ensuring gender equity in healthcare investment, the fund hopes to address longstanding gaps in medical research and treatment that disproportionately impact women.
Dr Pamela, Esther and Tatum said:
“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.
“Having worked in the Pharma and MedTech sectors for over two decades, the investment strategy for THENA Capital was established from industry operational experience by identifying a pivotal opportunity for tech solutions from world class talent and institutions to catalyze the future of healthcare.”
THENA Capital represents the first all-female general partner-led fund backed by the British Business Bank’s Enterprise Capital Funds programme, marking a significant milestone in UK venture capital. As the firm works towards its final £50m target, its success could serve as a model for more diverse investment strategies in the future.