British Patient Capital invests in accuRx, as part of its £27.5m Series B fundraising
- British Patient Capital invested in this funding round alongside portfolio manager Atomico
- Deal builds on direct investments undertaken by British Patient Capital, as part of its long-term co-investment strategy
15 September 2021 London: British Patient Capital announces its participation in accuRx’s Series B funding round, as accuRx announces the close of the round at £27.5m.
This investment is part of British Patient Capital’s long-term co-investment strategy which identifies and supports high-potential, later-stage UK companies in British Patient Capital’s underlying portfolio. In the case of accuRx, British Patient Capital had prior exposure to the company through its commitment to the Atomico V fund.
The round was led by Lakestar, with participation from British Patient Capital, Latitude (Local Globe’s Growth Fund), Atomico, Trusted Insight and Encore Capital.
accuRx is one of Europe’s fastest-growing healthcare platforms. Its software is currently used by 98% of GP practices in England, to communicate with patients and one another. Two million patients are now contacted via accuRx each week, and its vaccine booking system has now been used to manage over 21 million Covid-19 vaccinations. accuRx will use the newly raised funds to facilitate the growth of the accuRx team, to enhance its offering to GP practices and to build products that will enable expansion into secondary care.
Judith Hartley, CEO, British Patient Capital said: “We are delighted to participate in accuRx’s £27.5m Series B funding round. Improving communication between doctors, nurses, general practitioners and patients is critical to delivering quality healthcare. We have followed accuRx’s development closely and look forward to working with the company’s management team.
As companies in our underlying portfolio mature and scale, we expect the pace of our co-investment activity to increase. By investing directly alongside our fund managers, we are able to increase the amount of patient capital available to the most promising later-stage UK companies in our portfolio.”
Jacob Hadded, CEO and co-founder of accuRx said: “We are extremely pleased that British Patient Capital is participating in our Series B funding round, particularly as they share our mission of improving healthcare. We believe that healthcare is a communication industry and when healthcare teams can communicate easily and reliably, they can deliver even better patient care. We’re proud to have become a critical piece of infrastructure for general practice in the UK. We’ve got an exciting roadmap to grow our adoption in settings like hospitals and district nursing, to connect communication across the health and care system.”
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Notes to Editors
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital into accuRx Limited does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.
accuRx is one of the UK’s fastest-growing healthtech startups, building a communication platform to join up all healthcare communication around the patient to help the NHS deliver more informed care. Founded in 2016, its mission is to change lives by bringing patients and their healthcare teams together. It allows existing health and care systems to deliver technology-enabled care, beginning with the National Health Service (NHS) in the UK. accuRx’s vision is that anyone involved in a patient’s care can communicate with each other. accuRx is now used by 98% of GP practices and a number of secondary care providers.