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THENA Capital has announced the final close of its inaugural Fund I at £45 million ($60.4 million), marking a milestone for the specialist venture capital firm focused on early-stage UK medical technology companies.
The fund, anchored by the British Business Bank’s Enterprise Capital Funds (ECF) programme, is the first all-female General Partner-led fund to receive ECF backing.
“Origination at THENA starts with a very specific question: where is exceptional UK MedTech innovation being undercapitalised relative to its clinical and commercial potential?” said Esther Reynal de St Michel Richardot, Co-Founder and Managing Partner at THENA Capital. “Our investments and pipeline focus on answering this question. They share the same fundamentals: strong clinical need, validated technology, a credible path to scale, and the potential to become category-defining companies.”
In its first year of operation, THENA has invested in five companies: Plexāā, Salient Bio, Sanome, Heim Health, and Zonova. The final close follows an initial £27 million close in March 2025 and brings together commitments from institutional investors, healthcare executives, family offices, and sector specialists.
Over its investment period, Fund I will target around 25 companies, focusing on Seed-stage digital health platforms and medical devices with a proven pathway from UK innovation to US commercialisation. Investment sizes will typically range from £500,000 to £1 million.
The firm’s strategy incorporates a gender-smart investment approach, supporting diverse leadership teams and companies that consider the needs of both women and men throughout product development and commercialisation.
Several portfolio companies have already reached notable milestones. Plexāā launched its BLOOM43 product in the US and entered a development collaboration with Mayo Clinic. Salient Bio received UK CE-marked in vitro diagnostic status from the Medicines and Healthcare products Regulatory Agency (MHRA) for its inflammatory bowel disease diagnostic test. Sanome completed its Seed financing round with participation from THENA limited partners, while Heim Health was selected for the 2026 NHS Innovation Accelerator cohort.
Mark Sims, Managing Director and Head of Development Equity Funds at the British Business Bank, said the fund’s progress demonstrates the value of specialist investors operating in underserved areas of the venture ecosystem.
“THENA Capital’s successful final close and strong pace of early deployment demonstrate the value of specialist investors with deep sector expertise and clear commercial focus,” he said.
The investor base behind Fund I includes a range of leaders from healthcare, technology, and private equity. More than half of the fund’s limited partners are women.
Investors include Baroness Martha Lane Fox, co-founder of Lastminute.com; Mirjam Staub-Bisang, Chair and Senior Advisor at BlackRock Switzerland; Patrick Healy, CEO of Hellman & Friedman; senior executives from GSK, Novartis, and AstraZeneca; as well as individuals associated with GHO Capital, Carlyle, TA Associates, Vista Equity, Firebird Collective, and This Day Foundation.
THENA says this network provides portfolio companies with access to sector expertise, commercial insight, and potential acquisition pathways in addition to capital.
“The UK MedTech ecosystem has never lacked talent or ambition,” said Andrea Ponti, Co-founder of GHO Capital and a limited partner in THENA Capital. “What it has historically lacked is the kind of commercially minded, transatlantically connected capital that THENA provides.”
THENA Capital was founded on the belief that UK MedTech innovation is often undervalued despite producing world-class science and clinical advances.
Before launching the fund, the founding team spent four years building the Future of HealthTech Hub, a community of more than 400 founders, clinicians, investors, payers, providers, and pharmaceutical executives. The group is supported by a Fellows Network of more than 50 industry experts across the UK and US.
“What we have built in THENA is not a fund, it is a platform,” said Dr Pamela Walker Geddes, Co-Founder and General Partner at THENA Capital. “The Future of HealthTech Hub community, our transatlantic commercial network, and the 150-plus products our team has collectively brought to market are advantages that took years to build.”
With Fund I fully closed and five investments already completed, THENA Capital is continuing its efforts to connect UK MedTech innovation with global commercial opportunities.
As investors, founders, healthcare leaders, and innovators continue exploring new opportunities across global markets, these conversations will take centre stage at the upcoming MedTech World Asia 2026. Taking place in Hong Kong, the event will bring together stakeholders from across the world to discuss investment, commercialisation, regulatory pathways, and the technologies advancing healthcare. Learn more and secure your place at MedTech World Asia 2026.
