A syndicate of 24 business angels has completed a £500,000 investment in Concentric Health, a Cardiff-based health technology start-up transforming how decisions are made about our health with a new market-leading digital consent to treatment application.
Led by lead technology investor Ed Parkinson, the syndicate has invested £345,000, along with £72,500 match-funding from the Development Bank of Wales’ Wales Angel Co-investment Fund and £82,500 from other private investors. The equity investment will accelerate the delivery of recent six-figure contracts and help fund the recruitment of three new roles.
Founded by clinicians Dafydd Loughran and Edward St John, and Chief Technology Officer Martyn Loughran, Concentric was launched in 2020 at Imperial College Healthcare NHS Trust. Customers now also include Oxford University Hospitals, Chelsea and Westminster, Royal Cornwall, Swansea Bay, and Calderdale & Huddersfield NHS Trusts.
Concentric was one of ten high-growth UK start-ups chosen by tech-giant Google to take part in their Immersion Programme in 2020 and also secured funding from Innovate UK. The fast-growth business has since rapidly become the widest used digital consent application in the NHS, a product category that is currently being prioritised for funding by the NHS to accelerate recovery post-pandemic.
Concentric Health Chief Executive Officer Dr Dafydd Loughran said: “The pandemic has shone a light on the opportunities for digital health technologies to transform our experiences of healthcare - both as clinicians and patients. The consent process - traditionally a rushed conversation on the morning of surgery documented on a carbon-copy consent form - has not been fit for purpose for some time. Concentric’s digital transformation of the consent process is one part of the puzzle to delivering patient-centred, value-based healthcare - using innovative and intuitive processes and software to support patients to make the right decisions for them.
“A significant proportion of this investment round has come from Consultant Surgeons using Concentric in their daily practice and with the backing of our experienced investors and the Development Bank, we have the capital and expertise to successfully scale-up both within the UK and globally over the next 18 months. I’m particularly delighted to welcome Ed Parkinson on board as our lead investor and Investment Director at this stage in our journey. He was instrumental in bringing the syndicate together and comes with a proven track record of scaling agile, global technology businesses.”
Ed Parkinson, Lead Investor for the angel investment syndicate said: “Concentric is a market proven platform, already improving the lives of patients and their surgeons in some of the busiest hospitals in the NHS; a huge achievement for such a young company. I look forward to supporting this exciting Welsh business as they scale across the UK and beyond.”
Darran Evans is one of the investors working alongside Ed Parkinson as part of the syndicate. He said: “I was delighted to join this syndicate. Ed ensured there was an alignment of views amongst the members of the group. As our lead, Ed was fully engaged with the business while being open and transparent with syndicate members at all times. What’s more, given Ed's increasing knowledge of the general space in which Concentric are operating and his personal experience and qualities, I was very happy to join him in investing in this exciting company.”
Carol Hall is Regional Manager of Angels Invest Wales. She said: “This is an impressive syndicate who have got real value to add to Concentric as the business scales-up internationally. It really is a team effort.
“This deal represents the real value of syndication with Ed and the other angel investors having taken the strategic decision to invest smaller amounts so that others could co-invest. That’s because Concentric has demonstrated a proven business model using technology that will improve quality and efficiency of care, whilst reducing costs and transforming patient and clinician experience. We wish them every success and will continue to encourage more syndicate investments.”
Loosemores advised Concentric Health and Capital Law were the advisors to the angel investors and Wales Angel Co-investment Fund.