A $120 million fund has been established by UK-based Spex Capital to help MedTech and digital healthcare companies.
The Spex Venture Health-Tech Fund was announced on Monday, February 27. It will invest up to $6 million in early-stage health technology companies at a time when consumers are increasingly using digital-first health services.
Claudio D’Angelo, founder and CEO of Spex, stated in a statement that “even before COVID-19, the push for governments to increase their use of digital technology in healthcare had already begun.”
“With this fund, our connection with MedCity, and a large network of high-caliber senior advisers, we will have unprecedented access to the greatest businesses in this field.”
The MedCity collaboration connects the firm to the United Kingdom’s National Health Service, which may assist early-stage startups in the field build “stronger, more scalable enterprises,” according to the release.
The launch comes as the healthcare sector transitions to a hybrid but digital-first paradigm, with half of all customers interacting with healthcare providers through a combination of digital and physical channels.
According to “How Digital Has Altered the Consumer Healthcare Experience and Expectations,” a and CareCredit initiative, digital choices have increased access to healthcare services for 73 million individuals who would not otherwise have the time or money for an in-person doctor’s appointment.
According to the survey, healthcare alternatives were most popular among financially distressed customers who want lower costs and more flexible solutions.
