THENA Capital Raises £45 Million Fund I To Back UK MedTech Startups

THENA Capital announced the final close of its inaugural fund at £45 million, marking a significant milestone for the venture capital firm and reinforcing its focus on supporting early-stage medical technology companies in the UK.

The fund is anchored by the British Business Bank’s Enterprise Capital Funds program, making THENA Capital the first all-female, general-partner-led fund backed by the initiative. The firm said it has assembled a limited partner base composed of healthcare executives, pharmaceutical leaders, specialist investors, operators, and family offices that provide strategic expertise and international perspectives to portfolio companies. More than half of the fund’s limited partners are women.

THENA Capital was founded by Pamela Walker Geddes, Esther Reynal de St Michel Richardot, and Tatum Getty around the belief that the UK produces world-class medical technology innovation but lacks sufficient specialist capital with commercial expertise and transatlantic connections to help companies scale globally.

During its first year of investing, the firm backed five companies: Plexāā, Salient Bio, Sanome, Heim, and Zonova. According to THENA, these investments share characteristics including validated technologies, strong clinical needs, clear commercialization pathways, and ambitions to expand internationally.

Fund I is expected to invest in approximately 25 early-stage companies focused on digital health platforms and accelerated medical devices. Initial investments will typically range from £500,000 to £1 million at the seed stage.

The firm said it is actively deploying capital and building what it describes as a high-conviction portfolio within the UK MedTech sector, which it believes remains undercapitalized despite offering compelling commercial opportunities.

THENA Capital expressed appreciation to its limited partners, founders, advisors, Fellows Network, Future of HealthTech Hub community, and other partners who have supported the firm since its inception.