THENA Capital has achieved a significant milestone by closing its inaugural £45 million Fund I, marking the first time an all-female General Partner (GP)-led fund has secured backing from the British Business Bank’s Enterprise Capital Funds (ECF) programme. This fund is dedicated to investing in early-stage medtech companies, with a focus on those originating in the UK and possessing a clear pathway to US commercialisation.
Key Takeaways
- THENA Capital’s Fund I has closed at £45 million, with the British Business Bank’s ECF programme as a key anchor investor.
- The fund is the first all-female GP-led fund to receive ECF backing.
- It targets approximately 25 seed-stage digital health and medical device companies.
- Five portfolio companies have already been backed within the fund’s first year.
- The investor base includes prominent figures and over 50% women.
A New Era for Medtech Investment
THENA Capital’s Fund I, which had a first close of £27 million in March 2025, is now fully closed at £45 million. The fund’s strategy is to invest between £500,000 and £1 million in seed-stage digital health platforms and fast-track medical devices. A core tenet of their investment thesis is identifying exceptional UK medtech innovation that is currently undercapitalised relative to its potential.
Mark Sims, managing director and head of development equity funds at the British Business Bank, highlighted THENA Capital’s success as a demonstration of the value of specialist investors with deep sector expertise. He also noted the bank’s commitment to supporting teams that address structural gaps in the UK’s equity ecosystem and its pleasure in continuing a partnership with an all-female investment team that has signed the Investing in Women Code.
The Founding Team and Their Vision
Founded in 2021 by three experienced healthcare industry executives – Dr. Pamela Walker Geddes, Esther Reynal de Saint-Michel, and Tatum Yount Getty – THENA Capital brings a wealth of diverse expertise. Their collective experience spans major pharmaceutical companies, strategic consulting, and scaling consumer health brands, alongside significant involvement in arts and academic institutions.
Their vision is to bridge the gap between world-class UK medtech science and the commercially-minded, transatlantically connected capital required for large-scale patient impact. THENA’s approach is to originate investments at UK seed valuations and build portfolio companies towards US institutional entry at Series A and beyond.
Early Successes and Portfolio Highlights
In its first year, THENA Capital has already deployed capital into five portfolio companies across patient support, care delivery, and medical products. Notable achievements include:
- Plexāā: Launched its first product, BLOOM⁴³, in the US market and initiated a development collaboration with the Mayo Clinic.
- Salient Bio: Received UK CE-marked IVD status from the MHRA for its IBD diagnostic test.
- Sanome: Closed its seed round with co-investment from THENA’s own Limited Partners (LPs).
- Heim Health: Selected for the 2026 NHS Innovation Accelerator cohort.
- Zonova: Completed its investment round with THENA Capital as the lead investor.
The investor base for Fund I is notable, with over 50% women, including Baroness Martha Lane Fox and senior executives from global firms like GSK, Novartis, AstraZeneca, Carlyle, and Hellman & Friedman. This diverse LP base provides significant operational advantages, including direct exit intelligence and access to M&A pathways.
Building a Platform, Not Just a Fund
THENA Capital views itself as building a platform, leveraging a pre-existing community called the Future of HealthTech Hub, which comprises over 400 members from across the healthcare ecosystem. This community, along with a transatlantic commercial network, provides a structural advantage for deal origination and portfolio support. The success of Fund I is seen as a proof point, with plans for Fund II to further establish the franchise.
