PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

MMC Ventures invests further GBP1.1m in The Practice

MMC Ventures has led a follow-on investment round of GBP1.4m in primary healthcare company The Practice.

MMC Ventures has led a follow-on investment round of GBP1.4m in primary healthcare company The Practice.

MMC, a venture capital firm which focuses on UK growth companies, has invested GBP1.1m of equity capital, bringing its total investment to GBP3.4m since first investing in Q3 2006. MMC has invested alongside existing angel investors.

MMC’s investment will be used in the continued development of the IT and finance infrastructure, and corporate and clinical governance. The investment will also enable The Practice to deliver more community-based NHS primary care projects.

The Practice is a primary healthcare company which provides community-based healthcare for the NHS. Its focus is on taking clinical services out of hospital and into the community, where appropriate, thereby freeing hospital clinicians to deliver high-intensity, specialist medicine and enabling patients to receive treatment closer to home.

The Practice has successfully bid for GP-led Health Centres as part of the nationwide GP access development programme as set out by Lord Darzi, recently winning contracts for surgeries in Weymouth, Suffolk and Hounslow.

By providing a community-based service the time between initial referral and treatment has been reduced: 90 per cent of patients referred to The Practice are seen within four weeks, which is significantly ahead of the government’s target of 18 weeks.

‘The Practice has grown revenues c. 100 per cent year on year since our initial investment and is set to continue this growth as the addressable market increases,’ says Tom Hopkins, portfolio director at MMC who led the investment. ‘The company provides a more efficient service at a lower cost to the NHS. The recent delivery of the Hounslow walk in centre within 8 weeks is testament to the calibre of the team and the professionalism of the service that the company provides.’

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured