THENA Capital is a London based venture capital firm focused on early stage medical technology. It has gained attention for its investment activity in digital health, medical devices and women’s health innovation. This article provides a factual and up to date overview that reflects current information about the firm, its fund, its investment strategy and its portfolio.
In March 2025, THENA Capital announced its first close of £27 million for its inaugural UK MedTech Fund, toward a total £50 million target. The round was backed by a diverse group including the British Business Bank (via its Enterprise Capital Funds programme), Firebird Collective, This Day Foundation and prominent individuals such as Baroness Martha Lane Fox.
As an all-female general partner team, THENA Capital said this funding will enable it to further support early-stage medtech startups developing digital healthcare tools and medical devices, with a strong focus on closing the gender healthcare gap.
What is THENA Capital
THENA Capital is a specialist venture capital firm that invests in early stage MedTech companies. The team focuses on technologies that improve healthcare delivery, clinical outcomes and patient experience. The firm was founded in 2021 and is headquartered in London. Since launch it has positioned itself as an investor in regulated medical technology as well as digital platforms used in clinical and behavioural health settings.
Areas of Investment
THENA Capital invests in companies that operate across several key segments of healthcare. These include technologies used in diagnosis, monitoring, treatment and health management.
Medical technology
The firm invests in hardware devices, sensors and regulated products with clinical applications. These often target specific conditions or unmet needs.
Digital health and software
Digital platforms have become increasingly important for patient care and hospital operations. THENA Capital supports companies developing tools for remote monitoring, behavioural health assessment, data driven care and clinical workflow improvement.
Women’s health
A notable part of the firm’s strategy is its focus on women’s health. A quarter of its first fund has been allocated to companies that develop products specifically for women. This includes medical devices, therapeutic tools and consumer health products.
Health equity considerations
The firm uses a gender smart lens when reviewing opportunities. This means paying attention to both the diversity of founding teams and whether a product serves patient groups that have historically been underserved.
THENA Capital’s Fund: TCX 1
THENA Capital’s first fund, TCX 1, is designed to support early stage MedTech companies at the seed and early growth phases.
Fund size and structure
The fund completed its first close at twenty seven million pounds. It has a target size of fifty million pounds. Funding is sourced from institutional investors, foundations, family offices and individuals with a background in healthcare and private equity.
British Business Bank involvement
The British Business Bank, through its Enterprise Capital Funds programme, is a cornerstone investor. This programme supports early stage venture funds that back UK based innovation.
Additional backers
Other notable supporters include Firebird Collective, This Day Foundation and individuals with experience in medical technology, pharma and technology development. Their involvement reflects confidence in the team’s approach to early stage MedTech.
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Founding Team
THENA Capital was founded by three general partners with experience in venture investing and health innovation.
Pamela Walker Geddes
Pamela has experience working with medical device companies and health service organisations, with a focus on commercialisation and scaling.
Esther Reynal de Saint Michel
Esther’s background includes work in digital health, clinical innovation and research. She plays a key role in shaping the firm’s strategy for evaluating early stage technologies.
Tatum Getty
Tatum has experience in venture investing and has worked with early stage founders across several sectors including MedTech. She supports portfolio companies with fundraising and operational planning.
Portfolio Companies
THENA Capital invests in companies developing technology for specific areas of health need. Several portfolio companies have reached important development and regulatory milestones.
- Plexaa: Plexaa develops technology designed to reduce complications associated with wound healing. Its products support patients recovering from breast cancer related surgery.
- Daye: Daye produces health products focused on menstrual care. The company uses science led and data driven methods to create products designed to improve comfort and hygiene.
- Samphire Neuroscience: Samphire Neuroscience works on a wearable therapeutic device aimed at alleviating pain. The device is intended for use in women’s health and specific neurological pain conditions.
- MyMynd: MyMynd is a behavioural health platform designed to identify mental wellbeing risks. It provides assessments and support tools used by organisations including universities and employers.
How THENA Capital Supports Its Portfolio
Beyond financial investment, THENA Capital provides practical support to early stage companies.
Regulatory navigation
MedTech companies must comply with strict regulatory standards. THENA Capital assists founders with understanding and planning for regulatory pathways.
Clinical validation
The firm helps companies prepare for clinical studies and evidence generation which are necessary for product adoption.
Commercial development
The team works with founders to develop strategies for early market entry including partnerships with healthcare systems, insurers and distributors.
Global expansion
Although the firm invests primarily in the UK, it supports companies that are preparing to enter international markets, including the United States.
The Role of THENA Capital in the UK MedTech Sector
THENA Capital contributes to the broader UK MedTech ecosystem by supporting companies that address clinical and commercial challenges.
Addressing early stage funding shortages
Early stage MedTech companies often face barriers due to long development cycles and regulatory requirements. THENA Capital helps address this gap by providing funding during early development.
Encouraging evidence based innovation
The firm invests in companies that generate robust clinical and commercial evidence. This supports a more sustainable innovation environment and strengthens links between research and commercial markets.
Supporting diversity in innovation
The focus on women’s health and gender equity aligns with growing initiatives to reduce disparities in healthcare innovation and investment.
Recent Developments
Recent updates around the firm include:
- Completion of the first close of its fund at twenty seven million pounds
- Ongoing investment activity in women’s health and digital health sectors
- Continued collaboration with UK based research and commercial partners
These developments reflect active participation in early stage funding and continued interest in health technology.
Who THENA Capital Invests In
THENA Capital typically invests in companies that meet the following criteria:
- Early stage MedTech or digital health focus
- Clear clinical problem with measurable outcomes
- Strong technical or scientific foundations
- Potential for commercial scale in the UK and abroad
- Founders with a commitment to evidence generation and regulatory strategy
How Startups Can Engage With THENA Capital
Founders interested in engaging with the firm can make contact through its website. When reaching out, startups should provide a clear overview of their technology, evidence base, market need, regulatory plan and commercial strategy.
FAQs
Does THENA Capital only invest in UK companies
The fund focuses on UK based founders although companies with international plans may also be considered.
Does THENA Capital focus exclusively on women’s health
No, women’s health is one of several core areas of focus but not the only area.
What types of technology does the firm back
The firm backs regulated devices, digital platforms, behavioural health tools and medical products that support clinical outcomes.
How does a startup receive funding
Founders can apply through the firm’s website by submitting a detailed pitch that includes scientific and commercial evidence.