Med24, a membership-based health service, has raised more than £5 million in a seed round.

Investors include Irish businessman Dermot Desmond and principals from private equity firms including The Capital Partnership, Round Hill Capital, EFM Asset Management and Stirling Square Capital Partners.

Med24 said it will provide members with medical services including 24-hour access to GP-led specialist care at its clinic, and year-round flexible and personalised health and wellbeing programmes.

Med24’s co-founder and chief executive Jonathan Kron said: “We are delighted to have reached this key milestone. Healthcare provision was changing rapidly before Covid-19, that change is now accelerating further. We believe people will demand a better designed health system in the future with consultations, diagnosis and treatment in one physical location backed-up and interchangeable with on-demand virtual care where appropriate.”

The company’s first clinic is a 7,000 square foot facility situated next to the new Crossrail station at Paddington. The site will have five consulting rooms, two procedure and treatment rooms, with scope to accommodate additional services.

Med24’s co-founder Ahmad Al-Hamad said: “Our fundraising was significantly oversubscribed. We have been overwhelmed by the interest from investors. We completed the fundraising far quicker than we expected and with fewer individuals. We believe the high level of interest from investors demonstrates the level of demand there is for this kind of world class medical facility in London.”

Date published: August 17, 2020

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