London-based THENA Capital, the UK’s first specialized early-stage medtech venture fund led by an all-female team, has announced the first close of its £50M fund, securing £27M from notable investors. The firm aims to address critical funding gaps in early-stage medtech while bringing much-needed diversity to the venture capital landscape.
Founded by Tatum Getty, Pamela Walker Geddes, and Esther Reynal de St Michel Richardot, THENA Capital represents a convergence of three different nationalities (French, American, and Canadian) with complementary backgrounds in building and scaling health, wellness, and healthcare companies. The founding team conceived the fund five years ago with a mission to change the face of venture capital and transform the future of healthcare.
“The UK is a key player in the global medical landscape generating game changing innovations,” said THENA Capital co-founder and general partner Esther Reynal de Saint-Michel Richardot. “We are thrilled to collaborate with founders, turbocharging their businesses to transform patient experiences at scale and close the gender healthcare gap.”
THENA Capital will target British startups developing digital healthcare solutions and medical devices, with a particular interest in innovations addressing women’s health challenges. Their portfolio already includes several notable femtech investments including Daye and Samphire Neuroscience.
The fund has attracted significant support from institutional and individual investors, including the British Business Bank’s Enterprise Capital Funds programme, Firebird Collective, This Day Foundation, Patrick Healy of Hellman & Friedman, Lastminute.com co-founder Baroness Martha Lane Fox, and various individuals from private equity and pharmaceutical firms.
“THENA Capital fills a critical funding gap in early-stage medtech, a sector vital to the UK economy and growth ambitions,” commented Baron David Prior of Brampton, former chairman of NHS England and chairman of University College Hospital. “If we are to maintain our global leadership and competitive advantage in medtech and life sciences, we must back researchers and scientists bravely bringing their innovations to market. THENA Capital has demonstrated a strong ability to scale these innovations for the benefit of patients and their families.”
“If you can’t see it, you can’t be. If you can’t dream it, you can’t do it,” shared Tatum Getty in her announcement of the first close. “I hope we inspire others to follow suit and join us in breaking the barriers and redefining the image of a venture capitalist.”
The launch of THENA Capital comes at a critical time for women’s health investment. Despite the femtech market’s rapid growth, women’s health startups have historically received disproportionately less funding than other healthcare segments. By focusing on medtech innovations that can address women’s health challenges, THENA aims to help close not only the funding gap but ultimately the gender healthcare gap as well.
The fund’s all-female leadership also represents an important step toward diversity in venture capital, where women remain significantly underrepresented. Only a small percentage of general partners at VC firms are women, and an even smaller percentage of VC funding goes to women-led startups. THENA’s approach directly challenges these statistics, providing both funding and representation.
