Cathay Innovation leads €28m series-B for Medwing

Existing investors Northzone, Atlantic Labs, Cherry Ventures and Adevinta also took part in the investment.

Medwing intends to use the fresh financing to develop new features, products and services specifically aimed at health professionals, hospitals and care facilities. In addition, it plans to use the capital to expand its international business and scale up its team.

This is its first investment made by Cathay in the German market. The firm recently announced it had raised €500m for its second innovation fund, dedicated to supporting the development and expansion of startups. The fund was launched in 2018 with a €500m target and €600m hard-cap, and held a first close on €320m in June 2019. The vehicle intends to continue its fundraising in the coming months, until hitting its hard-cap.

Cathay targets startups operating in a wide variety of sectors, with a special focus on the digital transformation and the industrial revolution induced by artificial intelligence, with major and cross-cutting applications for retail, financial technology, healthcare, transport and energy. It invests in Europe (primarily France and Germany), Asia (predominantly China, but also south-east Asia via the group's new office in Singapore), and North America.

Previous funding
Following an initial seed round in October 2017, Northzone, Atlantic Labs, Cherry Ventures and Adevinta invested in a series-A for Medwing in December 2018.

Company
Established in 2017 and headquartered in Berlin, Medwing offers a digital platform for personnel management across the European healthcare sector.

The company helps healthcare professionals find job opportunities and seeks to solve staff shortages across the healthcare industry. It supports 2,500 hospitals and nursing homes across Germany in recruiting and managing human resources. It also operates outside of Germany, in France and the UK.

Medwing claims to manage a pool of 200,000 healthcare professionals and register more than 15,000 new candidates every month, while placing 100 healthcare experts in permanent positions and filling 2,000 individual shifts via its platform. It employs 200 staff.

People
Cathay Innovation – Jacky Abitbol (partner).
Northzone – Michiel Kotting (partner).
Medwing – Johannes Roggendorf, Timo Fischer (co-founders).

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