Midven participates in £251,000 round for Health2Works

Harriet Bailey
08 May 2014

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West Midlands-based Midven Venture Capital has invested ТЃ151,000 in software company Health2Works as a part of a ТЃ251,000 funding round.

The venture capital firm invested alongside several angel investors. Health2Works stated that the funding will enable the company to progress to fully commercialised, universal tools that will help healthcare providers across the country by relieving pressure on the NHS.

Midven chose to work with the company because of its scalable business model and potential for future development after being initially approached by Health2Works approximately one year ago.

The VC invested via both the Exceed and Early Advantage funds. According to unquote" data, the Early Advantage fund is an £8m vehicle that received commitments of £4m each from Advantage West Midlands and the European Regional Development Fund. The Exceed vehicle held its final close in April 2010 on its target of £18m after receiving commitments from Lloyds Development Capital and both of the Early Advantage fund investors.

Last month, Midven reinvested in Manchester-based Cytox, a biotech focused on Alzheimer's disease. According to unquote" data, the venture capital firm first invested in the company in March 2007 when it led a £1.25m round alongside Nesta.

Company
Headquartered in Newcastle-under-Lyme in Staffordshire, Health2Works has developed an online platform to help families and carers better support ill relatives. The Rally Round app enables users to coordinate practical help for a family member or friend in need of support, with the aim of reducing admissions to residential care facilities and providing alternatives to social care.

The company was founded in 2009 by Steve Pashley and Roger Marlow, and has developed 15 products in total, including Ollie, an interactive tool for paediatric speech and language therapists; and Amy, a tool to help stroke victims recover speech ability. The company employs 20 people and works with both NHS clinicians and users.

People
Steve Pashley is co-founder and managing director of Health2Works. John Slaughter is an investment executive at Midven.