Octopus Ventures launches $100m global healthtech fund

Joe Stringer, Octopus Ventures

London-based venture capital firm Octopus Ventures today launched a new £100 million institutional global fund for investment in the healthtech market – and the onboarding of a new three-strong team from venture capital accelerator fund TenX Health.

Joe Stringer, Dr Pooja Sikka (TenX Health’s founders) and Shamik Parekh all have experience of, and contacts in, the digital healthcare sector. Stringer and Sikka were formerly founding members of EY Ventures, leading its health and social care portfolio.

The trio will manage the proposed fund, which is targeting £100 million to invest in early-stage healthtech businesses, and aims to accelerate healthtech into global health systems and directly to consumers wanting better access to healthcare. It will focus on Series A, reserving capital to follow on throughout the growth rounds. Octopus Group will be the cornerstone investor.

Alliott Cole, co-chief executive of Octopus Ventures, said: “Covid-19 has doubled the pace of growth in healthcare technology. Joe, Pooja and Shamik’s arrival and the launch of the fund puts us in an even stronger position to take advantage of the investment opportunities that are emerging from the pandemic as the digital healthcare revolution continues. We now have one of the largest teams backing those entrepreneurs that are radically rethinking how healthcare can be delivered – across Europe as well as expanding our footprint into emerging markets. We are delighted to cornerstone this new fund and look forward to providing investors with an opportunity to access this global growth market.”

Stringer added: “Octopus is one of the most active technology investors in early-stage companies in Europe and already has a strong track record in backing pioneering entrepreneurs that are changing the way healthcare is delivered. This breadth of experience, combined with the group’s outstanding fund management platform, makes it an exciting partner for us to accelerate our plans to support the revolution we are seeing in digital health through the new fund. Coronavirus has put immense pressure on our healthcare systems and has been a catalyst for the mass adoption of tech to help improve patient care. This change is here to stay and with that comes an opportunity to develop meaningful healthtech that can really make a difference to the lives of millions around the world.”

Sikka said: “Combined with the growth potential in technology and the positive social impact of the sector, digital health has swung sharply into the spotlight. There is a massive opportunity to back businesses that can really make a difference to the way healthcare is delivered to the benefit of patients across Europe and the emerging markets. We are looking forward to unlocking this potential with our new fund, building on Octopus’ reputation as one of Europe’s leading VCs and its mission to achieve impact at scale and pace.”

Date published: January 25, 2021

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