Investment firm Albion Ventures has added MyMeds&Me to its portfolio through a £2 million transaction.
Healthcare software-as-a-service (SaaS) business MyMeds&Me has become Albion Ventures tenth investment in the healthcare sector during the last five years.
The business, which provides a web-based service for the capture of adverse event, product complaint and targeted medical information for pharmaceutical companies, was founded in 2011 by former industry executives Stephen Powell, Andrew Rut and Trevor Gibbs.
Albion Ventures’ investment will be used by London-headquartered MyMeds&Me to develop its software, which is aimed at the pharmaceutical market initially and will then possibly be used for other applications at a later date.
Rut, CEO and founder of MyMeds&Me, comments, ‘[Albion Ventures] bring real depth of understanding of healthcare IT and we believe their strategic support will help us achieve our ambitious growth plans.’
More on Albion Ventures in the healthcare market:
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- Albion Ventures seeks another £15 million
Powell, chairman and co-founder of the business, says that in Albion he and his partners have found a firm which shares their conviction that MyMeds&Me fulfils a ‘clear market need’.
As it stands, 20 per cent of Albion’s portfolio is in the healthcare sector. It has made nine other investments into the space during the preceding five years including diagnostics and screening company business Abcodia, diagnostic testing company Oxford Immunotec and Miranda Medical.
Andrew Elder, partner and head of healthcare at Albion Ventures, says, ‘This transaction is the culmination of an extensive amount of research, which identified patient management as a particularly high growth area within the healthcare IT sector.
‘Given the increasing shift towards patient-centric healthcare we believe the MyMeds&Me platform presents a highly attractive investment opportunity.’