As part of its efforts to provide shared learning resources to medical students and professionals, Meducation has turned to equity financing.
The business, which is based in Birmingham and was launched in 2008, has been self-financed to date but has now closed its maiden funding round.
A group of private investors are coming together to back the technology business alongside the Technology Strategy Board, which itself is providing approximately $300,000.
According to Meducation, the funds garnered will be used to develop a platform which is already being used by 35,000 medical students and professionals globally.
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Alastair Buick, co-founder and managing director of Meducation, says that quite often education resources used by traditional institutions are outdated, leading to medical students feeling isolated.
‘Meducation’s aim is to make sure that all medical students and professionals can access and share the most up-to-date resources while enabling members to support each other, no matter what their specialism or where they are in the world,’ he adds.
Some 33 per cent of all medical students in the UK are using its platform, Meducation says, with the business hoping to build on this by creating partnerships with medical organisations, publishers and universities.
Buick adds, ‘Primarily, Meducation will be a social enterprise that will generate revenue from high-income countries with highly developed health services, in order to provide top-quality resources to those working in countries that don’t have money to spend on training for medical professionals.’