11 May 2015

Equity investment of £825,000 has been secured in the latest funding round for HealthUnlocked, the social network for health, to develop their product and support international growth.

The Coast to Capital Growth Equity Fund, managed by The FSE Group, has joined with angel investors to back the company, which helps people connect through online communities dedicated to specific medical conditions.

 

The HealthUnlocked site has over 250,000 registered members communicating across more than 500 peer-to-peer communities and figures for January alone showed over 2.5 million users visiting the site. The site is endorsed by many leading medical groups and organisations, including the NHS.

A highly sophisticated AI based platform underpins the site; the 'HealthGraph' focuses on medical terminology to identify connections across content and users. Extracted data can then be used to inform medical research.

Jorge Armanet, HealthUnlocked CEO and co-founder, said:
"We are, of course, delighted to have secured a further funding round, which is once again crucial in achieving our long-term goals. This funding will allow us to invest further in the product, advance technological development and increase revenue streams in preparation for further fundraising to advance growth on a global scale in the future."

HealthUnlocked also provides applications for better management of individual patient care, one of which is currently being used by over 10,000 patients in 65 NHS and BUPA hospitals across the UK.

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, comments:
"HealthcareUnlocked is already experiencing much success as a provider of a niche social network, evident in its rapid growth thus far. We are excited to be working with the team as they explore its full capacity and work to achieve their ambitions for high growth on a global scale."

Simon Labahn, Fund Executive at The FSE Group, adds:
"With several high-profile angels in the funding round, we're thrilled to see the Coast to Capital Growth Equity Fund added to the list of investors backing this innovative company. Completing any deal is a complex process, one which we were grateful on this occasion to have Penelope Garden, Partner at FSP Law, advise us upon."

The Coast to Capital Growth Equity Fund is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities across the Coast to Capital region.

For more information about the Coast to Capital Funding Escalator please visit http://www.coast2capital.org.uk/fse-funding-escalator-fund/

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