THENA Capital closes £45 million inaugural fund, backing five UK MedTech innovators

THENA Capital backs Accelerating FemTech alumnus Plexāā and four MedTech firms after £45 million fund close, highlighting transatlantic growth ambitions. 

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THENA Capital has announced the final close of its inaugural Fund I at £45 million, which was backed by the British Business Bank’s Enterprise Capital Funds (ECF) programme. 

The London-based venture capital (VC) firm, which focuses on seed-stage medical technology, is the first all-female General Partner-led fund to receive ECF support, underlining a broader shift towards more diverse leadership within venture capital.  

Fund I is targeting approximately 25 investments of between £500,000 and £1 million, focusing on companies that combine clinical validation with clear routes to commercialisation. 

So far, THENA Capital has backed five companies, including Accelerating FemTech alumnus Plexāā. 

Plexāā gains early momentum 

Plexāā, a pre-operative medical device company, has already made significant commercial and clinical progress.  

Plexāā was supported by the Innovate UK Biomedical Catalyst-funded Accelerating FemTech programme, which is delivered by the Health Innovation Network South London with DigitalHealth.London and national partners. The programme is designed to support high-potential women’s health innovations, reinforcing Plexāā’s positioning within the fast-growing FemTech sector. 

Since then, it has successfully launched its first product, BLOOM⁴³, which was introduced to the United States in the last year. The company has also established a development collaboration with the Mayo Clinic, further strengthening its credibility and access to global healthcare networks. 

Reflecting on the investment, Founder and Chief Executive Saahil Mehta said: 
“Having THENA Capital on our cap table has been invaluable. The diversity of backgrounds and expertise across their team means we benefit from a wealth of perspectives, from opening doors to health systems and the broader US ecosystem, to helping us think creatively and bringing insights that have shaped how we approach scaling from the UK into the US market.” 

A broader portfolio with early traction 

While Plexāā has led the early narrative, THENA Capital’s wider portfolio is also gaining traction. Salient Bio has secured UK regulatory approval for its diagnostic test for inflammatory bowel disease, while Heim Health, a platform powering community-based healthcare has been selected for the 2026 NHS Innovation Accelerator programme. Sanome, a predictive patient deterioration AI tool, and Zonova’s antimicrobial technology for medical devices have also attracted follow-on support and investor interest. 

A differentiated investment model 

A defining feature of THENA Capital’s approach is its “gender-smart” investment strategy. The firm prioritises diverse founding teams and supports companies designing products that address the needs of both men and women.  

Its investor base reflects this philosophy. More than half of its limited partners are female, and the syndicate includes senior pharmaceutical executives, private equity leaders and prominent technology entrepreneurs. Beyond providing capital, these investors offer strategic support, industry connections and insight into global merger and acquisition (M&A) pathways. 

Building beyond the fund 

THENA Capital’s global ecosystem has been developed over several years and plays a key role in sourcing deals and supporting scaling portfolio companies.  

THENA Capital is now offering a blueprint of how a targeted, sector-focused approach can help to bridge the gap between UK medical innovation and global commercial success.

Read more about THENA Capital

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