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THENA Capital is a venture capital firm established in 2021, focusing on early-stage medtech companies. Founded by a team of operators and sector experts, the firm is based in the United Kingdom and aims to support healthcare innovation, particularly in the UK. The firm launched its inaugural fund, TCX 1, with a first close of £27 million in March 2025, targeting a total of £50 million. Approximately 25% of the fund is allocated to women's health initiatives.
THENA Capital emphasizes gender diversity in leadership within its portfolio companies, aiming to enhance equitable healthcare solutions. The firm is dedicated to facilitating the expansion of UK medtech companies into the US market, leveraging its team's extensive experience in medical device commercialization and digital health.
THENA Capital invests primarily in early-stage companies, specifically in the pre-seed, seed, and seed-plus stages. The firm focuses on sectors such as healthcare, biotech, digital health, and mental health, with a particular emphasis on addressing chronic conditions, women's health, oncology, and care delivery. The firm seeks to partner with companies that demonstrate clear commercial momentum and have global ambitions, particularly those looking to expand into the US market.
Investment decisions are guided by a commitment to gender diversity in leadership and equitable healthcare solutions. The firm organizes its investments across three pillars: patient support, care delivery, and medical products. This structured approach allows THENA Capital to back companies that not only meet clinical needs but also have pathways to navigate regulatory challenges and achieve international growth.
THENA Capital's portfolio includes four notable companies that exemplify its focus on healthcare innovation:
These companies reflect THENA Capital's commitment to supporting early-stage ventures that aim to transform healthcare delivery and improve patient outcomes.
Esther Richardot Reynal de Saint-Michel - Founding Managing Partner. Esther has a background in digital health and clinical innovation, bringing extensive experience in the healthcare sector.
Dr. Pamela Walker Geddes - Founding General Partner. Pamela specializes in medical device commercialization and has a strong track record in venture investing.
Tatum Yount Getty - Founding General Partner. Tatum focuses on venture investing and founder support, leveraging her expertise to assist portfolio companies in their growth journeys.
To pitch to THENA Capital, startups should submit their proposals through the firm's dedicated pitch page at thenacapital.com/pitch-to-us. The pitch deck should include a comprehensive overview of the technology, evidence supporting its efficacy, the identified market need, the regulatory pathway, and the commercial strategy. Founders can expect a response within a reasonable timeframe, although specific timelines are not disclosed.
In March 2025, THENA Capital announced the first close of its inaugural fund, TCX 1, at £27 million, with a target of £50 million. This fund is designed to support early-stage medtech companies in the UK, with a significant allocation towards women's health initiatives.
The firm continues to emphasize its commitment to gender diversity in leadership within its portfolio companies, aiming to enhance equitable healthcare solutions. As of 2026, THENA Capital remains active in the venture capital space, focusing on investments that align with its mission of supporting healthcare innovation.
What are THENA Capital's investment criteria?
THENA Capital invests in early-stage medtech companies, particularly those addressing chronic conditions, women's health, oncology, mental health, and care delivery. The firm looks for companies with clear commercial momentum and global ambitions, especially those targeting the US market.
How can startups apply or pitch to THENA Capital?
Startups can submit their pitch through the firm's website at thenacapital.com/pitch-to-us. The application should include a technology overview, evidence base, market need, regulatory pathway, and commercial strategy.
What makes THENA Capital different from other VC firms?
THENA Capital is distinguished by its focus on gender diversity in leadership within its portfolio companies and its commitment to supporting UK medtech startups in expanding into the US market. The firm leverages its team's extensive experience in medical device commercialization and digital health.
What is the typical check size for investments?
THENA Capital primarily invests at the pre-seed, seed, and seed-plus stages, although specific check sizes are not publicly disclosed. The firm focuses on backing companies with strong growth potential.
What is the geographic scope of THENA Capital's investments?
THENA Capital primarily invests in UK-based companies but emphasizes support for those looking to expand into the US market. This dual focus allows the firm to help startups navigate regulatory pathways and commercialization challenges.
What kind of post-investment support does THENA Capital provide?
THENA Capital offers strategic support to its portfolio companies, assisting them in navigating regulatory pathways and expanding into international markets, particularly the US. The firm’s team brings extensive experience in medical device commercialization and digital health.
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