Published: May 03, 2016
Focus:
Growth Capital
Maven has completed a £2.5m investment in The GP Service, a provider of online services for general medical consultations and prescriptions. The investment will enable GPS to accelerate the roll-out of its service across new geographical locations, and develop a range of products and services where there are strong market demand drivers.
GPS is led by experienced entrepreneur Atul Devani as Executive Chairman. Atul was the founder of United Clearing, which listed on AIM in 2004, before being sold in 2006 for £25 million. He then served as CEO of BSG’s wireless division prior to its trade sale to Syniverse Technologies for $290 million.
The online pharmacy and prescription market is a rapidly emerging sector in the UK, driven by an increase in average waiting times for GP appointments as well as surgery opening times being unsuitable for people’s busier lifestyles. This has resulted in an increased demand for alternative methods of accessing medical advice and treatments. GPS addresses this issue by offering a solution which enables customers to tailor healthcare needs around work and family commitments.
The GPS web-based platform is already fully operational, with GP consultations being delivered live via video link direct, and prescriptions issued to a pharmacy of the registered user’s choice. With the service operating daily from 7am to 8pm, it provides the flexibility required by people who are currently unable to visit a doctor or obtain a prescription within traditional surgery opening hours.
“We are very pleased to be supporting Atul and his ambitious management team in this exciting new venture. The increasing appetite from busy people for alternative ways to seek quality, reliable medical advice and treatments, in the face of demanding lifestyles and increasing GP waiting times, means that the business is well placed to achieve significant growth. The investment in GPS offers Maven clients an excellent opportunity to invest in an innovative new business. We’ve successfully backed Atul in a previous business, and look forward to working closely with Atul and the senior team at the forefront of this emerging sector.”
Stella Panu, Partner at Maven
“I am delighted to have Maven on board as part of this exciting revolution in Healthcare. Whether you're a busy individual that needs to see a Doctor at a time convenient for you, or an employer offering the service as a benefit and avoiding the inconvenience of the need for staff to take a day off, we are able to provide a solution for you. In utilising the funds raised, GPS has planned a number of exciting, innovative products and services that we aim to launch into the marketplace".
Atul Devani, Executive Chairman of The GP Service
Today’s transaction was funded by the six Maven managed Venture Capital Trusts. It is one of the first deals completed by a VCT manager following the introduction by the UK government, in late 2015, of new investment rules intended to align with the EU State Aid legislation, which now prevents VCTs from supporting acquisition based transactions.
