Published: Jul 07, 2022
Focus:
Growth Capital
The Maven VCTs have completed a £1 million investment in digital health technologies specialist, ORCHA.
Cheshire based ORCHA is a global leader in assessing and distributing digital health, enabling private, local, and national health systems to adopt digital solutions, supporting healthcare professionals to prescribe digital health apps to patients. The company’s products are used in 12 countries, including the UK, Canada and parts of Europe. Customers include Public Health England, MHRA, NHS Digital, Mental Health Commission of Canada, and the American Telemedicine Association.
Over the past two years the digital health sector has seen exponential growth. However, healthcare professionals need to ensure that any new solutions adopted are safe, accredited and compliant. ORCHA’s innovative technology reviews and certifies digital health technology; its digital health libraries now hold more than 9,000 assessed products for health and care professionals to electronically prescribe to their patients.
The business is growing quickly with annual recurring revenue increasing by 300% over the last 12 months. Maven’s investment will help to support ORCHA’s expansion into new and existing markets, including developing a US operation and increasing its footprint in Europe. The funding will also enable the business to further invest in its core technology, and double headcount to 150 employees by Spring 2023.
The business is led by CEO Liz Ashall-Payne (pictured), a former NHS speech therapist, who recently won the Entrepreneur of the Year award at the Women in IT awards series.
"We believe ORCHA is well placed to capitalise on the heightened demand from national and local healthcare providers, both in the public and private sectors, for accreditation and assurance in digital health.”
Dean Cox, Investment Director at Maven
“We are delighted that Maven chose to invest in ORCHA and our vision to improve the lives of people with the best digital health. The market is growing exponentially, and with Maven's help, we are better placed to ensure people access only safe and effective products that will improve health systems and change lives.”
Liz Ashall-Payne, CEO and Co-founder at ORCHA
