UK growth capital firm MMC Ventures has led a £1.4m follow-on investment in The Practice, a community-based healthcare provider for the NHS.
MMC paid £1.1m for its share in the Buckinghamshire-headquartered business, with existing angel investors making up the balance. This brings MMC’s total investment in The Practice to £3.4m since its initial involvement in 2006.
The money raised will be used to develop the company’s IT and finance infrastructure as well as its corporate and clinical governance, as well as enabling it to deliver more NHS primary care projects.
“The Practice has grown revenues c. 100% year on year since our initial investment and is set to continue this growth as the addressable market increases”, said Tom Hopkins, portfolio director at MMC who led the investment. “The company provides a more efficient service at a lower cost to the NHS. The recent delivery of the Hounslow walk in centre within eight weeks is testament to the calibre of the team and the professionalism of the service that the company provides.’”