Simplyhealth has unveiled a £60m venture capital fund with an undislosed investment in gynaecological health company Daye.
The insurer told Health & Protection it has taken a minority stake in Daye and so will not have direct board representation, but the firms will be working on commercial opportunities which will enable them to collaborate strategically.
Daye is aiming to raise standards in women’s health and to close the gender gap in medical research and innovation by creating convenient products and services for period pain, at-home sexually transmitted infection (STI) testing and the treatment of vaginal infections.
Simplyhealth said its funding will prove crucial in enabling Daye to progress its offering. In particular, it will allow Daye to launch the world’s first ever tampon-based at-home vaginal microbiome screening kit.
The Simplyhealth Ventures fund will invest in UK-focused, early-stage healthcare businesses to accelerate the development and adoption of predictive and preventative healthcare solutions over coming years, the insurer said.
It has already invested in two other healthtech start-ups.
In May, the fund took a majority stake in Ocuplan a provider of plans to support those with chronic eye conditions. This was followed by an investment in Ampersand, a digital therapeutics platform for chronic inflammatory conditions.
The firm added it wanted its fund to support the government and UK economy in challenging times, as well as broaden its products for its customers.
‘Investing in pioneering healthcare businesses’
Professor Sneh Khemka, CEO of Simplyhealth, (pictured) said: “I am proud to launch Simplyhealth Ventures, which has been a focus of mine since I stepped into the CEO role last year.
“We’re investing in pioneering healthcare businesses in the healthtech and medtech sectors and have already made significant investments this year in predictive and preventative healthcare in the UK.
“We strive to make healthcare accessible to all and I am excited that we can financially support innovative healthcare businesses through our fund, addressing challenges in the UK healthcare system. We are a purpose-driven company with no shareholders, so our profits go to fulfilling this purpose.”
Valentina Milanova, founder of Daye, added: “We have ambitious plans to ensure women’s health is treated with the importance it deserves, and we are delighted to have Simplyhealth join us on that journey.
“This funding will support Daye’s growth and the launch of the UK’s first tampon-based at-home vaginal microbiome screening kit, making vaginal testing more accessible, easy to use, and even more accurate.
“Simplyhealth’s investment will also enable us to build a comprehensive platform for gynae health, giving more women and AFAB individuals valuable insights into their bodies.”
