HealthTech firm Now Healthcare Group (NHG) has secured £4m in Series A funding from Medicash, a health cash plan provider based in Liverpool, in exchange for a minority stake in the business.
Founded in 2015 by Lee Dentith and based in Media City (Manchester), NHG provides digital healthcare services through its brands Dr Now, Now GP and Now Pharmacy.
The company, now valued at £24m, plans to use the funds to further its artificial intelligence and machine learning offering through its mobile app products and online pharmacy.
NHG also intends to build on its private medical insurance offering and soon-to-be-launched new NHS medicine adherence and fulfilment app.
Dentith said: “This investment and partnership is a fantastic opportunity for both NHG and Medicash to be able to develop new and exciting products for the insurance market in a live environment.
“Medicash will enable us to explore services and demands for both private individuals and companies, which can potentially provide a game-changing scenario for the digital private medical insurance market. We are aiming to test and develop products to over 100,000 business clients and over 100,000 private individuals.”
Sue Weir, chief executive of Medicash, spoke about her firm’s decision to invest and partner with NHG.
“We are excited to be working with Lee and his team to develop new offerings to our policyholders. Healthcare delivery will change dramatically over the next few years, and we, at Medicash, want to be at the forefront of the evolution.”