London, the U.K-based healthcare workforce company Patchwork Health raised GBP 20 million (USD 24 million) in Series B funding. The round took place on August 10, 2022. Perwyn led the financing for the company. Meanwhile, Praetura Ventures and KHP Ventures backed the firm. Besides, several prominent angel investors, including Monzo founder Tom Blomfield and Social Chain Co-founder Dominic McGregor, joined the investment.
Purpose of funding for Patchwork Health
With the latest investment, the company wants to address the healthcare segment’s escalating staffing and workforce crisis.
It intends to strengthen its customer-facing teams further. Currently, its team size is over 100 professionals. The new proceeds will enhance the product development and features for their healthcare clients. This, in turn, will help Patchwork to support more organisations across the UK. Moreover, the healthcare company has plans to expand into international markets. It also seeks to introduce its services to new areas of health and a wider range of sectors.
What the founder has to say
Co-Founder and CEO, Dr Anas Nader said, “NHS staff are resilient, resourceful and deeply committed to their work. But they’re not superheroes. As the world of work shifts around them, NHS staff are locked into rigid schedules whilst demand escalates. This pushes clinicians out of healthcare careers as they’re too exhausted to continue. And that heaps further pressure on those who remain. It’s a vicious cycle we can ill-afford. Too many clinicians have, like myself and my co-founder, found themselves trapped in a schedule which can grind them down and push them out of a career they love.
He added, “NHS staffing isn’t working for NHS staff, but it can be fixed with the right tools. At Patchwork, we work closely with NHS organisations to design technology-powered solutions that allow all staff to have their needs, preferences, and wellbeing put front and centre of workforce strategies. Our solution gives the NHS the power to make this sustainable staffing a reality whilst improving staffing levels and safeguarding the quality of patient care. We’re so grateful to Perwyn and all the investors involved in this round for enabling us to scale up this mission and help even more healthcare professionals work sustainably.”
What the investors have to say
Martin le Huray, Partner at Perwyn, said, “Anas, Jing and their team are building a game-changing solution for the NHS. The traditional way of staffing our NHS is outdated and is contributing to the pressures our health service is facing. Their track record of working closely with the NHS to affect change is very impressive, and we are delighted to have led this round. We believe Patchwork is well on its way to playing a pivotal role in creating a stronger, more sustainable healthcare system for future generations.”
David Foreman, Managing Director at Praetura Ventures, said, “As long-standing partners of Patchwork, we want to continue to support their team as they scale. Their team is motivated by a unifying purpose; to make life better for NHS staff and to secure better outcomes for patients. This fuels everything they do and is the passion behind their ongoing success. We can’t wait to continue on this journey with them as they go from strength to strength.”
In addition, Daniel Dickens, Co-Managing Partner at KHP Ventures, added, “As an early-stage fund anchored by one of the UK’s largest healthcare systems, it was a natural fit to support two brilliant clinical entrepreneurs in Anas and Jing and their talented team, to scale a platform that addresses one of the biggest challenges facing the NHS. We were incredibly impressed with their roadmap and traction to date and looked forward to working with Patchwork’s team and our partners to help accelerate their growth and impact on NHS staff and patients.”
About the company
Dr Anas Nader and Dr Jing Ouyang co-founded the company in 2016. It is a healthcare workforce sector built by NHS doctors. Earlier in March 2022, Patchwork was named Staffing Solution of the Year by the HSJ. The company offers tech-driven solutions that address staffing challenges. Its solutions also allow NHS teams to manage their permanent and temporary workforce through one fully-integrated platform.
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