accuRx Raises £27.5M Series B as it Leads Digital Transformation in Healthcare by Empowering Health and Care Teams to Communicate
Latest investment, led by Lakestar, will enable accuRx to continue growing its team and building products that will enable everyone involved in a patient’s care to communicate with each other efficiently
Today accuRx is used by over 98% of GP practices and delivered a vaccine booking solution, which has been used to administer over 21 million COVID-19 vaccinations to date
LONDON, September 15, 2021 – accuRx, one of Europe’s fastest-growing healthcare platforms, today announced a £27.5M Series B funding round to transform communication across healthcare systems worldwide. The financing round was led by Lakestar with participation from British Patient Capital, Latitude VS (sister fund to London-based seed investor LocalGlobe), Atomico, Trusted Insight and Encore Capital. The newly raised funds will facilitate the growth of the accuRx team, enhancing its offering to GP practices and building products that will enable expansion into secondary care.
accuRx’s role to date
Communications amongst those involved in a patient’s care is often fragmented and felt by patients in almost every health system across the globe. Addressing a growing $8.3T global healthcare industry, accuRx offers the first collaborative communications platform that brings patients and their healthcare teams together, a crucial step in integrating care. accuRx’s software is currently used by 98% of GP practices in England and a growing number of hospitals and community trusts to communicate with their patients and one another.
Throughout the pandemic, accuRx played a significant role in supporting frontline healthcare staff, receiving a world-class user satisfaction score of 88. accuRx introduced a video interface which facilitated remote consultations and surveys to allow remote monitoring of patients with COVID-19 symptoms. Additional features include asynchronous messaging and two million patients are now contacted via accuRx weekly. Most significantly, accuRx built a vaccine booking system in just 4 weeks that has now been used to manage over 21 million COVID-19 vaccinations – over a quarter of all vaccines delivered in England.
Dr David Triska, GP Partner at Witley and Milford Surgeries commented “accuRx’s product has reinvigorated communication with our patients, enabling a better relationship between GPs and patients, which has ultimately led to better care provision. Our patients now have the confidence that they’re getting speedy and accurate responses from our team, and the use of regular Florey questionnaires to gather more information from our patients has been transformative for clinical record keeping and the care we provide.
We’re thrilled that accuRx has received funding which will enable it to expand its primary care product set, some of which we’re trialling at the moment. We’re also excited about accuRx’s progress into secondary care as better interaction between primary and secondary care is a huge step forward for safer and more effective patient care.”
The future of accuRx
accuRx, which was founded at Entrepreneur First, is now focused on building products that will deliver more value to its GP users, and delivering software that will better connect them with the rest of the healthcare system. It’s developing system-wide infrastructure that allows for NHS communication outside of GP systems such as accuRx Web, which currently has 11,000 weekly active users in non-GP settings including hospitals, pharmacies and care homes. The latest funding will accelerate the company’s progress towards becoming the unifying communications platform that brings patients and their healthcare teams together.
“We believe that healthcare is a communication industry and when healthcare teams can communicate easily and reliably, they can deliver even better patient care. We’re proud to have become a critical piece of infrastructure for general practice in the UK, and they’ve used us to message over 60% of the population. We’ve got an exciting roadmap to grow our adoption in settings like hospitals and district nursing, to connect communication across the health and care system.” says Jacob Haddad, CEO and co-founder of accuRx.
We place a huge emphasis on user research, having spent the early part of building accuRx shadowing healthcare staff in a surgery in Oxford. Working closely with our users enables us to learn how we can build powerful and intuitive software for them to communicate with each other and their patients. This latest round of funding is testament to the phenomenal work that the team have done so far and the opportunity that lies ahead,” Jacob added.
“We’ve spent the last 18 months delivering work to support our users throughout the pandemic, including remote consultations and building a booking system for the national COVID-19 vaccination programme. We’ve grown the team from less than 50 people to over 110 accuFolk over the last year and the funding enables us to hire more people to support our vision. We’re building products fast and at scale, which are incredibly reliable and user-focused and we’re excited to grow our engineering team to help us support more of the healthcare community,” says Laurence Bargery, CTO and co-founder of accuRx.
“An overhaul of communications in the healthcare industry is long overdue. Inefficient communication between nurses, doctors, general practitioners, to name a few, is tremendously detrimental to patients. We see this issue in healthcare sectors around the world and the pandemic has only heightened the need for action. We’re proud of what accuRx has been able to accomplish so far in transforming communication within primary care and we can’t wait to see the great benefits its tools will afford secondary care as well. With its product suite, accuRx has the potential to become a crucial backbone and infrastructure of healthcare markets globally,” says Oliver Heimes, Partner at Lakestar.
Notes to Editors
accuRx is one of the UK’s fastest-growing healthtech startups, building a communication platform to join up all healthcare communication around the patient to help the NHS deliver more informed care. Founded in 2016, its mission is to change lives by bringing patients and their healthcare teams together. It allows existing health and care systems to deliver technology-enabled care, beginning with the National Health Service (NHS) in the UK. accuRx’s vision is that anyone involved in a patient’s care can communicate with each other. accuRx is now used by 98% of GP practices and a number of secondary care providers.
Lakestar is one of Europe’s leading venture capital firms investing in technology companies led by exceptional entrepreneurs. The team’s early investments included Skype, Spotify, Facebook and airbnb. Since raising a first fund in 2013, Lakestar manages an aggregated volume of over EUR 1bn across three early stage funds, and more recently a growth fund. The company has expanded and broadened its portfolio and holds investments in the likes of Opendoor, Oscar, GYG, Glovo, Sennder, Eigen, FiveAI, Revolut and Hometogo to name a few. Lakestar has presence in Berlin, Zurich and London. Lakestar helps companies to identify new markets and expand into them rapidly, with a focus on the US and Europe. The team advises and supports portfolio companies in business development, recruitment, technology and marketing. The investments range from early stage companies to those in their growth stage. Visit us on LinkedIn and our website.
British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2019, British Patient Capital has £2.5B to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up.
Latitude Ventures is the series B+ sister fund to UK-based seed fund LocalGlobe. Latitude invests in emerging break-out companies from LocalGlobe, as well as more widely in the most ambitious founders. Latitude and LocalGlobe have been early investors in iconic companies including Transferwise, Zoopla, Improbable, Robinhood, Citymapper and Secret Escapes, as well as emerging stars including Tessian, TravelPerk, Flow Commerce and Raisin.