Patchwork Health, a London-based healthcare workforce platform built by NHS doctors, announced on Wednesday that it has raised £20M (approximately €23M) in a Series B round of funding.
The round was led by Perwyn with participation from Praetura Ventures and KHP Ventures. Many prominent angel investors, including Monzo founder Tom Blomfield and Social Chain co-founder Dominic McGregor, also participated in the round.
Patchwork Health says it will use the funds to strengthen its customer-facing teams and accelerate the development of new products and features for its healthcare clients.
The capital will also help Patchwork Health to support more organisations across the UK, expand into international markets, and bring its services to new areas of health and a wider range of sectors.
Patchwork Health: What you need to know
Founded by NHS medics Dr. Anas Nader and Dr. Jing Ouyang in 2016, Patchwork Health’s mission is to give doctors and nurses access to flexible work and more sustainable careers.
Dr. Anas Nader, co-founder and CEO, says, “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 while 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. Unfortunately, too many clinicians have, like myself and my co-founder, found themselves trapped in a schedule that can grind you down and push you out of a career you love.
Patchwork Health provides a tech-enabled solution called ‘collaborative staff banks,’ where healthcare organisations team up with others in the same region to widen their temporary staffing pool. This means that temporary vital clinicians will step in a shift that a permanent staff member can’t fill.
Dr. Nader adds, “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 while improving staffing levels and safeguarding the quality of patient care.”
Patchwork claims that it reduces reliance on the ‘middle man’ and gives hospitals the power to increase engagement with existing temporary staff, access new networks of clinicians directly, and broadcast all their shifts through an app.
Currently, Patchwork helps NHS Trusts and Health Boards team up with others in their region to create ‘collaborative staff banks.’ To date, Patchwork Health has brought 24 organisations in the North West together to help ease staffing pressures in the region.
Patchwork Health also offers rostering software and solutions for permanent healthcare staff, which factors in staff’s personal needs and preferences, promoting better work-life balance.
Perwyn is a European private equity company specialising in buyout and growth capital investments in four sectors – Technology, Services, Healthcare, and Food & Ingredients.
The VC typically invests between £20 and £200m in a limited number of businesses with the potential for significant growth.
Martin le Huray, Partner at Perwyn, says, “Anas, Jing, and their team are building a game-changing solution for the NHS. The traditional way of staffing our NHS is outdated and contributes to the pressures our health service faces. Their track record of working closely with the NHS to affect change is impressive, and we are delighted to have led this round. We believe Patchwork is on its way to playing a pivotal role in creating a stronger, more sustainable healthcare system for future generations.”
Praetura Ventures is a Manchester-based venture capital firm that invests in early-stage, high-growth businesses across the UK. It particularly supports entrepreneurs across the North of England. The company is backing Patchwork for the third time.
David Foreman, Managing Director at Praetura Ventures, says, “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 secure better patient outcomes. This fuels everything they do and is the passion behind their ongoing success.”
KHP Ventures is an early-stage venture fund focused on digital health, medtech, and enterprise healthcare technology.
Daniel Dickens, co-managing Partner at KHP Ventures, says, “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.”
Catch our interview with Paul Down, Head of Sales at Intigriti.