Patchwork, a health the start up launched in 2016 by two junior doctors has raised £3m for its next phase of growth.
The company helps to solve the NHS staffing crisis by supporting organisations cost effectively fill vacant shifts, costing the NHS billions each year the company said.
Praetura Ventures led the investment round including additional backing from BMJ, the publisher behind The BMJ, and some existing angel investors.
The solution cuts out the expensive agency middle man when recruiting and filling vacant shifts. Through tailored portals for NHS Trusts and a free app for clinicians, Patchwork is able to drive up the number of clinicians booking shifts directly with their hospital.
There are now more than 10,000 clinicians using the app across 30 hospitals.
Praetura Ventures is providing capital and strategic support and has invested £1.9m in Patchwork as part of the £3m deal.
This funding will enable Patchwork to accelerate growth and foster partnerships with more NHS Trusts across England and Wales. With the support of the team at Praetura Ventures, Patchwork also plans to further invest in the development of its proprietary software to enable the roll out across different staff groups within the NHS and support future expansion into the GP and private medical sector.
Anas Nader, co-founder of Patchwork, said “Those best placed to solve the challenges facing our healthcare system are the people who have worked on the frontline. Jing and I both struggled to maintain a healthy work-life balance as junior doctors, and we watched countless colleagues step away from full-time practice and into the world of locum agencies as a result of the daily pressures faced by medics. We felt there must be a better way of doing things; one where the NHS could staff wards safely and affordably, and where healthcare workers could find the right working balance for them, without the need for an expensive middleman. That’s why we created Patchwork.”
“We’re so proud of how widely our technology has already been embraced across the NHS and the impact we’re having on the lives of thousands of clinicians. We are therefore delighted to welcome Praetura Ventures as an investment partner. Their philosophy of providing not only financial support but strategic expertise is exactly what we were looking for. Their experience in the healthtech sector, alongside the continued support from BMJ, our partner, will also be crucial as we scale. We’re looking forward to partnering with them as we continue to save the NHS money and create a better work-life balance for healthcare workers at a critical time for our health service.”
Mark Lyons, director at Praetura Ventures, added “The staffing issues facing the NHS are never far from the headlines and there is a significant amount of political and social pressure to reduce costs and maintain quality of patient care. There’s no doubt that this is not an easy task, but Anas and Jing have established a business that is proven to help.”
