IPLATO the company behind the myGP app has secured access to lending of up to £5m from SME credit specialist Caple.
Caple has helped iPLATO to access a multimillion pound eight-year unsecured loan to further develop its technology and drive forward its marketing in the UK and to launch internationally.
The company said it also plans to also develop new products and services for the NHS.
Martin Rowden, CFO of iPLATO, said “Our aim is to transform healthcare by making it easier for patients to better organise their and their family’s healthcare. To do so, we need funding that reflects our ambitions. While equity funding was a possible option, it was expensive, failed to match our vision, and we did not want to dilute our ownership.”
“This deal with Caple is ideal for our business as it enables us to develop new products and services to achieve our growth targets. We have achieved significant user growth and we want to keep our foot on the gas to reach 10m users in the next two years. There is a significant appetite for digital first healthcare services both in the UK and internationally and we aim to meet this demand.”
The app is currently supporting more than 6,500 GP practices and 12,000 pharmacies, and with the new funding the company said it aims to increase the number of app users from 1.5m to 10m users in the next two years. The myGP app supports patients book GP appointments, order repeat prescriptions and set up medication reminders via a smartphone.
Sean Brophy, UK country manager of Caple, said “Many successful businesses are growing by developing intangible assets such as intellectual property or services. However, while banks can lend against the tangible assets in a business, they can only do so up to the value of those physical assets available as collateral. After that, they cannot help.”
“This creates a barrier to growth and may force businesses to issue equity instead of raising debt. iPLATO had this issue and had considered, but did not want to give up, equity. Now, with our unsecured funding deal, iPLATO can implement its ambitious growth plans and achieve its goals without having to resort to equity funding.”
