Dermot Desmond, the part-owner of Celtic Football Club and one of Ireland’s richest men, is one of a number of backers of med(24), a new start-up which claims to be the UK’s first “membership-based private healthcare service”.
The Irish billionaire is part of a £5m seed round of funding for the venture, which plans to open its first private doctors’ surgery in Paddington, central London, later this year.
The clinic, a 7,000 square foot facility situated next to the new Crossrail station, will have five consulting rooms, two procedure and treatment rooms with scope to accommodate additional services.
A spokesman for (med)24 said the new venture will provide members with “cutting- edge technology” and “world class medical services including 24-hour access to GP-led specialist care at its state of the art clinic”.
He added that the service will provide “year-round flexible and personalised health and wellbeing programmes providing a premium experience for all users”.
In addition to a “full suite” of primary care services including minor illnesses and injuries, health and wellbeing under one roof, the clinic will also house treatment rooms for minor procedures, physiotherapy and other procedures, with the capability to provide “comprehensive, state of the art point of care testing and diagnostics” including onsite blood and urine testing and access to ultrasound scans.
The spokesman said: “The goal of (med)24 is to provide flexible access to these services, offering minimal waiting times and on a 24-hour, 365-day-a-year basis.”
Jonathan Kron, Co-Founder and Chief Executive of (med)24, said: “We are delighted to have reached this key milestone. Healthcare provision was changing rapidly before COVID-19, that change is now accelerating further.
“We believe people will demand a better designed health system in the future with consultations, diagnosis and treatment in one physical location backed-up and interchangeable with on demand virtual care where appropriate.”
Kron has been working in healthcare for over 15 years during this time he has been involved in the commissioning and development of multi-million pound healthcare services across the public and private sectors.
Ahmad Al-Hamad, a fellow Director of (med)24, said the fundraising round was “significantly oversubscribed”.
He said: “We have been overwhelmed by the interest from investors. We completed the fundraising far quicker than we expected and with fewer individuals. We believe the high level of interest from investors demonstrates the level of demand there is for this kind of world-class medical facility in London.”
Other investors in med(24) include The Capital Partnership, Round Hill Capital, EFM Asset Management and Stirling Square Capital Partners.