Workplace management software provider Network Locum has raised £5.3m in funding from BGF Ventures.
The London-based HealthTech company’s offering is currently being used by the NHS to save on agency staffing costs. The software helps match locum doctors with available shifts in NHS hospitals and GP practices
“The NHS is under such financial strain and Network Locum is a serious solution to a huge government problem,” explained Melissa Morris, chief executive of Network Locum.
“Our investors have shown confidence in us, despite the prevailing uncertainty in the market because they can see that we have the potential to deliver for the health service,” she added.
Network Locum has already signed up 40% of GP practices in England and Wales. It charges hospitals and GP practices based on a percentage of the locum hours booked, however it claims its fees are significantly smaller than those of recruitment agencies that operate in the sector.
Simon Calver, founding partner of BGF Ventures, said: “In Network Locum we believe we have found a truly innovative business that has the power to revolutionise the way the NHS recruits and manages its temporary staff.”
He went on to say that the fact his firm made the investment just a week after the vote to leave the EU underlines the fact that the UK has a “network of tech investors who are still ready and willing to commit to the best ideas and entrepreneurs in the UK’s tech scene”.
“Leaving the EU raises lots of challenges for the tech community but it does not distract us from our primary purpose of investing in the most promising companies and individuals with global ambitions that we can find,” Calver concluded.
Network Locum previously raised £3.2m from investors including marketplace specialist investor Piton Capital.