Irish MedTech Company Medihive Receives €7 Million Investment
The business is now valued at €62 million following the investment. Medihive includes Ireland’s largest online doctor service WebDoctor.ie. The investment will be used to fuel international growth, drive R&D innovation and accelerate healthcare software developments. Medihive will recruit up to 42 key hires across sales, engineering, doctors and marketing departments, adding to the 130 people already working with the company.
DUBLIN, Feb. 06, 2023 (GLOBE NEWSWIRE) — Medihive, Ireland’s award-winning health technology platform, which includes Webdoctor.ie, has secured an investment from ResMed, an international leader in digital health and cloud-connected medical device innovation, as well as existing shareholders including VentureWave Capital. The investment now values the business at €62 million.
Medihive is a software company built to transform medical processes that don’t work so patients can benefit from healthcare that does work. The business provides sophisticated software and clinical solutions to the healthcare, pharmacy and insurance industries, as well as direct to consumers and corporates via www.webdoctor.ie. The company combines digital and clinical know-how to bring clients and their end users high-quality virtual care on a global scale.
The €7 million investment announced today will be used to further increase the international growth of the business, drive investment and innovation in R&D and accelerate healthcare software developments. The company currently employs 130 people and it is expected this number will now increase by a further 42 employees over the next two years.
ResMed, whose cloud-connected medical devices transform care for people with sleep apnea, COPD and other chronic diseases, enabling people to live healthier lives, has been working with Medihive since 2019 and now joins as an investor. ResMed Germany led deal negotiations on behalf of the organisation. As a result of their investment, ResMed will now take a seat on the board to work with the team to accelerate the growth of the business.
Meanwhile, existing shareholders in Medihive have invested additional capital into the business. This follows the €3 million investment in August 2021 by VentureWave Capital, the private equity firm that focuses on entrepreneurial companies that make a positive social impact, are in vital sectors and address UN Sustainable Development Goals. At the time of VentureWave Capital’s €3 million in August 2021, the business was valued at €48 million. Today’s investment now values the company at €62 million, a significant 29% increase.
Noel McSweeney, Chairman of Medihive, said: “The investment from ResMed alongside the increased support from current shareholders demonstrates our shared passion for medical technology advancement and will allow Medihive and Webdoctor.ie to further expand and develop our services while continuing to provide transformative digital healthcare solutions.”
Katrin Pucknat, President of ResMed Germany, said: “At ResMed, our mission is to change 250 million lives in 2025 in out-of-hospital care settings, and today’s announcement fits perfectly with that goal. Our work to date with Medihive has transformed the lives of our patients by making their care pathway less disjointed and allowing them to get diagnosed for sleep apnea outside of a hospital setting. ResMed places significant importance on innovation and this investment will enable both organisations to continue to be at the forefront of developments in healthcare technology. We look forward to supporting the team at Medihive as part of their board and believe this relationship will create new opportunities for us both while continuing to transform the healthcare industry.”
David Crimmins, CEO of MediHive, said: “Medihive builds solutions to deliver positive patient outcomes by removing friction from their care journeys. This investment now comes at a pivotal moment for Medihive. Over the last two and a half years, demand for our services has surged as organisations realised they can achieve better patient outcomes by blending smart health technology with their traditional health infrastructures. This investment will enable us to continue meeting this demand while also allowing us to scale and expand our services in the continually evolving telehealth market both in Ireland and internationally. It’s an exciting time for Medihive, and we’re really looking forward to working with ResMed and our current shareholders to continue to make advances and improvements in digital healthcare for patients and professionals in the industry alike.”
Alan Foy, Chairman and Managing Partner VentureWave Capital, said: “We are delighted to once again invest in Medihive alongside ResMed, a key strategic investor. As a successful Irish health technology business that’s making an impact on delivering digital health and patient outcomes, this investment demonstrates our continued support and confidence in Medihive’s business goals, global impact and strategic ambitions.”
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Image 1: David Crimmins CEO of MediHive and Katrin Pucknat President of ResMed Germany
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