Patients Know Best (PKB), a pioneer in innovative health software solutions, has obtained £6m in funding from Growth Lending to support the next phase of its growth journey. The company has developed the world’s largest Personal Health Record (PHR) platform, integrating data feeds from all of England’s GPs and 25% of the UK’s hospitals.
Designed to organise data around the individual, its platform provides patients with a unified record to access and use their health information. Integrated with the NHS App, it has more than 4.7 million registered patients and releases more than 20 million test results every month.
Following the UK government’s announcement to digitalise all NHS patient records over the next decade, the recognised B Corporation will use the funds to further scale its offering in the UK, as well as expanding internationally.
Growth Lending – a specialist provider of capital for innovative, fast-growing SMEs – offers loans starting from £2m and supports a wide array of sectors. With a strong track record in technology, media and telecommunications (TMT), the lender’s latest partnership with Patients Know Best reflects Growth Lending’s growing appetite to support businesses in the healthcare sector, an industry that is undergoing significant growth in the UK. The deal was supported by Azets, Shoosmiths and Marriott Harrison, with debt advisory by the Fuse Capital Group.
Mohammad Al-Ubaydli, Chief Executive and Founder at Patients Know Best, commented: “We recognised the suboptimal care that patients everywhere receive due to fractured patient information and so we developed a single, integrated Personal Health Record (PHR). While our software has already empowered patients across the nation, this funding will enable us to bolster our proposition even further, in support of the UK government’s plan for NHS digitalisation, and to bring this to more countries more quickly – ultimately, delivering on our core mission of ensuring better care for all.”
Kimberly Martin, Managing Director at Growth Lending, commented: “We are absolutely delighted to be supporting Mohammad, Ian and the whole team at Patients Know Best through the next stage of their exciting growth journey. The recent news around the government’s 10-year plan for the NHS and the focus on digitalisation of patient records, not only to provide better levels of care for patients but drive efficiency within health organisations, means this is a crucial time for Patients Know Best.
“We are also grateful to Fuse Capital Group for its role in this transaction – our strong and established relationship enables a thorough understanding of the Growth Lending proposition and how we can best support exceptional businesses such as Patients Know Best.”
Russell Lerman, Chief Executive Officer at Fuse Capital Group, said: “This deal exemplifies our commitment to connecting innovative companies across diverse industries with tailored debt solutions that fuel their growth. Our long-standing partnership with Growth Lending has once again proved invaluable in securing optimal financing terms for Patients Know Best for the second time in the past 8 years. Our deep understanding of the healthcare technology sector, combined with Growth Lending’s expertise in supporting high-growth businesses, created the perfect synergy for this transaction.
“We’re proud to have played a pivotal role in facilitating this deal, demonstrating our ability to navigate complex funding landscapes and deliver results that drive technological advancements across sectors.”
Growth Lending is committed to fostering the success of high-growth, innovative businesses throughout the UK. By addressing the funding gap, the lender provides tailored capital solutions that empower companies to accelerate their growth and achieve their goals.
For more information about Growth Lending, visit growthlending.com.