ScaleUp Group (SUG) is pleased to announce a £3.8 million ‘Series A’ growth capital investment into its client IMMJ Systems Limited (IMMJ) by Foresight and SUG members. IMMJ is a rapidly growing electronic document management solution (EDMS) supplier, with a focus on healthcare.
‘Series A’ round of £3.8 million – £3.5m from Foresight VCT & Foresight 4 VCT (Foresight) and £0.3 million from SUG members – will accelerate the roll-out of MediViewer, the Company’s market-leading product in its innovative, electronic document management solution for the healthcare sector.
SUG has been working with IMMJ for more than 12 months, starting in the spring of last year orchestrating a fund-raising process which attracted a number of Funds interested in supplying growth capital to maintain and accelerate IMMJ’s great success in winning major contracts with NHS Trusts and private clinics. After a comprehensive review of the availability of such funds by SUG, IMMJ selected Foresight to be its growth partner.
Founded in 2015, by a team experienced in enterprise IT and NHS technology distribution, IMMJ developed MediViewer. This leading EDMS addresses a critical challenge for healthcare providers, digitising patient records and providing a single, easy-access interface for clinical caregivers. Foresight’s investment will enable IMMJ to scale the business through new hires in key functions such as operations, technology and account management, to support the expanding deployment of MediViewer. The Company is rapidly establishing itself as the EDMS market leader in UK healthcare and has plans to expand into international markets.
John O’Connell, Executive Chairman of SUG commented “We are delighted to have facilitated the securing of £3.8 million of ‘Series A’ funding for IMMJ Systems. It is noteworthy that the majority of our members also invested, underpinning our long-term belief and commitment to IMMJ – a key feature of how SUG operates in a ‘Series A’ fundraise. The management team there epitomizes all of the qualities needed to start up and then grow rapidly, especially in such a demanding environment – made even more praiseworthy given also our fund-raising process has been conducted entirely during the COVID-19 crisis.”
Commenting on the investment, Michael van de Weg, CEO of IMMJ Systems, said: “We are excited by this investment from Foresight, the opportunity it will provide to grow our offerings and capabilities, enabling us to deploy our products with more healthcare providers. Foresight has an excellent track record in supporting software businesses and is committed to seeing UK growth companies thrive and become leaders in their markets.”
Lindsay Duebendorfer, Investment Manager at Foresight, added: “IMMJ is an ambitious company that has built a technically advanced but user-friendly product and has a strong reputation among its NHS customers. It’s clear that MediViewer is well-positioned to address key challenges in digitising healthcare.”