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Scan.com raises $12m Series A to increase access to life-saving imaging diagnostics

  • Scan.com connects patients and referrers with imaging centres via a single platform, streamlining access to medical scans such as MRI and CT.
  • The round is co-led by Aviva Ventures, YZR Capital, Oxford Capital, Triple Point Ventures and Simplyhealth Ventures, with participation from Forefront Venture Partners.
  • The funds will facilitate US scale-up and new product development for UK insurance pathways.

London, 17/04/2023, 00:01am: London and Atlanta-based diagnostic imaging platform Scan.com has raised a $12 million Series A round co-led by Aviva Ventures, YZR Capital, Oxford Capital, Triple Point Ventures and Simplyhealth Ventures, with participation from Forefront Venture Partners. The business will use the funding to scale their US operations and develop bespoke products for UK insurers, accelerating healthcare referral processes to deliver life-saving imaging access and quicker results for patients.

The Series A investment will enable the company to expand into five additional US states and secure enterprise contracts with payers and digital health platforms, propelling Scan.com towards their ambition of becoming the leading imaging interface across the $120 billion medical imaging market. This follows a pilot in Atlanta, Georgia, where the company has established a network of over 50 imaging centres and ramped up to $1 million in annualised revenue in the first five weeks in the US after launching in February 2023.

This funding round will also facilitate bespoke product developments and integrations to cement Scan.com as a key healthtech infrastructure provider, especially in the private medical insurance vertical. Scan.com’s UK platform welcomes referrals from hundreds of clinicians, consultants, sporting and healthcare industry bodies, telehealth providers and insurers every month, including from strategic partners Simplyhealth, the leading cash plan provider whose venture arm co-led this Series A.

Scan.com was co-founded by clinicians who experienced inefficiencies when trying to organise diagnostics for their patients. Teaming up with CEO Charlie Bullock and COO Oliver Knight, they bootstrapped an automated alternative. Its 2021 $2m seed round, co-led by Oxford Capital and YZR, and backed by notable angel investors including Tom Blomfield (ex-Monzo) and Evelyn Bourke (ex-BUPA), launched Scan.com full-time. Supercharged by a subsequent $2.2m extension in 2022 led by Triple Point Ventures, the team is now 30-strong across the UK and US.

Charlie Bullock, co-founder and CEO of Scan.com, said: ‘We are thrilled to have such strong support from our investors as we continue to build Scan.com across the UK & US. The capital will be used to continue to improve access to diagnostic imaging and medical screening exams, through our consumer facing marketplace and API. This round would not have been possible without the incredible effort and tenacity shown by our entire team, who have built at such a fast pace in what is traditionally a very slow-moving industry. ’

Ben Luckett, Chief Innovation Officer at Aviva, said: “Our investment in Scan.com is a statement of our intent to invest in promising young digital and tech firms – they are growing rapidly, have a unique customer proposition and are already leading the way on medical imaging services in the UK. We are really excited to support Scan.com’s development and growth.”

Prof. Dr. Reinhard Meier, Founding Partner at YZR Capital, said: “As a Healthtech-focused VC fund, we are thrilled to support Scan.com in their mission to address the needs of patients and their doctors. With their innovative platform, Scan.com provides a seamless and user-friendly experience for booking radiological services, ultimately improving patient outcomes and enhancing the efficiency of the healthcare industry as a whole.

Stephen Hampson, Investment Director, Oxford Capital said: “Having backed Charlie, Oli and the team at Scan.com from an early stage, we were delighted to co-lead this Series A round to build on their mission to revolutionise the way people access medical imaging. The business has grown significantly since we first invested and we’re looking forward to supporting them in their journey, particularly as they expand into the US market and secure significant B2B partnerships.”

Jamie Tomalin, Investment Associate at Triple Point Ventures said: Since we first invested, Scan.com have made huge strides in both the UK and US to achieve their ambitions in becoming the infrastructure layer to enable ease of access to medical imaging, globally. We are excited to be backing Charlie, Oli and the whole Scan.com team again as they continue executing against this vision and transforming patient experience.

Rupert Novis, Director of Simplyhealth Ventures, said: “Our expanding partnership with Scan.com will allow our customers to book MRI, CT, X-ray and Ultrasound scans online in minutes, without a referral from a GP. Scan.com’s aim of making booking a diagnostic scan as easy as booking a hotel room aligns perfectly with our purpose of improving access to healthcare for everyone in the UK. We are proud to be investing in Scan.com to help accelerate the development of predictive and preventative services across the changing healthcare landscape.”

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Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    1. If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.
  2. You are unlikely to be protected if something goes wrong
    1. Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker here.
    2. Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
  3. You won’t get your money back quickly
    1. Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    2. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.
    3. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    1. Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    2. A good rule of thumb is not to invest more than 10% of your money in high-risk investments. https://www.fca.org.uk/investsmart/5-questions-ask-you-invest
  5. The value of your investment can be reduced
    1. The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    2. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

 

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