Zesty Receives $7.2M Investment led by Innovation Capital to Expand Across Europe
Innovation Capital recognises the disruption of online booking in healthcare with landmark UK investment
May 11th, 2015 – Zesty Limited, a leading platform in the UK for consumer healthcare, today announced the successful completion of its $7.2 million Series A financing, one of the largest early stage Digital Health financings in Europe to date. International venture capital firm Innovation Capital led the fundraising, building on its model of identifying and investing in innovative healthcare and technology-focused businesses. The round was supported by Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Mangrove Capital Partners and Maya Capital.
Zesty, an online booking service allowing patients to book a healthcare appointment in less than 60 seconds launched in London in May 2013, will use the funding to accelerate growth in London, across the UK and expansion into Europe. Co-founded by two technology entrepreneurs, James Balmain and Lloyd Price, the company received initial Seed money from Mangrove Capital Partners in 2012 followed by a second round of funding from Mangrove Capital, TA Venture and ABRT Venture Fund in 2013.
James Balmain, CEO of Zesty, said, “Every day in major cities around the world, people waste millions of hours trying to book their healthcare appointments, and healthcare practices leave tens of millions of dollars on the table due to inefficiency in the market. Zesty has rapidly transformed from an exciting concept to a leading UK consumer healthcare platform, saving patients time and hassle. This round of investment will help us continue to enhance our already popular and revolutionary London network and to take our unique, hyper local strategy across the UK and Western Europe. Zesty will bring the elite London online booking experience to major European cities in the next 18 months.”
Dr. Florian Reinaud, Partner at Innovation Capital, said, “Through our new sector fund closed in 2014, we invest primarily in European-based companies providing innovative healthcare services or solutions. We believe mobile and internet based services will transform access to healthcare across Europe and Zesty is well positioned to be one of the leading brands connecting patients with practices. Over the past two years Zesty has demonstrated its ambition and execution capability by transforming a concept into the UK’s largest network of healthcare practices offering real time appointment booking. Our investment is a reflection of our confidence in the Zesty team and the massive opportunity ahead of them.”
David Waroquier, Partner at Mangrove capital, said, “We are excited to support the Zesty team as they continue to build Western Europe’s leading online healthcare marketplace. Mangrove are committed to supporting entrepreneurs building transformational ideas around the world, we look forward to the next 2 years of rapid innovation within this largely uncontested market.”
Miles Kirby, Senior Director, Qualcomm Ventures, said, “Qualcomm Ventures is one of the most active investors fostering digital health startups in order to mobilize healthcare around the world. The Zesty team has built a suite of mobile and internet products to directly improve access to healthcare in the UK, and we look forward to helping them expand their service across Europe with our knowledge and network in the mobile IT and digital health eco-systems.”
Florian Reinaud, from Innovation’s Paris office, will join the Zesty Board, alongside David Waroquier from Mangrove Capital. Existing investors TA Venture and ABRT Fund also participated in the round, Miles Kirby from Qualcomm Ventures and Nicolas Duleroy from Maya Capital also join as Board observers.
Notes to Editors
Zesty is the UK’s leading Consumer Healthcare Platform launched in May 2013 by two technology entrepreneurs, Lloyd Price and James Balmain. For the first time, consumers can use the Zesty platform to find, compare and book healthcare professionals near them – in real time. Our award winning service began in London and is now rapidly expanding to cover the UK and Western Europe. http://www.zesty.co.uk
About Innovation Capital
Innovation Capital is a venture capital firm based in Paris with a local presence in the Silicon Valley at Palo Alto. Our team has significant experience in both information technologies and healthcare at large. Through our new sector fund closed in 2014, we invest primarily in European-based companies providing innovative healthcare services or solutions. http://www.innovationcapital.fr
About Mangrove Capital
Mangrove Capital Partners (http://www.mangrove.vc) is a leading early stage venture capital firm. Its team chases bold, transformational ideas around the world, with a combined focus on Europe, Israel and Russia. Mangrove works with the region’s top entrepreneurial talent at the earliest stages of innovation, with the aim of being the first institutional investor: the firm has co-created projects and regularly injects funds prior to product launch, often in unproven, unusual or un-favored technologies. Its team brings rich and diverse experience in industry as well as technology, and its entrepreneur-centric approach ensures founders have the support, encouragement and experience they need to build disruptive, global companies. With $750 million under management, Mangrove has the capacity to support its portfolio through multiple rounds of financing and is the largest shareholder in many of its best performing companies. Founded in 2000, Mangrove has invested in more than 85 companies and was the first investor in Skype, which was acquired by eBay for over €3.1 billion in 2005. More recently, Mangrove listed WIX on the Nasdaq (Nasdaq: WIX). Mangrove has consistently featured among the top performing venture capital funds in the industry and has fuelled the creation of significant long-term value.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm’s licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.
About Maya Capital
Maya Capital is a pan-European Real Estate and Private Equity investment firm that invests across all segments of the capital structure through equity, mezzanine and/or senior debt. Maya Capital has an entrepreneurial and hands-on approach, driven directly by the experience and the strong involvement of its principals. For more information, visit www.maya-cap.com.
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