CareLoop Clinches £1.8m in Funding to Revolutionize Mental Health Care
Deal News | Jan 31, 2025 | praetura ventures
CareLoop, a digital therapeutic platform focused on severe mental illness and a spinout from the University of Manchester, has successfully closed a £1.8 million funding round. This funding was secured from the GMC Life Sciences Fund by Praetura, NPIF II Praetura Equity Finance, Verge HealthTech Fund, and SFC Capital. Founded in 2021, CareLoop integrates with existing treatment pathways to provide digital support, enabling remote monitoring and predictive management of patients' symptoms. The platform is backed by over a decade of research, including five clinical trials, and was recommended by NICE for NHS use. CareLoop's seed round was co-led by the GMC Life Sciences Fund managed by Praetura Ventures and Verge HealthTech Fund, a Singapore-based venture capital firm. CEO Zo Blake and her team aim to revolutionize care for those with severe mental illnesses while significantly reducing costs for healthcare providers. CareLoop also plans to establish its headquarters in Manchester's Sister innovation district. The investment highlights the strength of University of Manchester spinouts and the growing North West technology sector.
Sectors
- Healthcare Technology
- Venture Capital
Geography
- United Kingdom – CareLoop is a UK-based company, a spinout from the University of Manchester, and plans to set up its headquarters in Manchester's Sister innovation district.
- Singapore – Verge HealthTech Fund, a Singapore-based venture capital firm, participated in the funding round, indicating international investment interest.
Industry
- Healthcare Technology – CareLoop is at the intersection of healthcare and technology, offering a digital therapeutic platform designed to integrate with existing treatment pathways and improve mental health care delivery.
- Venture Capital – The article discusses a significant investment round involving various venture capital firms, indicating the role of venture capital in funding innovation in healthcare technology.
Financials
- £1.8 million – The amount raised by CareLoop in its funding round.
- Between five and 47 times the cost of licensing – Estimated cash savings for the NHS identified by CareLoop.
- $62bn – The direct cost of care for severe mental illness in the US per year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CareLoop | Target Company | Company | A digital therapeutic platform focused on treating severe mental illness, spun out from the University of Manchester. |
| Praetura Ventures | PE Firm | Company | Manages the GMC Life Sciences Fund and NPIF II Praetura Equity Finance, involved in funding CareLoop. |
| Verge HealthTech Fund | Co-investor | Company | A Singapore-based venture capital firm investing in impactful healthcare technologies, co-led the funding round for CareLoop. |
| SFC Capital | Co-investor | Company | Participated in the funding round for CareLoop. |
| University of Manchester | Research Institution | Institution | CareLoop is a spinout from this university, with its founding team comprising of mental health experts from this institution. |
| Zo Blake | CEO | Person | CEO of CareLoop, previously led significant growth at digital mental health platform Kooth plc. |
| Greater Manchester Combined Authority | Contributor | Government | Contributor to the GMC Life Sciences Fund managing the investment in CareLoop. |
| National Institute for Health and Care Excellence (NICE) | Endorsement | Government | Recommended CareLoop for NHS use through its Early Value Assessment programme. |