Growth
Interviewing the innovation economy's investors: THENA Capital
- Growth
- Article
- 5 minutes read
At HSBC Innovation Banking, we have the privilege of working alongside visionary founders and the funds that back them. This series of short interviews introduces key innovation investors.
- London-based venture capital firm THENA Capital backs breakthrough MedTech companies.
- The team pride themselves on their close collaboration with founders, and ability to bring commercialisation expertise needed to bring critical innovations to those that need them most.
- Their gender-smart strategy aims to identify overlooked opportunities, reduce blind spots in risk assessment, and build companies that are more aligned with future market needs.
As our recent Life Science and Healthcare report shows, the healthcare space is attracting significant investment, second only to fintech in the first half of 20251.
I recently chatted to Dr Pamela Walker Geddes, Founding General Partner at THENA Capital, to understand more about what investors are looking for from promising start-ups in the space.
Tell us a little more about THENA Capital
THENA Capital is a London-based venture capital firm backing the world’s next category-defining medical technologies.
We invest in breakthrough companies transforming care experiences through digital health, fast-tracked medical devices, and clinical-grade innovation.
THENA Capital’s debut Fund 1 focusses on high-impact, UK-founded technologies addressing unmet needs across chronic conditions, cardiovascular, oncology, mental health, women’s health and care delivery.
Dr Pamela Walker Geddes, Founding General Partner, THENA Capital"At THENA Capital we are investing in a future where healthcare is smarter, more inclusive, and radically more effective. Every founder we back, every product we support, has the potential to change lives at scale. That’s the kind of impact that keeps us moving, and that’s the future we’re building."
With deep commercial, clinical, regulatory and operational expertise, THENA Capital partners with founders to unlock international scale, navigate complex markets, and build enduring category leaders in global healthcare.
What inspired you to focus on MedTech, and what do you think the most exciting opportunities in this space are?
Our focus on MedTech was inspired by a combination of deep sector expertise and a shared belief in the power of innovation to change lives.
Our team brings together decades of experience across the healthcare spectrum, from big pharma to early-stage start-ups, which made early-stage MedTech investing a natural and compelling fit.
What drew us in was the unique opportunity to help shift the healthcare paradigm: from treating illness to actively promoting wellness which can lead to prevention. MedTech is advancing rapidly, and we’re now seeing innovations that can not only improve outcomes, but fundamentally redefine how care is delivered.
Over the last four years, we’ve had the privilege of backing founders whose technologies are already having a life-changing impact on patients, and supporting their growth ambitions.
From an investment perspective, the MedTech sector is experiencing powerful tailwinds. Demographic shifts, including ageing populations and rising chronic disease burdens, are increasing global pull for healthcare innovation. At the same time, healthcare systems are under pressure to deliver more with less, driving pull for cost-effective, scalable solutions. Technological advances in AI, data science, robotics, and miniaturisation are enabling breakthroughs at an unprecedented pace.
These factors are fuelling investor interest, with MedTech continuing to outperform many other healthcare subsectors in terms of innovation velocity and resilience.
Dr Pamela Walker Geddes, Founding General Partner, THENA Capital"The future of healthcare is happening now. With cutting-edge science, AI, and personalised medicine converging, the opportunity to improve lives at scale has never been greater."
We’re excited by technologies that bring care closer to the patient, enhance prevention and diagnostics, and empower clinicians with better tools. At THENA Capital, we do more than invest, we work hand-in-hand with founders, bringing commercialisation expertise to help critical innovations reach the people who need them most.
Please tell us a little more about your gender-smart investment strategy – what are the key goals and how does this enhance your approach to investment?
We see gender-smart investing not only as a social imperative, but as a clear opportunity to drive superior financial returns with broader impact.
The data consistently shows that diverse teams outperform: companies with gender-diverse leadership teams are 25% more likely to achieve above-average profitability, and gender-diverse boards are linked to stronger governance and more consistent returns. Yet, only 2% of VC capital goes to female founded companies, a market inefficiency we believe can be directly addressed through targeted capital allocation.
In healthcare specifically, the disparity is even more pronounced. Women represent 51% of the population but remain consistently under-served in healthcare design, clinical research, and product development. At the same time, women are 75% more open to adopting health innovations, making them both critical users and market drivers for MedTech products. Ignoring this segment isn’t just inequitable, it’s a missed commercial opportunity.
Our gender-smart strategy is grounded in the international framework developed by the International Finance Corporation (IFC) and CDC Group. We’ve embedded this approach across both fund operations and portfolio company engagement, with KPIs focused on three key dimensions:
- Representation of women in leadership: We evaluate founding and executive team composition and actively seek to back diverse leadership.
- Organisational commitment to gender equity: We assess internal policies, workforce data, and company culture as part of our due diligence and post-investment value creation.
- Design and delivery of products that meet the needs of women: Especially relevant in MedTech, where inclusive design can dramatically improve adoption, effectiveness, and outcomes.
These metrics are not just monitored, but influence investment decisions and portfolio support post-deal. We believe this structured, measurable approach enhances our ability to identify overlooked opportunities, reduce blind spots in risk assessment, and build companies that are more aligned with future market needs.
Ultimately, gender-smart investing aligns with our mission to back innovations that create real, scalable impact, and to do so with the rigour and discipline that institutional investors expect.
Why did you choose HSBC Innovation Banking to be your banking provider?
We chose HSBC Innovation Banking because of their deep understanding of the innovation economy and their strong, active presence in the VC ecosystems and also in our sector: healthtech.
Our relationship began through a collaboration on one of our Future of HealthTech Hub events, an initiative we created to bring together founders, investors, clinicians, and industry leaders to accelerate innovation and build meaningful partnerships across the healthcare landscape. HSBC Innovation Banking was a natural fit for an event, not only because of their scale and reputation, but because they demonstrated a clear commitment to supporting early-stage, high-growth businesses in the sector.
As one of the most established players in the innovation banking space, HSBC Innovation Banking offers the infrastructure and global reach that growing funds and portfolio companies need, while also maintaining the flexibility and specialist expertise that is critical when working with emerging ventures. Their active engagement in the healthtech and broader life sciences ecosystem made them a strategic partner, not just a service provider.
For a firm like THENA Capital, which is deeply embedded in MedTech and early-stage innovation, it was important to choose a banking partner who understands both the opportunities and the nuances of scaling businesses in this space. HSBC Innovation Banking stood out as an institution that can grow with us, support our portfolio companies, and collaborate across the ecosystem to help unlock long-term value.
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