Network Locum clinches £5.3m to save NHS “millions of pounds”
Doctor matching service marks BGF Ventures' first investment post-Brexit as it looks to help hospitals cut recruitment costs
A workplace management software business said to have the potential to save the NHS “millions of pounds” has today secured £5.3m from BGF Ventures in a bid to continue its expansion.
Founded by former NHS consultant Melissa Morris, Shoreditch-based Network Locum is an online locum staffing platform that enables GP practices, hospitals and care centres in London, Manchester and Birmingham to find staff from its pool of 40,000 vetted GPs.It claims to help hospitals and GP practices cut their locum recruitment costs in half and has got “several” contracts lined up with more hospitals and local authorities later this year.
The business is competing with the likes of GPS Locums; the Startups 100-listed company on track to become one of the top five suppliers of doctors and nurses to the NHS and private sector.
Taking Network Locum's total funding to £8.5m, the investment will be used to extend the service to provide nurse and dental staff and to improve features on its mobile app; through which clinical staff manage their hours.
The deal also marks the first investment from BGF Ventures since last week's EU referendum result – BGF has said this indicates that the Brexit vote has not deterred it from “finding the very best tech businesses and entrepreneurs to invest in”.
Founder Morris commented: “The NHS is under such financial strain and Network Locum is a serious solution to a huge government problem.
“Our investors have shown confidence in us, despite the prevailing uncertainty in the market because they can see that we have the potential to deliver for the health service.”
Simon Calver, founding partner of BGF Ventures, continued:
“In Network Locum we believe we have found a truly innovative business that has the power to revolutionise the way the NHS recruits and manages its temporary staff.”
On the EU referendum result, Calver added: “Leaving the EU raises lots of challenges for the tech community but it does not distract us from our primary purpose of investing in the most promising companies and individuals with global ambitions that we can find.”