To completely transform healthcare and medical compliance in the UK and the EU, the European automated compliance platform Naq has successfully raised €3 Million.
No Such Ventures contributed to the oversubscribed capital round, which also received extra backing from current investors. This indicates the market’s confidence in the platform, which is enjoying significant growth across the UK digital health business, less than a year after its pre-seed round.
The news of the fresh funding round comes at a time when it’s getting harder for startups—especially those run by women—to get funding; less than 2% of venture capital funding in Europe goes to female founders.
Nadia Kadhim, CEO and co-founder of Naq said:
“Nearly 50% of healthcare solutions fail to make it to market due to the complex regulatory and compliance challenges they face. Those who decide to tackle this complexity must spend enormous sums of money on specialists & deal with an excessive quantity of manual labor. We created Naq to enable innovators in the UK and Europe to commercialize their ideas by streamlining their adherence to the regulatory frameworks necessary to conduct business in the healthcare industry. We express our gratitude to the No Such Ventures team and our current investors for their unwavering belief in and support of Naq. Thanks to our recent fundraising, we can speed up expansion in the UK and Europe and continue developing our innovative automated compliance platform.”
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Due to strict compliance and regulatory requirements, over 400,000 enterprises in highly regulated industries, such as healthcare, struggle to bring new products to market. These businesses have a basic issue: in their industries, the only options for compliance have been consultants, who are expensive and complicate an already difficult process.
This process is being revolutionized by Naq’s automated compliance platform, which makes it possible for innovators to adhere to the healthcare frameworks necessary for their expansion, streamlines compliance, guarantees the security of healthcare data, saves them time, and speeds up the release of life-saving and cost-effective solutions into the healthcare market.
Naq’s technology secures the whole healthcare supply chain by simplifying compliance and enabling government agencies, enterprise organizations, and NHS trusts to accurately confirm the compliance status of their suppliers.
In addition to having grown 300% in the past 12 months, Naq’s platform helps hundreds of MedTech and health innovators comply with regulations so they may engage with the UK and EU’s healthcare system. As a result of this creative approach, Naq has received significant acclaim, as demonstrated by the granting of a prestigious £460,000 Smart Grant from Innovate UK. This grant will specifically improve Naq’s ability to use AI to streamline compliance for NHS suppliers.
No Such Ventures Investor Sophie Heijenberg continued, saying, “We were particularly impressed by Nadia and Chris’s knowledge in the compliance space. Their product is user-friendly and receives fantastic reviews from clients. We can’t wait to follow Naq on its incredible growth trajectory.
