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Saïd Business School alumnae Esther Reynal de Saint Michel and Dr Pamela Walker Geddes have become UK trailblazers in medtech.
Less than two weeks ago, along with their partner Tatum Getty, they launched THENA Capital’s Fund I, with a market opening ceremony at the London Stock Exchange - an impressive accomplishment in itself. But this is, in fact, the first early-stage specialist medical technology venture fund in the UK; the first all-female founder team to receive backing from the British Business Bank; and the first fund to boast two Oxford Saïd alumnae in the founding team.
Pamela said: 'We didn't realise the extent to which we would be seen as role models...But it is incredible to be seen as trailblazers.'
For the past four years, Esther, Pamela, and Tatum have been heads down, determined about their mission to transform the future of healthcare - and they have changed the face of UK venture capital in the process.
We did not realise we were setting the bar for so many UK VC ‘firsts’. Our careers have been dedicated to health and wellness since day one and we are deeply committed to catalysing change across the healthcare landscape.
THENA Capital co-founder
Tatum, Pamela and Esther on launch day
The launch of THENA has propelled the trio into the public eye, and Esther is now the ‘go-to mentor’ for innovators and founders.
‘Collaborating with founders is at the heart of THENA Capital’s approach. Not only are we providing capital, but also expertise in the area of commercialisation, to help much-needed technologies and innovations reach the market,' Esther explains. She took her MBA at Oxford Saïd in 2011 and became president of the Women in Business club during her time in Oxford ‘to encourage discussions on what it means to build careers and become leaders, as women'.
A highlight of the programme, according to Esther, was the diversity of the cohort, with people coming from so many different backgrounds and industries.
One of the greatest advantages of the MBA, was meeting people from diverse career paths, gaining insight into the power of strategic pivots, and discovering new ways to expand expertise and skillsets.
THENA Capital co-founder
The pair did not meet at Oxford Saïd but while Esther was working at a McKinsey spin-off and Pamela joined the firm to advise global Pharmaceutical, MedTech, and Consumer Health companies.
In 2017, coming from a science background, Pamela took an Executive MBA, having previously matriculated in 2002. She says: ‘Returning to Oxford was a truly enriching experience. The programme was exceptional, bringing together individuals from across the globe, diverse sectors, and career stages. I loved the broad, interdisciplinary curriculum and found my time there inspiring and expansive.’
Both agreed, the networks and relationships they made at Oxford Saïd have been pivotal for them. They remain firm friends with fellow alumni and one of their investments has been in another alumnus’s business.
The plan for THENA Capital took shape. The team’s impressive expertise, along with extensive healthcare experience - from pharma to start-ups - and the rapid advancements in the sector, made early stage MedTech investing a natural fit. They say, it presented a unique opportunity to revolutionise patient lives through innovation, shifting the focus from illness to wellness. Over the last four years, they have invested in a series of MedTech businesses which have had a life-changing impact on both patients and the companies with which they have worked.
According to Pamela: ‘The future of healthcare is now. With cutting-edge innovation at our fingertips and an industry poised for transformation…our team is driven by the opportunity to improve lives and shape the health of generations to come.’
THENA aims to invest in 25-30 businesses with this first fund, providing seed capital to back new medical technologies in the UK. It is a 10-year fund – and they plan to launch a second larger fund in 3-4 years’ time.