The UK medical imaging company has closed $220m (£162m) in combined financing: a $90m (£66m) equity round led by Noteus Partners, with Aviva, Concord Health Partners, YZR Capital and Oxford Capital participating, plus $130m (£96m) of debt from VerisFi Capital and Atempo Growth. Revenue has doubled over the past year to a $165m (£122m) annualised run rate.
Scan.com was founded in 2017 as National MRI Scan by clinicians Dr Khalid Latief and Jasper Nissim, alongside chief executive Charlie Bullock, chief operating officer Oliver Knight and Joe Daniels. It is already the UK's largest medical imaging network and expanded into the United States in 2023, where it now operates nationwide.
The split between equity and debt is the most instructive detail. Only $90m of the $220m is dilutive. The remaining $130m sits as debt facilities earmarked for acquisitions and working capital, which allows the company to fund network consolidation without issuing further shares against it. Terms of the debt, and the post-money valuation on the equity round, were not disclosed.
Noteus Partners led the equity. General partner Nathalie Bruls said the firm had known Bullock and Knight for years and pointed to compounding advantages in patient experience, provider connectivity and proprietary data. Aviva's participation is notable on a UK cap table increasingly short of domestic late-stage cheques, alongside US healthcare specialist Concord Health Partners, YZR Capital and Oxford Capital.
The target market is the US, where imaging is a large and structurally inefficient segment of a healthcare system valued at over $100bn for imaging alone. Roughly 600 million scans are run annually, and Scan.com says 85% are still booked by fax or telephone. Identical MRI scans can cost a few hundred dollars at one centre and several thousand a short distance away.
Scan.com's pitch is infrastructure rather than a directory. It integrates two-way with independent imaging centres' scheduling systems and electronic medical records, and exposes search, booking and results delivery through a single national API. Health plans, employer benefit platforms, third-party administrators and digital health apps connect with a few lines of code. Referrals are matched against live availability, price and subspecialty, and reports are routed to a radiologist in the relevant field, with results typically returned within 48 hours.
More than 900,000 patients have used the network globally to date.
"Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built," Bullock said, adding that the investment is intended to make transparent, days-not-weeks scheduling the standard in US healthcare.
The capital is aimed squarely at scale in the US, funded by a UK company that has kept its dilution to well under half the total raised.
Original source: BusinessCloud — https://businesscloud.co.uk/news/uks-scan-com-raises-220m-to-dominate-us-market/
