European automated compliance platform Naq has successfully raised €3 million today to improve healthcare and medical compliance across the UK and the EU.
Over 400,000 companies in highly regulated sectors like healthcare face challenges in bringing innovative solutions to market due to stringent compliance and regulatory requirements.
A fundamental problem these companies face is that in their sectors, the only compliance solutions have been consultants who are costly and add complexity to an already demanding process.
Naq's automated compliance platform enables innovators to comply with the healthcare frameworks essential for their growth, streamlining their compliance, ensuring healthcare data is secured, saving them time and accelerating the introduction of life and cost-saving solutions to the healthcare market.
It also enables NHS trusts, government departments, and enterprise organisations to verify the compliance status of their suppliers reliably, securing the entire healthcare supply chain.
The Amsterdam and London-based startup has grown 300 percent over the last 12 months. The company has previously raised over €1.37 million in Seed funding and was awarded a £460,000 Smart Grant (€538,000) from Innovate UK.
Today's oversubscribed funding round gained investment from No Such Ventures, plus additional support from existing investors.
Nadia Kadhim, CEO and co-founder of Naq, commented,
"Nearly 50 percent of healthcare solutions fail to make it to market due to the complex regulatory and compliance challenges they face. Those who choose to take on this complexity face overwhelming amounts of manual work and huge sums spent on consultants.
That's why we built Naq: to empower innovators in the UK and Europe to bring their solutions to market by simplifying their compliance with the frameworks required to operate in the healthcare sector.
"We want to thank the team at No Such Ventures and our existing investors for their continued support and belief in Naq.
This latest funding round will help us accelerate our growth across the UK and Europe and further develop our category-defining automated compliance platform."
Sophie Heijenberg, an investor at No Such Ventures, adds:
"Nadia and Chris' expertise within the compliance market stood out for us. Their product is intuitive and gets amazing customer feedback. We are excited to join Naq on its stellar growth trajectory."
Lead image: Naq. Photo: uncredited.