UK & Netherlands-based compliance automation firm Naq raises €3 million to revolutionize healthcare and medical compliance across the UK and the EU
Dutch VC No Such Ventures leads the round backed by existing investors to accelerate Naq’s growth across the UK and Europe and further the development of their category-defining automated compliance platform
Amsterdam, January 24, 2024 - European compliance platform Naq has raised €3 million to revolutionize healthcare and medical compliance in the UK and EU, following its successful pre-seed round less than a year ago. The oversubscribed funding round was led by No Such Ventures with support from existing investors.
The Amsterdam and London-based start-up was founded by Nadia Kadhim, GDPR Lawyer and Forbes 30 under 30 winner, and Chris Clinton, ex-NATO and BAE Systems Cyber Security expert.
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 is revolutionizing this process, enabling 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.
Having grown more than 300% in the last year, their innovative approach has gained substantial recognition, as evidenced by the award of the prestigious £460,000 Smart Grant from Innovate UK, set to enhance Naq's capabilities, specifically in using AI to streamline the compliance process for NHS suppliers.
CEO Nadia Kadhim remarks, "Nearly 50% of healthcare solutions don't reach the market due to regulatory challenges. Naq empowers innovators in the UK and Europe to simplify compliance. We appreciate No Such Ventures and our investors for their support. This funding round will help us accelerate our growth across the UK and Europe and further the development of our category-defining automated compliance platform."
Sophie Heijenberg, 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.”
About No Such Ventures
No Such Ventures is a rapidly growing pioneer in the Venture Capital landscape that offers flexible investments for investors and founders. The investor combines the added value of (angel) investors with the professionalism of a VC through its deal-by-deal model. No Such Ventures invests two to eight million euros in ambitious growth companies in various sectors and is supported by a committed and rapidly growing network of investors, entrepreneurs, and industry experts. For more information: https://www.nosuchventures.com