European automated compliance platform Naq, has successfully secured a significant €3m (£2.6m) investment, marking a pivotal step in the advancement of healthcare and medical compliance across the UK and the EU.
This oversubscribed funding round, featuring a substantial contribution from No Such Ventures alongside additional backing from prior investors, underscores the market’s robust confidence in Naq. This investment comes notably less than twelve months after Naq’s pre-seed funding, mirroring the platform’s vigorous expansion in the UK’s digital health landscape.
Based in Amsterdam and London, Naq was co-founded by Nadia Kadhim, a GDPR Lawyer celebrated as a Forbes 30 under 30 laureate, and Chris Clinton, a former cyber security expert at NATO and BAE Systems. This funding announcement arrives amidst a challenging climate for start-ups, particularly those spearheaded by female entrepreneurs, in securing investments; a notable statistic reveals that less than 2% of European Venture Capital Funding is allocated to female founders.
Naq’s revolutionary automated compliance platform is making significant strides in industries grappling with stringent compliance and regulatory demands, particularly in the healthcare sector. Historically, companies in these sectors relied heavily on consultants, a solution that not only incurred high costs but also contributed to the complexity of compliance processes.
Naq is transforming this landscape by empowering innovators to adhere to vital healthcare frameworks, simplifying their compliance journey, safeguarding healthcare data, and accelerating the introduction of transformative and cost-effective solutions to the healthcare market.
Beyond simplifying compliance processes, Naq’s platform plays a crucial role in enhancing the security of the healthcare supply chain. It achieves this by enabling NHS trusts, government departments, and large-scale organisations to reliably ascertain the compliance status of their suppliers.
Reflecting on the journey and the path ahead, Naq CEO and co-founder Nadia Kadhim stated, “Nearly 50% 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.”
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