Scan.com funding round raises $220m ahead of IPO talks

Scan.com, Britain’s largest private medical imaging company, has raised $220 million from investors including Aviva as it eyes a potential stock market flotation.

The London-based company will put the funds towards a bigger push into the American medical imaging market. The package is made up of a $90 million equity round led by Noteus Partners, the French investment company, with backing from investors including Aviva and Concord Health Partners, alongside debt facilities totalling $130 million provided by VerisFi Capital and Atempo Growth.

Scan.com already generates most of its revenue in the United States, where about 80 per cent of its workforce is based. The American medical imaging market is estimated to be worth more than $100 billion and is projected to grow to just over $121 billion by 2033, according to forecasts by Grand View Research, the American market research provider.

Charlie Bullock, co-founder and chief executive of Scan.com, said that while about 600 million medical imaging scans are run in the US each year, the country still has no national infrastructure network for imaging. “Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built,” the 30-year-old said.

“We’re a fraction of 1 per cent in terms of [market] penetration,” he said. “Our ambition is to be the leading, biggest diagnostic imaging company in the US. We’re nowhere near there yet, but we feel like we’re on track.”

Where to list

The fundraising comes as the company prepares to meet officials at the London Stock Exchange this week as it works towards a potential IPO, although Bullock said it had yet to decide on a listing venue. Despite its ambitions in the US, the company has no intention of moving its headquarters from the UK, he said.

There is growing concern that UK markets are not attractive enough to retain the highest quality British start-up companies, amid a long-running shortage of the scale-up capital needed to grow the country’s most promising firms. UK start-ups raised a record $17 billion in the first half of 2026, according to figures from Dealroom and HSBC Innovation Banking, yet only 16 per cent of large funding rounds involved domestic investors.

Last month a consortium of some of the UK’s largest pension providers agreed to explore the creation of a “UK Scale-up Fund” that would back the most promising British private companies and manage more than £1 billion, following calls for pension funds to back British scale-ups rather than leaving the returns to overseas investors.

Ant Barker, director of venture capital at Aviva Investors, said UK pension funds increasingly want greater access to high-growth, unlisted companies “that build tomorrow’s technologies and create social value”. Under the Mansion House Compact, nine of the UK’s largest pension providers committed to allocate 5 per cent of their default fund assets to unlisted equities by 2030.

“[Scan.com is] one of the fastest-growing companies in our venture capital portfolio, and well placed to deliver long-term returns for UK savers and institutional investors, in line with our Mansion House Compact objectives,” Barker said.

Built to use spare capacity

Scan.com was founded in 2021 by Bullock, Oliver Knight and Joe Daniels, along with Jasper Nissim, an osteopath, and Khalid Latief, a consultant radiologist.

“[We] saw this problem in the UK around lack of access to diagnostic imaging, lack of price transparency and increased waiting times in the national healthcare service,” Bullock said. There was plenty of capacity sitting unused in imaging centres and hospitals around the UK, he said, but no way to access it.

The company provides a website for booking scans, managing referrals and sharing results, using spare capacity at private providers. Last year it generated $85 million in revenue.

The business had already raised just over $57 million across two previous funding rounds. Aviva’s venture arm co-led the company’s earlier $12 million Series A round, and the insurer has backed it again in the latest raise.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.