Scan.com raises $220m and books a meeting with the LSE
The London imaging company has $90m of equity and $130m of debt to fund a US push. It earns most of its money in America and is still weighing where to list.
Scan.com has raised $220 million, split between a $90 million equity round and $130 million of debt.
Noteus Partners, the French investment company, led the equity. Aviva and Concord Health Partners also took part. The debt facilities come from VerisFi Capital and Atempo Growth.
The company is due to meet officials at the London Stock Exchange this week about a possible flotation. Chief executive Charlie Bullock said no listing venue has been chosen.
He also said the headquarters will stay in the UK, despite the company's American ambitions.
That is the part worth watching. Scan.com already makes most of its revenue in the United States, and about 80 per cent of its staff are based there.
Grand View Research, the American market research provider, puts the US medical imaging market at more than $100 billion, rising to just over $121 billion by 2033.
Bullock said roughly 600 million imaging scans are run in the US each year with no national infrastructure network behind them.
Scan.com was founded in 2021 by Bullock, Oliver Knight and Joe Daniels, with Jasper Nissim, an osteopath, and Khalid Latief, a consultant radiologist. It runs a website for booking scans, managing referrals and sharing results, using spare capacity at private imaging providers.
It generated $85 million in revenue last year and had previously raised just over $57 million across two rounds. Aviva's venture arm co-led the $12 million Series A and has now backed it again.
The listing question sits in a wider argument about where British scale-ups end up. UK start-ups raised a record $17 billion in the first half of 2026, according to Dealroom and HSBC Innovation Banking, yet only 16 per cent of large rounds involved a domestic investor.
Last month a consortium of large UK pension providers agreed to explore a "UK Scale-up Fund" managing more than £1 billion. Under the Mansion House Compact, nine of the biggest providers have committed to put 5 per cent of default fund assets into unlisted equities by 2030.
Ant Barker, director of venture capital at Aviva Investors, said UK pension funds increasingly want access to high-growth unlisted companies "that build tomorrow's technologies and create social value".
For founders raising at this size, the practical lesson is in the structure rather than the sentiment. Scan.com took 40 per cent of the package as equity and the rest as debt, which limits dilution but hands two lenders a claim on cashflow while the US expansion is still unproven.
And the venue decision is not yet made. If Britain's largest private imaging company, with a UK headquarters and a domestic insurer on the register, still lists elsewhere, the pension money now being marshalled will have arrived with nowhere obvious to go.
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