Macmillan Cancer Support saw that cancer diagnoses were rising and NHS services were under pressure. Traditional charity funding models were not enough, so Macmillan launched an impact investment programme. This programme backs innovations in cancer care while also aiming to generate financial returns that can be reinvested.
According to Felix Litzkow, Macmillan’s Head of Impact Investment, the goal is not only financial sustainability but also shaping technologies that improve outcomes for people with cancer.
How innovations are chosen
Macmillan screens innovations in three areas: diagnostics, treatment transformation, and health inequalities. Projects must be UK-based, at the right funding stage, and validated by a health network. The selection process includes:
Between April 2023 and December 2024, nearly 300 innovations were reviewed. Of these, 58 passed initial screening, 40 went through detailed assessment, and 6 companies were funded, with more expected.
What makes a good investment
Macmillan looks for innovations that:
Projects that are unfocused, overvalued, or not accessible to NHS patients are rejected. Equity of access is a key principle.
The role of donors and stakeholders
Donors support the programme through the Frontier Funders Club, pledging £50k or more annually. £500k has been raised toward a £2m goal. Donors value transparency, patient involvement, and the chance to see their funding speed up solutions for cancer care.
Managing stakeholders is complex, involving start-ups, clinicians, donors, regulators, and the NHS. Macmillan’s collaborative approach ensures every perspective is considered. Its network of 10,000 professionals also supports adoption of innovations.
Examples of impact investments
Support beyond funding
Macmillan provides more than capital. It offers connections to partners and co-investors, patient involvement in development, and clinical advice. This has already helped start-ups secure further investment and scale faster.
Lessons learned
The programme is new but showing results. Challenges include assessing diverse types of companies and ensuring there is a viable market strategy, especially where the NHS is the main customer. Macmillan has been recognised by the UK government as an Innovate UK Investor Partner.
Conclusion
Through impact investing, Macmillan is helping bring new cancer care innovations to patients while showing how charities can drive systemic change in healthcare.
About David Stead
David Stead is passionate about helping organisations grow their social and environmental impact. He is a Non-Executive Director at The Biodiversity Consultancy and Tees Law, where he chairs the ESG Board. He advises foundations and philanthropists on giving and impact. He also sits on the boards of the Community Foundation for Surrey, IESE Foundation, and the University of Surrey Business School.
David has previously held senior roles at Maanch Impact, Charities Aid Foundation, 11KBW, Field Fisher, Eversheds, KPMG, Accenture, RBS, and UBS. He writes for journals including Impact Entrepreneur and Philanthropy Impact.
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