Quality Practice, set up earlier this year by practices in Bristol, South Gloucestershire, London and Manchester, aims to bring together the top 10% of practices across the UK.
Director and South Gloucestershire GP, Dr Simon Bradley, said the group turned to crowdfunding equity investment to ‘open up and widen the ownership opportunities’ and bring in a broader range of shareholders.
Among the 49 investors were a medical accountant, a pharmacist, and an entrepreneur who was will sit on to the board as a non-executive director.
GPs behind Quality Practice want to build a federation of the largest number of GPs in the NHS to deliver national and regional contracts for primary care services.
Its founders believe the federation could provide a unique structure for collaboration in the development of general practice.
The new first-stage funding will be used, in the run-up to formal launch in the autumn, to develop a social network platform for member practices to co-create protocols and processes.
Dr Bradley said the transparency of the crowdfunding system was a major attraction. ‘We don’t want convoluted offshore companies like some other healthcare groups’, he said. ‘We want absolute transparency. And crowdfunding makes it absolutely transparent.’
Dr Bradley said the organisation may now look at developing its own crowdfunding system to take to GPs for future investment.