CardMedic
Healthcare Communication Platform · Fluent in Healthcare · London, UK
GSV INVESTMENT
$550,000
Two tranches · P Preferred
PRE-MONEY VAL
$7.5M
Priced Round 2022
CURRENT ARR
$378,600
Dec 2025 · −19.1% YoY
BLENDED MOIC
1.63x
Blended value $897K
GSV OWNERSHIP
~9.1%
101,248 P Preferred (Carta)
FINANCIAL ASSESSMENT
P&L Summary — Oct 2024 (GBP & USD)
Source: Card Medic P&L October 2024, CardMedic P&L & Balance Sheet August 2024, GS Value Tracker Dec 2025
| LINE ITEM | GBP (OCT ’24) | USD (OCT ’24) |
|---|---|---|
| UK MRR | £29,230 | $36,537 |
| USA MRR | £1,167 | $1,459 |
| Total Revenue | £30,397 | $37,996 |
| Cost of Revenue | £2,408 | $3,009 |
| Gross Profit | £27,989 | $34,986 |
| Gross Margin | 92.1% | |
| Operating Expenses | £20,449 | $25,561 |
| EBITDA / Net Income | £7,540 | $9,426 |
MONTHLY ARR TREND (USD) — 2022–2025
ANNUAL ARR
$378,600
Dec 2025 (Value Tracker)
GROSS MARGIN
92.1%
P&L Oct 2024
YOY GROWTH
−19.1%
TTM CAGR declining
NET ASSETS
−£971K
Balance Sheet Oct 2024
INVESTMENT STRUCTURE
Deal Terms & Cap Table
Source: GSV Fund II Record (Carta) Sep 2025, GS Value Tracker Dec 2025, Blue Heron Cap Table Jan 2022, CardMedic Waterfall Example
TRANCHE 1 — JUN 2022
SecurityP Preferred Shares
Amount$250,000
Shares44,528
Cost / Share$5.614
FMV / Share$5.076
InvestorGSV Investors II LP
TRANCHE 2 — NOV 2022
SecurityP Preferred Shares
Amount$300,000
Shares56,720
Cost / Share$5.289
FMV / Share$4.782
InvestorGSV Investors II LP
COMBINED TERMS
Total Invested$550,000
Current Value (Carta)$497,259
Gain / Loss−$52,741
Pre-Money Valuation$7,500,000
Liquidation Pref1x + Accrued Div
Dividends8% Cumulative
All Warrants5%
Warrant ExpiryJun 2032
CurrencyUSD
CAP TABLE — BLUE HERON GROUP LIMITED (Pre-Investment, Jan 2022)
| HOLDER | CLASS | SHARES | % |
|---|---|---|---|
| Rachael Grimaldi | Ordinary | 500,000 | 37.22% |
| Tim Grimaldi | Ordinary | 500,000 | 37.22% |
| Andreas Zollmann | Ordinary | 72,830 | 5.42% |
| Other Shareholders | Ordinary | 93,999 | 7.00% |
| Option Pool | Options | 176,470 | 13.14% |
| Total Pre-Investment | 1,343,299 | 100% |
INVESTMENT HISTORY
Investment Timeline
Source: GSV Fund II Record (Carta) Sep 2025, Golden Section Term Sheet, Credit Memo, GS Value Tracker Dec 2025
FEB 2022
Term Sheet Executed
Golden Section Term Sheet signed for a priced round at $7.5M pre-money valuation. SPV XI formed for the CardMedic investment.
JUN 23, 2022
Tranche 1 — $250,000
GSV Investors II LP acquires 44,528 P Preferred Shares at $5.614/share. Credit Memo issued for GST Services value exchange (44,528 shares to Golden Section Holdings LLC).
NOV 28, 2022
Tranche 2 — $300,000
GSV Investors II LP acquires additional 56,720 P Preferred Shares at $5.289/share. Total GSV position: 101,248 shares, $550,000 deployed.
NOV 2022
GS Deep Dive & Launch Week
GS venture partner sessions at Houston office with Jim Gabriel (CCO). Focus on sales process optimization, case studies, and go-to-market strategy for US expansion.
DEC 31, 2023
Last Valuation (Carta)
FMV marked at $5.076/share (T1) and $4.782/share (T2). Portfolio value: $497,259 vs. $550,000 cost basis. Unrealized loss of $52,741.
DEC 2025
Current Status — Active (Red)
ARR at $378,600 with −19.1% YoY decline. Blended MOIC 1.63x. Status: Red. DPI pathway under discovery. Operating but limited growth.
QUARTERLY ARR TRAJECTORY (USD)
PROJECTED 2026 VALUE
$777,378
Pro-forma value · GS Value Tracker
PROJECTED 2027 VALUE
$725,426
Declining trajectory assumed
PRODUCT & COMPANY
CardMedic — Fluent in Healthcare
Source: CardMedic Deal Memo Final, CardMedic Deep Dive Nov 2022, Sales Collateral
CardMedic is a multi-award-winning communication platform designed to improve the transfer of vital information between healthcare staff and patients across any barrier — visual, hearing or cognitive impairment, foreign language, or PPE. Through digital cards, CardMedic provides pre-scripted content translated by leading industry experts.
From concept to launch in 72 hours during COVID-19, CardMedic reached 50K+ users across 120 countries with 22K+ app downloads since April 2020. The platform has earned government support, numerous innovation awards (MassChallenge, She Loves Tech), and international press coverage.
KEY FEATURES
Multiple Languages
EasyRead with Pictures
Speech to Text
Video Sign Language
Works Offline (No WiFi)
Custom Notes
REVENUE MODEL
Multi-tiered: Freemium → CardMedic Health (paid) → Health+ (paid) with implementation fees for hospital systems. Revenue primarily from UK NHS healthcare systems with growing US presence.
VALUE PROPOSITION
1. Reduces communication barriers in primary & emergency care
2. Increases post-care results via effective treatment communication
3. Creates inclusive channels for nonverbal & neurodiverse patients
4. Eliminates scheduling friction from in-person translators
5. Decreases avoidable ER visits from communication barriers
30% of medical litigation in the USA
is directly due to miscommunication in healthcare
INVESTMENT THESIS
Why Golden Section Invested
Source: CardMedic Deal Memo Final, Deep Dive Nov 2022
Massive Addressable Market: 30% of US medical litigation stems from miscommunication. Global healthcare communication represents a multi-billion dollar opportunity spanning NHS (UK), US hospital systems, and international markets.
Award-Winning Product-Market Fit: 50K+ users in 120 countries, sold into 14 healthcare systems in 12 months, accepted into Texas Medical Center Accelerator. Winner of MassChallenge and She Loves Tech awards.
Defensible Moat: Pre-scripted, expert-translated clinical content across multiple formats (text, audio, video sign language, EasyRead). Works offline. Deep healthcare domain expertise from NHS clinician founders.
Scalable SaaS Revenue: Multi-tiered freemium-to-enterprise model with implementation fees. Recurring MRR from healthcare systems with high switching costs and regulatory stickiness.
Clinical Founder Advantage: Co-founded by NHS Anaesthetist Dr. Rachael Grimaldi, a clinical entrepreneur with deep NHS networks and credibility. Real-world clinical insight drives product development.
Regulatory Tailwind: UK Integrated Care Systems restructuring enables efficient access to larger-scale NHS opportunities. Increasing regulatory emphasis on health equity and accessible communication.
RISK ASSESSMENT
Key Risks & Concerns
Source: GS Value Tracker Dec 2025, F2 DPI Analysis, CardMedic Financial Data
HIGH
Revenue Decline: ARR has fallen 19.1% YoY from $468K to $379K. Monthly revenue has plateaued around $31,550/month with no growth since mid-2025. Value Tracker status: Red.
HIGH
Negative Net Assets: Balance sheet shows −£971K net assets (Oct 2024). £906K intercompany liability to Blue Heron Group parent. Accumulated losses of −£1,036K.
HIGH
Concentration Risk: ~96% of revenue from UK NHS. USA MRR only $1,459/month (Oct 2024). Limited geographic and customer diversification despite global user base.
MED
Limited Liquidity Path: DPI pathway is “Discovery” stage per Value Tracker. Note: “Operating still but not much growth.” No clear exit or recap timeline identified.
MED
Small Scale & Burn: Despite being EBITDA-positive on a monthly basis (£7.5K Oct 2024), the company operates at very small scale. Cash position was only £394 in US account (Oct 2024 B/S).
LOW
FX Exposure: Company reports in GBP, GSV investment in USD. FX rate of 1.25 applied. Currency fluctuations impact reported USD metrics and valuation comparisons.
EXIT SCENARIOS
Return Analysis — GSV $550K Invested
Source: CardMedic Waterfall Example, GS Value Tracker Dec 2025 (F2 Blend, F2 Timing)
| SCENARIO | EXIT VALUE | GSV RETURN | MOIC |
|---|---|---|---|
| Wipeout / Write-Off | $0 | $0 | 0.0x |
| Liq. Pref Only (1x) | $682K | $682,000 | 1.24x |
| Current Blended | $897K | $897,312 | 1.63x |
| Moderate Exit ($7.5M) | $7.5M | ~$1,500K | 2.7x |
| Upside ($40M) | $40M | ~$5,941K | 10.8x |
| Bull Case ($100M) | $100M | ~$13,000K | 23.6x |
RETURN BY EXIT SCENARIO (GSV $K)
LEADERSHIP
Team & GS Coverage
Source: CardMedic Deal Memo Final, Deep Dive Nov 2022, Carta Records
RG
Dr. Rachael Grimaldi
CO-FOUNDER & CEO
NHS Clinical Entrepreneur and Anaesthetist. Created CardMedic in 72 hours during COVID-19. Holds 500,000 ordinary shares (37.22%). Deep NHS networks and clinical credibility.
TG
Tim Grimaldi
CO-FOUNDER & CTO
Expertise in technology and communications. Oversees product development, infrastructure, and financial reporting. Holds 500,000 ordinary shares (37.22%).
JG
Jim Gabriel
CHIEF COMMERCIAL OFFICER
Leads sales strategy, pipeline management, and customer relationships. Key contact for GS venture partner sessions. Drives US and UK go-to-market efforts.
GS
GS Coverage Team
GOLDEN SECTION
Blake Mosher, Taylor Stoute — venture partner sessions. Isaac Shi (Carta reporting). Advisory on sales process, HubSpot, case studies, and US market entry.
GP RECOMMENDATION
Verdict: MONITOR
CardMedic is an award-winning healthcare communication platform with genuine clinical value and a defensible product. However, revenue has declined 19.1% YoY and the company operates at a small scale (~$379K ARR). The balance sheet carries significant accumulated losses. GSV's $550K investment across two tranches of P Preferred shares is currently valued at $497K (Carta) with a blended MOIC of 1.63x factoring in the 1x liquidation preference and 8% cumulative dividend protections. The DPI pathway remains in “Discovery” with no near-term exit catalyst identified. The recommendation is to MONITOR the position, protect downside through liquidation preference, and reassess if the company demonstrates renewed growth or an actionable liquidity event.
BLENDED MOIC
1.63x
On $550K deployed
LIQ. PREF VALUE
$897,312
1x pref + 8% div protection
DPI PATHWAY
Discovery
No clear exit timeline
NEAR-TERM CATALYST
Revenue Stabilization
Halt ARR decline; rebuild growth
KEY MILESTONE
US Market Traction
Grow beyond UK NHS dependency
KEY CONCERN
Declining ARR & Scale
−19.1% YoY; Red status
Prepared by Derek · March 2026 · Sources: GSV Fund II Record (Carta) Sep 2025, GS Value Tracker Dec 2025, CardMedic P&L Oct 2024, Balance Sheet Oct 2024, CardMedic P&L & Balance Sheet Aug 2024, CardMedic Credit Memo, Blue Heron Cap Table Jan 2022, CardMedic Waterfall Example, CardMedic Deal Memo Final, CardMedic Deep Dive Nov 2022