Funding profile · Diagnostics infrastructure

Tuli Health

A United Kingdom company with no SEC filings, no priced equity round on record, and one independently published capital figure: the £250,000 Morgan Stanley says it puts into each EMEA startup in its 2025 accelerator cohort.

£250KMorgan Stanley stated investment per EMEA startup, 2025 cohort
$125KSeed from Y Combinator, Sep 2021, per an aggregator
£1,000Only statement of capital on file, March 2021
0SEC Form D filings or EDGAR mentions found

Data as of September 24, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Mar 2021 Share allotment at formation £1,000 statement of capital Not named in the filing Companies House
Summer 2021 Y Combinator, batch S21 $125,000 reported Y Combinator Aggregator
Undated Early support, unpriced Not disclosed UCL Innovation & Enterprise, Microsoft for Startups, Capital Enterprise Aggregator
Sep 2025 Morgan Stanley Inclusive & Sustainable Ventures, 2025 Lab cohort £250,000 stated per startup Morgan Stanley Independent
Nov 30, 2025 Control change, mechanism not stated Not disclosed Both founders ceased control on the same date Companies House
2021 to 2026 Any priced equity round None on record Tracxn lists five investors, four unnamed Not found

What the filings show

TULI HEALTH LTD · Companies House · company number 13195637

Incorporated
11 February 2021
Statement of capital
SH01 filed 16 March 2021, GBP 1,000. No later allotment filed.
Accounts
Total exemption full accounts, FY2022 to FY2026, last filed 2 September 2026. No turnover published.
Directors
Dr Jiawei Chun Li, appointed 11 February 2021; Mr Jialu Tu, appointed 23 May 2022. No resignations.
PSC register
Both ceased 30 November 2025. Li had held over 50% of voting rights plus the right to appoint or remove directors. Tu was re-notified 8 June 2026, backdated to 10 August 2021, at 25% to 50%.
Registered office
124 City Road, London EC1V 2NX since 7 July 2025, the fourth change since 2021.
Filing
25 filings, 5 March 2021 to 2 September 2026

US Securities and Exchange Commission · no filing on record

Form D
None
EDGAR mentions
None, including vehicles named for the company
Searched
September 2026
Reading
Expected. A UK company raising from UK-resident investors has no Regulation D obligation, so silence here is not evidence of no money.

Reading the filings

  1. Nothing priced has closed, on this evidence.A UK company must file an SH01 within a month of allotting shares, and the only one on file is from 16 March 2021, for GBP 1,000, consistent with funding via converts and grants rather than a priced round.
  2. Control moved anyway, unexplained by the register.On 30 November 2025 both founders ceased as persons with significant control; Li had held over 50% with power to appoint or remove directors, and nothing replaced him. Tu was re-notified 8 June 2026, backdated to 10 August 2021, at 25% to 50%. Either a financing diluted Li below 25%, or this is a filing correction; the record does not say which.
  3. The accounts are designed not to answer.Five straight years of total exemption accounts mean no auditor’s report and no profit and loss account. So the Y Combinator listing’s $1.3 million a month in incremental revenue, itself revenue for the pharmacies rather than Tuli, cannot be tested against any filed number, nor can Tuli’s own.
  4. The one hard number is not a Tuli number.Morgan Stanley’s £250,000 is uniform across its EMEA cohort of 29 startups, a standard accelerator ticket, not a valuation signal or a sign of what Tuli is worth.
  5. Capital intensity and headcount are both low.Y Combinator lists a team of four; LinkedIn lists 2 to 10 employees. The hubs, phlebotomists and laboratories all belong to other people: an asset-light model that can claim 180 sites on very little visible capital.
  6. Revenue concentration is the unpriced risk.Named demand comes from a short list of referral clients: Medichecks, Hurdle and Medefer. None publishes volumes, and any could build or buy its own draw network.

Commercial signals

Signal Detail Source type
Regulatory CQC registered 25 November 2022 as an independent doctor service, one location, Lewisham, not yet inspected. Dr Jiawei Chun Li is registered manager and nominated individual. Public record
Network 180 live phlebotomy hubs claimed in a 2026 post; LinkedIn’s about text says 300+ partner pharmacies and 160+ hubs, and the website says over 100 locations. Figures disagree
Customers Medichecks, Hurdle and Medefer named as referral clinics on the company support site. No volumes or values. Company-stated
Product expansion Vitals capture added to the portal in 2026, covering blood pressure, heart rate, height and weight, sold as a paid add-on. Company-stated
Demand backdrop England’s pharmacy count fell to 9,999 by March 2025 from 10,837 in 2021, and the NHS hypertension specification tightened in September 2026, pushing owners toward private services. Independent
Competition Avricore Health’s HealthTab agreed in August 2026 to distribute Abbott analysers to NHS-linked pharmacies for HbA1c and lipids, a testing-in-store model, not sample transport. Independent

What to watch

  • An SH01 at Companies House, the first place a priced round would surface.
  • A new PSC entry accounting for the voting rights Li held until 30 November 2025.
  • Whether FY2027 accounts, due 30 November 2027, are still filed under total exemption.
  • Any named laboratory partner with a published accreditation scope.
  • A first CQC inspection report, still absent almost four years on.

The Tuli Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • MedMe Health: Similar focus. Web software that lets pharmacies book, document and bill vaccinations, minor ailment visits and chronic care checks
  • NimbleRx: Similar focus. Nimble began as a licensed dispensing pharmacy with its own stores, shut them in early 2019, and rebuilt itself as the software layer sold to the independent pharmacies
  • Digi-Prex: Similar focus. A WhatsApp-first subscription pharmacy for chronic disease patients in Hyderabad, funded in one of India’s largest 2019 seed rounds
  • Mark Cuban Cost Plus Drug Company: Similar focus. A Dallas public benefit corporation that publishes what it pays for every generic drug it sells, adds a fixed 15 percent, and now fills sterile injectables of its own

Sources

  1. Public recordTULI HEALTH LTD filing history, overview, officers and PSC registerCompanies House · accessed Sep 24, 2026
  2. Public recordTuli Health Ltd registration, location 1-13944411302Care Quality Commission · registered Nov 25, 2022
  3. Public recordForm D and EDGAR full text search, no result for the companySEC · Sep 2026
  4. Independent33 Innovators Join Morgan Stanley Inclusive & Sustainable Ventures CohortMorgan Stanley · Sep 12, 2025
  5. Independent33 Innovators Join Morgan Stanley Inclusive & Sustainable Ventures CohortBusiness Wire · Sep 12, 2025
  6. IndependentPharmacy closures: England’s total falls below 10,000Pharmacy Business · Apr 4, 2025
  7. IndependentNew Collaboration Expands Point-of-Care Testing Across UK Community PharmaciesLabMedica International · Aug 25, 2026
  8. Aggregatortuli.health funding rounds and investorsTracxn · accessed Sep 24, 2026
  9. AggregatorJiawei Li founder profile listing early backersNo Cap Blog · accessed Sep 24, 2026
  10. CompanyTuli Health company page, batch and team sizeY Combinator · accessed Sep 24, 2026
  11. CompanyTuli LinkedIn page, about text, hub counts and vitals launch postLinkedIn · accessed Sep 24, 2026
  12. CompanyFAQs, referral blood tests, naming Medichecks, Hurdle and MedeferTuli Support · accessed Sep 24, 2026

Compiled from Companies House, Care Quality Commission, SEC and other public records as of September 24, 2026. Tuli Health Ltd is a UK private limited company and files no Form D; amounts are as published by the named source on the date given. Healthcare Venture Capital Fund holds no position in Tuli Health. This page is not an offer to sell or a recommendation to buy any security.