TraceLink Secures $20 Million, Helps Life Sciences Companies Protect Patients from Counterfeit Drugs
TraceLink Inc., the leader in protecting patient safety and enabling health for global Life Sciences, today announced that it has raised $20 million in new venture funding led by Volition Capital, including participation from Fidelity Biosciences and existing TraceLink investor, FirstMark Capital. With more than 120 countries currently reporting counterfeit drugs in the pharmaceutical supply chain, the Life Sciences industry is facing a global transition, where a wide range of new and emerging regulatory laws will protect more than 75% of global medicines by 2018. As Life Sciences companies work to transform their supply chains, the TraceLink Life Sciences Cloud has quickly become the industry-leading platform that drug manufacturers, distributors, repackagers and dispensers rely on to exchange required compliance information and deliver safe medicines to patients everywhere.
“TraceLink is the clear category leader of track and trace software for the Life Sciences industry, and in just a short time, the company’s Life Sciences Cloud platform has become the trusted solution for more than 100 pharma companies, ranging from the world’s largest pharmaceutical manufacturers to small, independent pharmacies,” said Sean Cantwell, partner at Volition Capital. “What sets TraceLink apart is the unique approach it has taken to efficiently build a network infrastructure on which the entire pharmaceutical supply chain can connect, collaborate and exchange information in the face of new and complex laws. This differentiated approach positions TraceLink to win global market share faster than anyone else in this sector, and we’re excited to help the company drive its plans for future growth and expansion.”
Jon Lim, partner at Fidelity Biosciences, stated, “We are excited about TraceLink and the opportunity to partner with Shabbir and his team, Volition, and FirstMark. With investments in a broad portfolio of Life Sciences companies, we understand the intricate complexities of the pharmaceutical market and global supply and demand. TraceLink’s platform for networking the entire industry supports key solutions that are essential to the success of the pharmaceutical value chain.”
“Our recent success has been driven largely by the US Drug Supply Chain Security Act (DSCSA)—but the Life Sciences industry is facing a global transformation,” said Shabbir Dahod, president and CEO of TraceLink. “We will use this new funding to further invest in product development to support the growing volume of country-specific regulations on our Life Sciences Cloud platform—and to increase our sales, services and marketing presence across North America, Latin America, EMEA (Europe, Africa and Middle East), and Asia Pacific. Volition Capital and Fidelity Biosciences share our vision for capitalizing on this global market opportunity and accelerating TraceLink’s international growth strategy.”
Lawrence D. Lenihan, founder and managing director, FirstMark Capital, commented, “Since its founding in 2009, TraceLink has channeled its deep domain expertise in regulatory legislation, complex customer operational models, and disruptive cloud-based technology to develop the world’s only open network platform for the pharmaceutical supply chain. We’re pleased to support the company’s next phase of growth as Shabbir, and the entire TraceLink team, transform the Life Sciences industry and become a global track and trace brand giant.”
The $20 million in new financing follows a year of record-breaking accomplishments for TraceLink, including:
- Exceeding 100 signed customers, which now include 15 of the top-20 global pharma companies;
- Achieving year-over-year revenue growth of 137% for 2014, and a two-year revenue CAGR of 91%;Establishing a supply chain network of more than 80,000 manufacturers, distributors, repackagers, pharmacies and medical practitioners;
- Successful tracking of more than 100 million products moving through the US pharmaceutical supply chain; and,
- Ensuring compliance for medicines that generate more than $155 billion in US annual revenue.
To learn more about meeting global pharmaceutical compliance deadlines designed to combat drug counterfeiting, and how to build a flexible global serialization, track and trace, and reporting platform for Brazil, China and other countries, visit www.tracelink.com.