TraceLink raises $51.5m to drive further pharma growth

TraceLink has raised $51.5m from a third round of capital investment, and says it will use the money to accelerate its growth.

The pharma-focused track-and-trace specialist will also be able to draw on strategic advice from Goldman Sachs – which led the investment round - and FirstMark Capital, with representatives from both firms now in TraceLink's board of directors.

TraceLink's chief executive Shabbir Dahod said the investment round was a "historic milestone" for the company and welcomed the new additions to the board – GS' Jason Kreuziger and FMC's Amish Jani – saying their support will help the company "pursue our dedicated strategy in this space and further accelerate the adoption of our proven platform and leadership across the global market."

Earlier this month TraceLink reported that its sales bookings for serialization projects had growth 112 per cent in the third-quarter, with revenues up 83 per cent on average over the last two years, driven by new laws that require tracking and tracing of prescription medicines in 50 countries by the year 2020.

The company's platform is a suite of software-as-a-service (SaaS) applications that are integrated with Amazon Web Services and help businesses across the pharma supply chain to comply with track and trace requirements.

It now claims to serve more than 450 customers and 240,000 supply chain members, with customers that range from contract and pharmaceutical manufacturers, to wholesale distributors, hospitals and retail pharmacies.

"As businesses across the US adopt solutions for specific DSCSA deadlines, we're investing to stay ahead of global regulations so that TraceLink customers can easily scale their track and trace deployments as their requirements evolve," said Dahod.

"This means expanding our team worldwide, and further accelerating our research and development of new applications that provide greater agility, visibility and efficiency beyond compliance."