TraceLink raises $60m in series D financing

TraceLink has added another $60m to the kitty via a fourth-round fundraising that will help it develop its digital network for the life sciences sector.

The new cash injection involved established investors, including Goldman Sachs which led TraceLink’s $51.5m third-round 18 months ago, as well as Volition Capital, FirstMark and F-Prime Capital. Thje company has raised almost $140m to date, according to Securities & Exchange Commission (SEC) filings, and there is speculation now that the company may start thinking about an initial public offering (IPO).

It comes as the company is in the midst of a massive expansion fuelled by demand for its serialization platform to help pharmaceutical companies meet track and trace requirements in the US, Europe and elsewhere. It reported a 69 per cent increase in revenues in the first quarter, with the number of customers rising 38 per cent to 821 across 35 countries.

TraceLink is looking beyond that regulatory requirement for serialized medicine packs. CEO Shabbir Dahod (pictured) told us in an interview last year that company wants to use the unique identifiers paced on packs to enhance information flow between all the players in medicines supply, right from the manufacturer to the patient, including dedicated software for medicine dispensers.