TraceLink Secures $51.5 Million Series C Funding to Combat Counterfeit Drugs at the Source

According to surveys, counterfeit drugs cause hundreds of thousands of deaths annually and result in nearly $75 billion in industry losses. TraceLink’s software helps manufacturers, distributors, and dispensers track medications throughout the supply chain, thereby blocking trade channels for counterfeit drugs.

According to PR Newswire, TraceLink, a SaaS platform for pharmaceutical track-and-trace, announced on November 30 that it had raised $51.5 million in Series C financing. The round was led by Goldman Sachs Growth Equity, with participation from existing investors FirstMark Capital and Volition Capital, as well as F-Prime Capital. Concurrently, Jason Kreuziger, a senior executive at Goldman Sachs, will join TraceLink’s board of directors.

TraceLink launched Life Sciences Cloud in 2009, a suite of SaaS applications integrated with AWS that enables pharmaceutical companies to comply with country-specific traceability requirements across their supply chains.

Following the enactment of the Drug Supply Chain Security Act (DSCSA) in 2013, pharmaceutical companies across the entire supply chain are required to enhance tracking of medications from manufacturers to patients. The Act mandates a 10-year period for unit-level drug traceability, creating investment opportunities in the services and equipment necessary for compliance—this is where TraceLink entered the market. The company currently serves more than 450 life sciences companies worldwide.

TraceLink CEO Shabbir Dahod stated, “Thousands of companies in the pharmaceutical supply chain need to know how to sell drugs while complying with time-bound regulations. TraceLink aims to provide these companies with solutions that are both regulatory-compliant and revenue-enhancing, helping them deliver medications to patients safely.”

Following this round, TraceLink has raised a cumulative total of $77.2 million in funding. The company intends to use these funds to expand its influence in the global pharmaceutical track-and-trace industry.

Source: PR Newswire

Reprinted from: 36Kr