Yahoo Finance Berlusconi Office Backs $100 Million Pharma Startup Qualifyze
(Bloomberg) -- Qualifyze has raised $12 million in fresh equity from investors including H14 SpA, an Italian family office linked to the country’s late Prime Minister Silvio Berlusconi.
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Private equity firm HarbourVest Partners and German venture investor HV Capital, an existing backer of Qualifyze, also participated in the round, according to a statement on Monday that confirmed an earlier Bloomberg News report.
Frankfurt-based Qualifyze is valued at about $100 million after the fundraising, people with knowledge of the matter said, asking not to be identified discussing confidential information.
David Schneider, Qualifyze’s chief executive officer, said the funding round will help the company accelerate its “mission to transform supply chain compliance in health care in a sustainable, data-driven manner.”
Qualifyze officially launched in 2019 after forming at the Technical University of Darmstadt. The company runs a database of compliance data covering more than 2,000 suppliers to the pharmaceutical industry. Its customers include Merck KGaA, Teva Pharmaceutical Industries Ltd. and Sanofi SA.
“Since our initial investment, Qualifyze achieved nothing less than becoming the global leader in quality compliance data of today’s pharmaceutical industry,” Felix Klühr, a partner at HV Capital, said in an emailed statement.
Drugmakers are facing increased scrutiny over their manufacturing practices and supply chains, according to a recent note from the Boston Consulting Group. Germany’s Merck and BASF SE in June said they will collaborate in the electronic exchange of quality and regulatory data. Klühr said that regulatory tailwinds will continue to support Qualifyze’s business model.
Qualifyze expects to see revenue double this year to $10 million thanks to soaring demand for cloud-based compliance data services, a spokesperson for the company said.
The funding round comes amid an otherwise challenging period for technology startups looking to raise new money, with Europe’s venture capital firms tightening the purse strings.
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