Qualifyze is closing in on a fundraising that could value the pharmaceutical compliance data firm at about $100 million, people with knowledge of the matter said.
Frankfurt-based Qualifyze will secure $12 million in fresh equity from investors including H14 SpA, an Italian family office linked to the country’s late Primer Minister Silvio Berlusconi, according to the people.
Private equity firm HarbourVest Partners and German venture investor HV Capital, an existing backer of Qualifyze, also participated in the round, they said, asking not to be identified discussing confidential information.
Qualifyze officially launched in 2019 after forming at the Technical University of Darmstadt. Led by Chief Executive Officer David Schneider, 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.
The company expects to see revenue double this year to $10 million thanks to soaring demand for cloud-based compliance data services, a spokesperson for Qualifyze said, declining to comment further. A spokesperson for HV declined to comment, while representatives for H14 and HarbourVest didn’t immediately respond to requests for comment.
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.
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.
