A European business-to-business (B2B) marketplace has closed a €1.3 million venture seed round to help it expand its platform.
Pipelinepharma is a B2B pharmaceutical marketplace that connects manufacturers with distributors around the world. Its latest venture seed round was led by Practica Capital. Iron Wolf Capital, Pandos and a group of angel investors also participated in the funding round.
The marketplace has already facilitated pharmaceutical product licensing, supply, acquisition deals of more than €200M in value covering more than 30 markets on five continents.
Pipelinepharma will use the investment to expand its engineering, data science, pharmaceutical sales and marketing teams.
“We are certain that future pharmaceutical B2B partnerships deals will take place online. The disruption of traditional dealmaking due to the pandemic only accelerated the shift to digital channels. Our database of vetted pharmaceutical products and qualified manufacturers accelerates product discovery, streamlines negotiations and significantly reduces business development costs,” said co-founder and CEO of Pipelinepharma Mindaugas Zagorskis.
Pipelinepharma features one the largest databases of qualified finished dosage formulation products, with more than 60,000 pharmaceuticals from 1,300 qualified manufacturers. Each product features up-to-date data, including country of origin, dossier type, GMP approvals and more.
The seed round was led by Practica Capital, who were also the initial investors in the Pipelinepharma platform.“The digital transformation of pharmaceutical commerce was long overdue. We regard this as one of the fastest growth areas in the digital healthcare landscape with Pipelinepharma well positioned to lead in this field,” added Tomas Andriuškevičius, partner at Practica Capital.
Partner at Iron Wolf Capital, Žygimantas Susnys said: “Pipelinepharma is introducing innovation into the €300B generic pharmaceutical market which still relies on supply contracts primarily sourced through offline events, trade fairs or pharmaceuticals brokers. With its marketplace, Pipelinepharma introduces business development simplicity into one of the key areas of global trade.”