London-based software company Veratrak raises £5.3M to accelerate growth and enhance collaboration, visibility and security across the pharmaceutical industry, and modernise pharmaceutical supply chain operations to get more therapeutics into the hands o
LONDON, 31 JANUARY 2023 00.01: Veratrak, a supply chain SaaS platform purpose built for the life sciences industry, announces £5.3M in Seed funding led by Crane Venture Partners with participation from Seedcamp, Ascension, and Truesight Ventures. The first industry approved commercial blockchain product in the pharmaceutical industry, Veratrak builds and maintains blockchain-based software solutions to better connect pharmaceutical companies with their outsourced partners, from manufacturers to logistics providers and wholesalers.
This latest fundraising will accelerate the launch of a new product, the Hub, by Veratrak, a supply chain management software that links systems across pharmaceutical, logistics and contract manufacturing organisations to facilitate collaboration, improve visibility and generate efficiencies. The Hub, by Veratrak, aims to address the complex needs of the pharmaceutical supply chain operations by giving every party the visibility they need to improve the performance and operation to unlock cost savings and allow flexibility.
“Veratrak works with over 90 companies, across 6 continents. This latest round of financing comes after a strong couple of years of growth, enabling us to scale the platform to meet the needs of the global pharma companies that already rely on us today and the new customers we will bring on board as Veratrak becomes the technology partner of choice for pharmaceutical companies and their outsourced partners”, commented Olivia Kirkham, COO at Veratrak.
Visibility across the supply chain and sustainable practices remain key challenges for pharmaceutical companies, who must build and maintain complex integrations with partners across international, regulatory, and technology boundaries. In a world where transparency and collaboration are essential for the future of a sustainable pharmaceutical industry, the pace of change is accelerating, and supply chain operations must adjust to operate efficiently. This January, Veratrak is launching the Hub, an industry-wide network of supply chain connections across markets to help pharma companies gain control of their global shipping workflows and navigate partner integration. The Hub, by Veratrak provides a single and secure platform to automatically extract, synthesise and visualise partner performance metrics across supply chain operations – enabling secure access to a full range of partners, along with full visibility into their activities.
“Global pharmaceutical companies ultimately move products across the same shipping lanes, especially in well developed markets. With the manufacturing, packaging, and logistics companies all connected on the same platform, it becomes possible to optimise across an entire supply chain and finally achieve goals such as increasing asset utilisation of containers and ships while decreasing emissions at scale. We have worked for years on overcoming the limiting factors which have prevented the industry from doing this in the past, and building that intelligence into the Hub. Veratrak provides the only secure, auditable, modern, and frankly, easy to use, digital platform to make this happen,” said Jason Lacombe, CEO and Founder, Veratrak.
Aneel Lakhani, Investor, Crane Venture Partners added, “We are very proud to lead this £5.3M Seed investment into Veratrak. The therapeutics created by Vertrak’s customers touch hundreds of millions of lives every day around the globe. If we can drive both more efficiency and more resilience into how those drugs get made and delivered into everyone’s hands, that's a real impact at scale.”
About Veratrak
Founded in 2018, Veratrak is an award-winning UK-based software company purpose-built for the life science industry and the first industry approved commercial blockchain product. The Hub, supply chain management platform by Veratrak, links systems across pharmaceutical, logistics and contract manufacturing organisations to facilitate collaboration, improve visibility and generate efficiencies across supply chain operations. For more information visit: www.veratrak.com.
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