HCAP Partners has made an investment in Austin, Texas-based 83bar, a patient activation platform. No financial terms were disclosed.
SAN DIEGO, Jan. 21, 2021 /PRNewswire/ — HCAP Partners, a California-based private equity firm and nationally recognized impact investor, announced today its investment in 83bar, an Austin, TX-based leader in patient journey management for both clinical trials and commercial clients across pharma, medical device, and diagnostic industries. The mezzanine debt infusion will be used to restructure existing debt, provide share redemption for a small group of existing investors, and provide supplemental growth capital. Terms of the investment were not disclosed.
Founded in 2015, 83bar provides a cost-effective patient activation platform to find and retain qualified individuals for clinical trials and commercial clients. The company locates patients on behalf of its clients, evaluates them using online screeners, and activates patients who are then ready to act with medical providers. 83bar’s distributed contact center of patient education specialists differentiates the company as a unique player in the patient journey management market through a patient-centric approach. Its end-to-end data capture platform provides full campaign reporting, analytics, insights, forecasting, and optimization. Data collected on the platform has resulted in a proprietary database of over one million patients that can be specifically targeted for future trials. 83bar posted sales/bookings growth from 2019 to 2020 of 300%. As of December 2020, the platform has successfully scheduled 130,000 appointments, facilitated 6.8 million communications, and captured 840,000 completed surveys.
“We look forward to our growing partnership with HCAP Partners. Their investment will help us continue our rapid growth as we help more healthcare companies manage their patients’ journeys”, stated 83bar Managing Partner Dan Maynard. “Given their experience in the healthcare industry, we are pleased to make them our partner of choice.”
Nicolas Lopez, Principal at HCAP Partners, commented, “As a leader in patient journey management, we are bullish on 83bar’s ambitious growth plans. Its unique approach in the marketplace to educate and activate patients via its contact center of registered nurses is a game changer. We look forward to their continued growth and success as they scale operations.”
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $15 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 45 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund seven years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit www.hcapllc.com.
83bar manages the patient journey from symptom to solution. We empower patients with education to help self-champion and expedite a positive healthcare outcome. Our 4-part LENA (Locate, Evaluate, Navigate & Activate) system delivers ready-to-act patients to medical providers, on behalf of our medical device, medical diagnostics, and medical sciences partners. Over the last 5 years we have completed over 1.5 million prospective patient conversations resulting in 100,000+ successful patient pathway outcomes across 20+ therapeutic areas and associated diseases. To find out how 83bar can help your medical device, medical diagnostic, or clinical trial, visit us at www.83bar.com.