Healthcare tech company MedNet Solutions has raised $16.5 million funding. The investors were Arrowroot Capital and Cohesive Capital Partners.
MINNETONKA, Minn., Dec. 1, 2016 /PRNewswire/ — MedNet Solutions, an innovative SaaS-based eClinical technology company that supports the entire spectrum of clinical research, is pleased to announce that Arrowroot Capital, a growth equity firm focused on software-as-a-service (SaaS) and Internet-based businesses, has led a new $16.5 million growth investment in MedNet Solutions. Arrowroot partnered with past investors along with new entrant Cohesive Capital Partners – a private equity firm that makes direct investments exclusively alongside high quality private equity sponsors – on this second round of financing. This significant new investment will fuel the continued growth and success of MedNet Solutions and iMedNet, the company’s comprehensive eClinical technology platform. iMedNet stands apart from other eClinical solutions due to its superior flexibility, affordability and ease-of-use.
“We are excited to continue to partner with MedNet’s leadership team during this inflection point in the company’s growth,” stated Matthew Safaii, Managing Partner of Arrowroot Capital. “With the adoption of the iMedNet SaaS product across multiple verticals and within both CROs and enterprises, the company continues to be the trusted leader in its segment.”
We have found the MedNet management team to be extremely impressive and believe they will continue to accelerate the company’s growth through its differentiated iMedNet offering,” said John Barber, Managing Partner of Cohesive Capital Partners. “Additionally, we are excited to be partnering with Arrowroot Capital, whose team has proven themselves to be leaders in the SaaS investment space.”
“This is an incredibly exciting time for MedNet,” remarked John M. (Rob) Robertson, President and CEO of MedNet Solutions. “2016 will be another banner year in terms of iMedNet product enhancements, new iMedNet installations and overall corporate growth. This new funding from our valued investment partners comes at an ideal time – allowing us to capitalize on our momentum, accelerate our product development efforts, and expand our world-wide sales and marketing initiatives.”
About MedNet Solutions
MedNet Solutions is a leading healthcare technology company specializing in electronic data solutions designed for the global life sciences community. MedNet’s proven, flexible and easy-to-use cloud-based eClinical systems dramatically improve the efficiency of clinical studies and registries of all types and sizes. Beyond simply electronic data capture (EDC), MedNet’s solutions deliver the tools and dashboards required to expertly manage all aspects of clinical research. Since 2001, pharmaceutical, medical device, biotechnology and Contract Research Organizations (CROs) around the world have trusted MedNet to consistently deliver the technology innovation, experience and reliability they need for success. For more information, please visit www.mednetstudy.com.
About Arrowroot Capital
Arrowroot Capital is a software-focused growth equity firm that invests in growing and healthy SaaS-based businesses across all industries. Due to Arrowroot’s business model expertise, the firm takes a hands-on approach in assisting portfolio companies reach their growth goals. Arrowroot typically targets investment opportunities of anywhere between $1 million and $15 million, but has access to larger pools of capital if needed. For more information, please visit www.arrowrootcapital.com.