UAE-based leading asset management and investment banking platform, SHUAA Capital has stated that its managed funds have invested in the recent $34.8 million Series C funding round by Swiss pharma supply chain firm SkyCell.
Founded in 2012, SkyCell is a pharma-tech supply chain firm, which makes smart containers that allow pharmaceutical items to be transported safely, and sustainably.
This investment is part of SkyCell’s most recent capital round, which was completed to support its continued growth and build a strong partner network including in the Middle East.
Richard Ettl Co-founder & CEO SkyCell
“At SkyCell, we continue to work on expanding our business network through diversification of funding sources. This investment will contribute to raising the efficiency of our services and targeting new markets in the region and in SHUAA, we have found an investor aligned with our vision and ambitions. Therefore, we are delighted to have partnered with SHUAA in this fundraising round and look forward to a productive relationship going forward.”
Commenting on this new investment, Mr. Ajit Joshi, Managing Director, Head of Public & Private Markets at SHUAA Capital said, “SkyCell is an exciting disruptor in the pharmaceutical supply chain, bringing together the latest in software, hardware, and big data to transform this specialized logistics space.”
“Given its pioneering approach and the significant potential for value creation, it represents a great fit for SHUAA’s stringent investment criteria and we are pleased to be supporting SkyCell’s continued growth,” Mr. Joshi added.
Further, SkyCell designs and manufactures smart containers that allow pharmaceutical firms to predict, reduce, and control the risks associated with transporting temperature-sensitive drugs.
“Powered by a growing pool of nearly one billion data points on factors including carriers, handlers, airports, outside temperatures, locations, and transit times, SkyCell’s combination of hardware and software innovation delivers an independently-audited market-leading failure rate of less than 0.1 percent – versus an accepted industry standard between 4 and 12 percent – while reducing CO2 emissions by almost half,” according to the statement.
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