Massive Bio Secures Additional $2.6 Million Financing Round Led by Revo Capital and Tops its Total Raise to $6.6 Million
Investment validates recent progress and significant market opportunity in the oncology clinical trial space; will enable Massive Bio to scale up its pharmaceutical company and CRO services to meet rapidly increasing market demand and support its exponential customer growth using its AI-based technology solutions
November 03, 2020 08:00 AM Eastern Standard Time
NEW YORK–(BUSINESS WIRE)–Massive Bio, Inc., a leader in precision medicine and artificial intelligence (AI) enabled patient centric clinical trial enrollment, today announced a $2.6 million round of funding led by Revo Capital with additional participation from Cavendish Impact Foundation (CIF), through their donor advised fund at ImpactAssets. The investment brings Massive Bio’s total funding since launch to $6.6 million and will enable the biotechnology company to scale to meet the demand in the U.S. and overseas for its oncology clinical trial recruitment platform solutions. The financing round builds on an exceptional year for Massive Bio which saw a rapidly growing roster of clients across the pharmaceutical company and contract research organization (CRO) industry globally, and exponential demand which was further accelerated by COVID-19.
Massive Bio Co-founder and CEO Selin Kurnaz stated, “Since our foundation in 2015, Massive Bio has experienced impressive growth, relying mostly on revenue generated by customer demand to fuel its growth. However, due to an additional layer of growth at rapid pace that we have been experiencing in 2020, we have partnered with very hard working and passionate investors, Revo Capital and CIF, to execute our vision even more rapidly and broadly. I could not be prouder of our team and success, and this is our time to expand globally.” Massive Bio has focused on improving patient enrollment for oncology clinical trials since the company was founded in 2015. Approximately 3%-5% of cancer patients participate in clinical trials and enrollment rates have decreased further since the COVID-19 pandemic. Dr. Kurnaz added, “As an industry we are just scratching the surface of how powerful digital health technology and value-added services can be when combined with the massive scale offered by the global research portfolio ecosystem”.
“Amid the COVID-19 pandemic and beyond, the clinical trial industry needs a digital health technology solution to assist in study enrollment now more than ever,” said Cenk Bayrakdar, Revo Capital’s Managing Director. “Massive Bio has a unique solution that was purpose-built to address the challenges associated with clinical trial recruitment challenges, which aligned with their patient-centric approach makes it a powerful solution for the industry, and we are excited to collaborate with and support them as they work to transform their ideas into a world-changing company.”
“At CIF, we are committed to being long-term partners and supporters of the companies in which we invest. We have been impressed with Massive Bio because of their innovative approach to a significant problem in cancer care equality – helping to enroll as many patients as possible in clinical trials, which can potentially be life saving for patients who may have few other options,” said Rachel Butler, President and Board Co-Chair of the Cavendish Impact Foundation. “Selin and the Massive Bio team have built an impressive business and expansive list of clients, and we look forward to supporting the team as they build the company into the premier global oncology trial recruitment platform.”
About Massive Bio Inc.
Massive Bio’s mission is to provide access to clinical trials for every cancer patient regardless of his/her location and/or financial stability. Massive Bio (https://massivebio.com/) is an Artificial Intelligence (AI)-driven platform connecting cancer patients and their community oncologists to bio-pharmaceutical clinical trials yielding profound improvement in access and match rates, leading to faster drug development timelines and creating novel oncology data ecosystem for improved protocol design and real-world insights. Massive Bio controls patient enrollment value chain starting patient identification, following with AI based virtual pre-screening outside the site and resolving last mile issues for clinical trial enrollment. While improving cancer patients’ lives, Massive Bio serves close to two dozen pharmaceutical companies and contract research organizations (CROs) and providing patient recruitment, site selection and real-world data services in oncology. Massive Bio has been founded in 2015, headquartered in NYC and privately funded by strategic and financial investors.
About Revo Capital
Revo Capital (http://www.revo.vc) is one of the leading European technology venture capital firms that was founded at the end of 2013. Revo invests in seed to early and growth-stage startups focused on big data, AI, marketplaces, and Health IT. The fund invests globally and has made 22 investments to-date. The Fund’s anchor investors include notable institutions such as the International Finance Corporation (IFC), the European Bank for Reconstruction & Development (EBRD) and the European Investment Fund (EIF).
About Cavendish Impact Foundation
Cavendish Impact Foundation (CIF) (http://cavendishfoundation.org) is a not-for-profit organization whose mission is to accelerate innovation in healthcare and the life sciences. CIF does this by aggregating philanthropic capital and using it to invest in companies addressing high unmet medical needs, in such areas as children’s health, rare disease, women’s health, brain health and aging. The fund is evergreen, where returns are reinvested in additional companies for more impact. CIF currently has 26 portfolio companies.
About ImpactAssets Inc.
ImpactAssets (http://impactassets.org) is a donor advised fund platform with more than $1.2 billion in assets. They have built an innovative vehicle that empowers donors to increase the impact of their giving by combining it with strategic, sustainable and responsible investing. They are the leading impact investing partner for individuals, families and philanthropists tackling the world’s greatest challenges by investing in the world’s brightest ideas. They have more than 1400 donor advised funds, and work with 350 wealth advisors across 60 financial services firms.
Selin Kurnaz, PhD
Co-founder and CEO of Massive Bio
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