HCAP Partners exited its investment in 83bar, a specialist in patient journey management for both clinical trials and commercial clients across the pharmaceutical, medical device and diagnostic industries. HealthQuest Capital, a healthcare-focused venture growth fund that invests in and accelerates commercial-stage companies, made an equity investment in 83bar to support the company’s ongoing expansion.
Founded in 2015, 83bar provides a patient journey and activation technology platform that finds and retains qualified individuals for clinical trials and commercial clients. HCAP Partners invested in the company in December 2020 to restructure existing debt, provide share redemption for a small group of existing investors and provide supplemental growth capital.
“True to our investment thesis, 83bar experienced rapid growth during our holding period with almost [three times] bookings growth in 2020 and further acceleration in 2021,” Nicolas Lopez, principal at HCAP Partners, said. “The management team built a compelling offering for its client base and it is no surprise they became a go-to partner of choice. We are pleased they have found a new partner in the evolution of their growth.”
“With HCAP Partners’ support, 83bar received the needed capital to continue its growth trajectory. The flexibility of their investment gave us strong momentum to pursue employee growth and accelerate market expansion with our proprietary platform,” Dan Maynard, president of 83bar, said.