AUSTIN, Texas– SubjectWell, the largest engagement platform for matching patients with chronic health conditions to new care options, today announced a $35 million Series B funding round led by Asset Management Ventures, with participation from all existing investors, and joined by Bertelsmann. This new investment will accelerate the growth of SubjectWell’s existing clinical trial patient recruitment efforts, expand its support of cancer research, and fund production of its awareness initiatives for post-approval treatments.
SubjectWell now partners with 16 of the top 20 pharmaceutical companies and has grown revenue by 800 percent over the past two years. And due to high demand from customers and the release of new service offerings, SubjectWell is poised to double revenue again in the next 12 months.
“Patient recruitment remains the largest choke point in clinical development – despite over $5B being spent annually. SubjectWell’s highly differentiated and scalable solution markedly reduces our clients’ enrollment timelines,” said Ivor Clarke, CEO, SubjectWell. “SubjectWell expands access to clinical trials by engaging the 96 percent of the population that has never participated in clinical research – this approach allows us to engage a much more diverse patient population as we register 250,000 new patients per month.”
Earlier this year, SubjectWell leveraged its expanding patient reach to begin recruiting for non-small cell lung cancer studies and has since added support for breast cancer trials.
“Despite the substantial increase in oncology research in the past decade, awareness of trials as a viable care option remains low,” Clarke said. “Our direct-to-consumer approach resonates with these patients, and we’ve already seen tens of thousands register to receive help finding new treatment options.”
In addition to platform growth and oncology marketplace expansion, SubjectWell will use the funding to launch a unique offering that allows pharmaceutical companies to raise awareness and engagement of their post-approval treatments with verified patients.
“We look for innovative companies in digital health and data analytics and were impressed by how SubjectWell’s platform meets the patient where they are – from digital engagement to screening and continuous nurturing, all while allowing their customers to access real-time data,” said Skip Fleshman, Partner at Asset Management Ventures. “We believe SubjectWell’s current scale will prove to be very advantageous as they expand into oncology research and supporting their customers’ commercial goals.”
“Bertelsmann stands for entrepreneurship and creativity. SubjectWell is the perfect extension from media and tech into healthcare,” said Thorsten Wirkes, Senior Vice President with Bertelsmann Investments. “SubjectWell’s platform aggregates patients across scores of media channels, thus creating an unprecedented pool of consented patients – and can do so at scale. We’re proud to partner with SubjectWell and are excited to support the continued development of the first audience engagement platform for healthcare.”
