Announcing Veratrak’s £5.3M Seed Round to Modernize Pharma Supply Chains 💊📦⛓️
Is there someone in your life who relies on a wonder of modern medicine and science in the form of a life saving therapeutic, aka “drug”, to live a good life? What about just to deal with something they were born with that could make their day to day impossible? Or just to manage their pain? We all do. At Crane, many of us are old enough to have parents that require it.
So when we were introduced to Jason Lacombe, CEO and Founder of Veratrak, by our friends at TrueSight Ventures, it didn’t take long to get onboard. Veratrak is leading the charge in modernizing life sciences supply chains—beginning with the global pharmaceutical industry.
Do you know what happens when there’s a supply chain snarl, which can happen due to something as simple as a misprinted label on a pallet of pills or the wrong paperwork at a particular border? People don’t get the medicines they need when they need them.
Do you know how most supply chains, not just pharmaceutical supply chains, are operated around the world? Paper, fax, spreadsheets attached to emails, partially redacted documents converted to PDFs, file sharing services, voicemails, phone calls, and a lot of manual labor across manufacturers, packagers, logistics companies of every kind, and supply chain managers holding everything together by hand.
Mistakes happen. They cost the industry 100s of millions of dollars in the aggregate. But what they really cost is someone having an exasperated condition that could have been prevented, or much much worse. Fixing this is Veratrak’s reason for being.
Veratrak has built a life sciences supply chain management product (sounds boring, but works wonders!) that links the back end systems used by pharmaceutical, logistics and shipping, and contract manufacturing and packaging teams to prevent those mistakes. And then to drive both efficiency and resilience into the system by giving every party the visibility they specifically need to make better decisions at every stage.
Jason set out to build Veratrak after many many years seeing how these supply chains work inside and out. And exactly how they don’t work. Today, Veratrak works with over 90 companies across 6 continents. Including some of the Very Big Global Pharma companies that you have heard of but that won’t let us cite their names, along with their supply chain partners around the world.
We are very proud to have led Veratrak’s £5.3M Seed round. The therapeutics created by Veratrak’s customers touch 100s of millions of lives every day around the globe. If we can drive efficiency and resilience into how those drugs get made and delivered into everyone’s hands, that’s real impact. 💊📦⛓️