SkyCell closes large growth-funding round during COVID-19
The importance of temperature control in pharma distribution has not gone unnoticed in the investment community. We are proud to announce the closing of an oversubscribed financing round of USD 62M. This propels SkyCell to become the most solidly financed container provider and creates the basis for expanding our capacity and services. Investors believe in our management team, our quality performance and our business impact: this is an important milestone for SkyCell to continue eliminating product losses in the pharmaceutical supply chain.
Accelerating the global expansion
The growth funding will be used to expand SkyCell’s global footprint and container fleet, with particular focus on the US and Asia.
The investment was led by MVM Partners LLP together with a consortium of family offices and a leading Swiss insurance company. Existing investors including the Swiss Entrepreneurs Fund and the BCGE Bank’s growth fund Capital Transmission also participated in the round.
Richard Ettl, CEO
COVID-19 is a strong accelerator for the adoption of SkyCell’s innovative hybrid containers. Pharma companies need to ensure a direct product release – without temperature excursions – which is supported by our IoT monitoring system. To further support this growth, SkyCell has decided to raise capital to achieve one of the most solid financial backing in our industry. This capital injection is greater than the corporate value of some of our competitors and demonstrates SkyCell’s value to the global healthcare system.
Q1 Demand increased threefold
In the first quarter of this year, more clients switched to SkyCell’s hybrid containers than ever before. They are mostly replacing disposable and active solutions to mitigate the risk of excursion in the required temperature ranges. With its audited* performance of < 0.1% temperature deviations, SkyCell offers the solution they need for their peace of mind.
The last few weeks have shown how important a seamless and timely supply of medicines is. Pharmaceutical companies charter entire airplanes filled with SkyCell containers to prevent supply shortages of vital drugs, especially vaccines. SkyCell is proud that despite difficult logistical circumstances, 100% of our deliveries of the last weeks were delivered in top condition and on-time.
To enable even more clients to say “NO” to temperature deviations, SkyCell continues to expand its fleet and will double its capacity within one year.
*Audit of 1500DF/F in progress
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