SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has announced that its managed funds have invested in the recently concluded CHF 32 million (USD 34.8 million) Series C funding round by SkyCell, the Swiss pharma-tech supply chain company which manufactures smart containers enabling the safe, secure and sustainable transportation of pharmaceutical products.
This investment is part of SkyCell’s latest funding round, which was completed in order to support SkyCell’s continued growth and build a strong partner network including in the Middle East.
Commenting on this new investment, Ajit Joshi, MD, Head of Public & Private Markets at SHUAA Capital, said: “SkyCell is an exciting disruptor in the pharmaceutical supply chain, bringing together the latest in software, hardware and big data in order to transform this specialised logistics space. Given its pioneering approach and the significant potential for value creation, it represents a great fit for SHUAA’s stringent investment criteria and we are pleased to be supporting SkyCell’s continued growth.”
Richard Ettl, co-founder and CEO of SkyCell, said: “At SkyCell, we continue to work on expanding our business network through diversification of funding sources. This investment will contribute to raising the efficiency of our services and targeting new markets in the region and in SHUAA, we have found an investor aligned with our vision and ambitions. Therefore, we are delighted to have partnered with SHUAA in this fundraising round and look forward to a productive relationship going forward.”
Founded in Switzerland in 2012, SkyCell designs and manufactures smart containers that allow pharmaceutical companies to predict, reduce, and control the risks associated with transporting temperature-sensitive drugs. Powered by a growing pool of nearly one billion data points on factors including carriers, handlers, airports, outside temperatures, locations, and transit times, SkyCell’s combination of hardware and software innovation delivers an independently-audited market-leading failure rate of less than 0.1 per cent – versus an accepted industry standard between 4 and 12 per cent – while reducing CO2 emissions by almost half.