Trialbee raised a $5 million Series A funding led by existing investors Industrifonden and Briban Invest. The company will use the proceeds to support future growth of their patient recruitment platform to include new offerings, and a planned market entry and expansion into the US.

Trialbee offers an end-to-end solution to one of the biggest challenges in the pharmaceutical industry – patient recruitment in clinical trials. Clinical trials are costly and time-consuming projects, and in average – it takes 12 years to bring a new drug to market.

As a result of delays in the clinical trial timeline, loss of sales for a blockbuster drug can range from $600K up to $8M per day. Today there are approximately 11,000 industry sponsored clinical trials in the process of recruiting patients, 80% of which will fail to meet recruitment targets due to patient recruitment challenges.

“We predicted that 2015 would be the breakthrough year when the pharmaceutical industry switches from traditional patient recruitment to more efficient e-recruitment methods. We see this transformation happening now,” says Tobias Folkesson, CEO of Trialbee. “With additional funding we are well placed to further expand our business and grow the workforce to be able to help more customers save time and resources in their clinical trial programs.”