Florence Announces $80 Million Series C Led by ScaleUp Investor Insight Partners

ATLANTA--(BUSINESS WIRE)--Florence, a leading site connectivity platform in clinical trials, today announced the close of a $80 million Series C funding round led by Insight Partners, a global venture capital and private equity firm focused on investing in ScaleUp software companies. Existing investors Fulcrum Equity Partners, Bee Partners, and Flashpoint also joined this round. The investment will further Florence’s mission of connecting pharmaceutical companies and study sites, paving the way for more decentralized trials and more efficient drug development lifecycles.

"Remote connectivity and virtual collaboration became a requirement after COVID-19. With one in three study sites around the world using our software, we were able to help," said Ryan Jones, co-founder and CEO of Florence. "Not only do pharmaceutical companies, clinical research organizations, and sites use Florence to manage their COVID studies, they also leveraged our software to ensure that hundreds of other clinical trials across every disease area were able to progress as the industry pivoted to remote work. This investment will allow us to continue connecting research stakeholders, advancing cures, and giving investigators more time for who matters most: patients."

Florence has the opportunity to impact cures globally because of the large number of clinical trial sites managing operations on its network. “We have a shot at helping more clinical research teams increase their effectiveness than any other technology,” said Blake Adams, VP of Marketing at Florence. “This investment will help us reach that goal. As a result, I'm confident we will see new medicines, devices, and therapies hitting the market at a faster pace while also reducing development costs.”

Connecting the World of Clinical Research

Florence streamlines operations for over 8,500 study sites in 34 countries by strengthening regulatory compliance, improving user adoption and providing seamless remote connectivity. The platform experienced rapid growth over the past 12 months, facilitating close to 3 million research actions during March 2021 alone.

“There are many market factors elevating the role of clinical trial sites in driving successful outcomes. This includes growth in adaptive trials and general trial volumes, virtualization of trials, increasing complexity, and the rise in use of precision medicine,” said Jon Rosenbaum, Principal at Insight Partners. “Florence’s focus on sites’ adoption of software, with the entirety of the pharma value chain in mind, gives them a unique opportunity to drive value in clinical trials. We are delighted to partner with Florence as they influence the future of clinical trials to expedite medical solutions and advance human health.”

Enhanced Leadership

As part of the Series C financing, Rosenbaum and Peter Sobiloff, Managing Director at Insight Partners and former chairman of Medidata, will join Florence’s Board of Directors.

POWERED BY FLORENCE

Based in Atlanta, GA, Florence is a global leader in remote connectivity and electronic document workflow management for clinical trials. More than 8,500 research sites in 34 countries, sponsors and CROs collaborate on the network. Florence solutions foster 25% faster clinical trial startup time, 40% reduced document cycle times, and enable more than 3 million remote monitoring activities every month. To learn more, visit florencehc.com.

ABOUT INSIGHT PARTNERS

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.