Circuit Clinical Completes $7.5 Million Series B Raise with the Support of Western NY
After doubling their revenue in 2020, Circuit Clinical is on a roll with the closing of the $7.5 million raise and finalizing their newest partnership with Labcorp, a leading global life sciences company, who was one of the participants in their Series B raise.
The majority of the funds within this Series B were raised locally within the Western NY ecosystem. They raised $4M mostly from partners right here in Buffalo across a variety of funds, as well as a host of other funds from high net worth individuals in the region who prefer not to be named. Along with their local supporters, Circuit Clinical also received funding from Breakout Investment Partners in Denver.
This local effort provides more proof that the WNY ecosystem is maturing and can support innovative startups. The WNY Impact Investment Fund, Buffalo Angels II, Rochester Angels, Launch NY, and individuals from Charles Lannon’s investment network were just a few of the funding sources from the community that contributed to Circuit Clinical’s raise.
“We were gratified that being a catalyst for an earlier fundraising round with Circuit Clinical evolved into bringing ten times more funding in this subsequent round,” said Marnie LaVigne, Ph.D., President and CEO of Launch NY. “The company’s mission and its impact on people’s lives and our local economy, combined with its incredible progress as a business, compelled us to inject more capital from Launch NY’s nonprofit and LP Funds while attracting participation from our Investor Network members too.”
“The Western New York Impact Investment Fund equity investment reflects our belief in the commitment of Circuit Clinical® to improve health care experiences and outcomes for all patients,” said Thomas P. Quinn, Chief Executive Officer, Western New York Impact Investment Fund. “Availability for all patients; regardless of race, ethnicity, socioeconomic status or geography; directly aligns with the values and goals of the Impact Investment Fund,” he added.
“The Buffalo Angels are glad to have invested in Circuit Clinical in January 2020 and again in December. The company has made great progress between our first and second investments,” said Jack McGowan from Buffalo Angels II. “Circuit Clinical is improving people’s lives, and we believe it will provide a strong financial return for its investors.”
“We are a WNY committed team. It takes time to build trust with investors, and WNY is a high-trust environment. Not only are we committed to supporting the community in WNY, but we are also committed to our engagement within the startup ecosystem,” says Irfan Khan, founder and CEO of Circuit Clinical. “We are thankful to be part of this local ecosystem and to have the support from our community, including Colleen Heidinger from 43North, Jack Greco, John Gavigan, Norma and Christina from UB, the team at StartUpNY, and Tom Schwab, Candice Johnson, and Laurie Smith from the team at the Roswell Park Comprehensive Cancer Center. Through their support, we have been able to grow within Buffalo and become a successful startup.”
Circuit Clinical’s mission is to transform the experience of how people find, choose, and participate in clinical research. With this funding and new Labcorp partnership, Circuit Clinical can build their physician network on a national scale and embed clinical research as a care option into LabCorp’s existing customer base of health systems. In short, Circuit Clinical can deliver accessible clinical trials to a broader population.
James Senall from the Rochester Angel Network shares, “There are many reasons that the Rochester Angel Network (RAN) participated in the Circuit Clinical deal. They have a great management team, are already showing nice customer traction, and are in a market sector that is growing. RAN has now invested in nearly 30 startups across two angel funds, almost all of which are in Upstate, NY. Our startup ecosystem has come a long way over the past 5-10 years. Deal flow is much stronger, and the network of early-stage investors continues to grow. RAN routinely co-invests with groups like Buffalo Angels, Launch NY, Excell Partners, and many others. The future continues to look brighter and brighter for local entrepreneurs, as well as for investors.”
Irfan’s advice to other founders and startup teams: Take the time to know the leadership.
“When your company is ready, when you have achieved that product-market fit, there are funds there to be had right here in Western New York.” He believes that investment is a piece of a comprehensive strategic partnership. By partnering with the right investors, founders can gain more market traction, improve their product development, and create a positive disruption within their industry. “With a hardworking team, an innovative product, and the
right market, startups can succeed here. At the end of the day, we aren’t special. It is with the support of our community, our advisors, our team, and the people who believe in us that has got us to where we are today and where we’ll go in the future.”
About Circuit Clinical®
Circuit Clinical®, one of the largest integrated research organizations in the USA, is dedicated to empowering patients to choose clinical research as a care option. Born from the experiences of a physician conducting clinical trials in a private practice, Circuit Clinical® is committed to transforming the way physicians and their patients find, choose, and participate in clinical research. Circuit Clinical® delivers turnkey clinical research services and an award-winning patient engagement platform, trialjourney.com.
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 75,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14.0 billion in FY2020. Learn about Labcorp at www.labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.