Arrowroot Capital makes $4 million investment in MedNet Solutions
Published on July 14, 2014 at 1:04 PM
MedNet Solutions, a global life sciences technology company specializing in clinical study management systems, is pleased to announce that Arrowroot Capital, a growth equity firm focused on software-as-a-service (SaaS) and Internet-based businesses, has made a $4 million investment in MedNet Solutions. This funding, representing the first major outside financing in the company's history, will be instrumental in supporting the ongoing growth and development of both MedNet and iMedNet EDC, its flagship cloud-based eClinical technology platform. iMedNet EDC provides innovative, flexible solutions which enable clinical research professionals to quickly, easily and affordably construct their own studies.
"MedNet is thrilled to be partnering with Arrowroot Capital," said John M. (Rob) Robertson, President and CEO of MedNet Solutions. "Matt Safaii and his associates bring a wealth of SaaS experience and an outstanding track record of assisting companies like ours move to the next level. We're extremely excited about our iMedNet EDC solution and how rapidly it is being accepted and implemented throughout the clinical research community. The timing is perfect to bring in a quality organization like Arrowroot that can provide access to the resources we need to fuel our continued growth."
"We are excited to partner with MedNet during its next stage of growth," stated Matthew Safaii, Managing Partner of Arrowroot Capital. "Rob Robertson and his team have built a nimble, highly configurable and robust SaaS platform. The iMedNet EDC solution has demonstrated incredible traction among CROs and sponsors supporting clinical trials of all types and sizes. We're looking forward to rolling up our sleeves and helping MedNet grow to its full potential."