Florence, a US-based operator of a document workflow management platform for clinical trials that counts healthcare provider Atrium Health as an investor, completed a $80m series C round yesterday.
The round was led by venture capital and private equity firm Insight Partners, while private equity firm Fulcrum Equity Partners, VC firm Bee Partners and investment firm Flashpoint also took part.
Founded in 2014, Florence provides document workflow management software used by pharmaceutical companies and clinical research organisations to make clinical research more efficient.
The company’s platform has streamlined the operations of more than 8,500 research sites across 34 countries.
Ryan Jones, Florence’s co-founder and CEO, said: “Not only do pharmaceutical companies, clinical research organisations 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 raised more than $88m to date. It closed a $7.1m series B round in October 2019 that was led by Fulcrum Equity Partners, which invested together with Atrium Health and Bee Partners.
The company had graduated from the ATDC Signature programme run by Advanced Technology Development Center, an incubator affiliated with Georgia Institute of Technology, in March 2019.
Bee Partners had led Florence’s $1.7m seed round in 2016 with participation from Bessemer Venture Partners, VC fund Green D Ventures and angel investor Will Crawford.