US-based cold chain services provider AeroSafe Global has completed a $47.5m funding round backed by Merck Global Health Innovation Fund (GHI), the corporate venturing arm of pharmaceutical firm Merck & Co.
The round included Escalate Capital, Peloton Equity, Hamilton Lane, Flexstone Partners and Wave Equity Partners. Comerica Bank has expanded the company’s credit facility in conjunction with the transaction.
AeroSafe enables clients in the pharmaceutical, biopharmaceutical, speciality pharmacy and medical device industries to outsource cold chain logistics to enable temperature-sensitive products to be delivered safely and sustainably using its recyclable packaging.
The cash will fund the launch of additional services and technologies while driving international expansion efforts. Merck GHI vice-president Joe Volpe and Robin Smith Hoke, president and CEO of ophthalmology outsourcing firm Leiters, will join the company’s board of directors.
Jay McHarg, AeroSafe’s CEO, said: “As we continue to expand our capabilities and global reach, we were looking for a partner who shares the vision of delivering breakthrough healthcare solutions through innovative products and services.
“Merck’s Global Health Innovation Fund is an outstanding partner at the perfect time for AeroSafe Global.”
The company has now raised approximately $113m in total, according to press releases and regulatory filings, including $31.5m from Peloton Equity, Flexstone Partners and accounts managed by Hamilton Lane in July 2019.
Cycle Capital Management had invested $2.5m in Aerosafe in 2011 through its Cycle Capital Fund I. Wave Equity Partners was identified as a returning investor in the latest round.
