The private equity firm behind the likes of Mowgli Street Food has invested £3m in a Manchester-based provider of software and services to the clinical trials market.
Foresight Group has backed NorthWest EHealth which was established in 2016 out of a collaboration between the University of Manchester, Salford Royal Foundation NHS Trust and Salford Clinical Commissioning Group.
Its products provide the life sciences industry with an alternative approach to clinical trial design and management.
The company is aiming to become a leading provider of clinical trials and data-driven trial design, feasibility and recruitment.
The investment will be used to expand the current data network, enabling the business to deliver a larger number of trials at a global level, increase product development and expand the sales and marketing team to help build long term, strategic relationships.
Customers include several of the largest global pharmaceutical and research companies, such as GSK, Novartis and PPD.
Martin Gibson, CEO of NWEH, said: "The pandemic has strengthened the need for increased data integration to enable rapid trial design, recruitment and remote follow-up.
"Whilst our software meets many of these needs already, this investment means we can significantly accelerate our development and deployment programmes.
"We are very pleased to be working with Foresight. Their track record in supporting SMEs and their particular focus on growth investment for life science and technology made them the ideal investment partner for us."
Matthew Evans-Young, senior investment manager at Foresight, added: "The last year has only highlighted the importance of the pharmaceutical and life sciences industry, and we see the UK as continuing to play a significant role in the sector going forwards. NWEH is a thought leader in the market, and we have been consistently impressed by the team’s vision for the future of clinical trials.
"We look forward to supporting them in achieving this vision over the coming years."
The advisers to Foresight were DSW LLP, RW Blears LLP, PMSI Strategy LLP, Catalysis Advisory Limited, CloudOrigin Limited, ECSC Group and Vista Insurance Brokers.
The adviser to NorthWest EHealth was Brabners LLP.
