Arrowroot Capital Invests $4 Million In MedNet Solutions
Funds to Accelerate iMedNet™ EDC Sales, Marketing and R&D Initiatives
MINNETONKA, Minn., July 14, 2014 /PRNewswire/ -- 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."
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About MedNet Solutions
MedNet Solutions is a leading healthcare technology company specializing in electronic data solutions designed for the global life sciences community. MedNet's proven, flexible and easy-to-use cloud-based eClinical systems dramatically improve the efficiency of clinical studies and registries of all types and sizes. Beyond simply electronic data capture (EDC), MedNet's solutions deliver the tools and dashboards required to expertly manage all aspects of clinical research. Since 2001, pharmaceutical, medical device, biotechnology and Contract Research Organizations (CROs) around the world have trusted MedNet to consistently deliver the technology innovation, experience and reliability they need for success. For more information, please visit www.mednetstudy.com.
About Arrowroot Capital
Arrowroot Capital is a software-focused growth equity firm that invests in growing and healthy SaaS-based businesses across all industries. Due to Arrowroot's business model expertise, the firm takes a hands-on approach in assisting portfolio companies reach their growth goals. Arrowroot typically targets investment opportunities of anywhere between $1 million and $15 million, but has access to larger pools of capital if needed. For more information, please visit www.arrowrootcapital.com.
MedNet Contact Information
Dirk H. Nelson
Director of Marketing
110 Cheshire Lane, Suite 300
Minnetonka, MN 55305
Arrowroot Contact Information
Matthew J. Safaii
100 Wilshire Blvd, Suite 1830
Santa Monica, CA 90401
SOURCE MedNet Solutions