NEW YORK--(BUSINESS WIRE)--Massive Bio, Inc., a leader in precision medicine and artificial intelligence (AI) enabled patient centric clinical trial enrollment, raised $9 million co-led by Revo Capital and Kenan Turnacioğlu, Chair of Board of Directors PaigeAI, with additional participation from DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution.
This investment will enable the company to further scale its operations globally, invest in marketing, and launch additional non-status quo products in oncology clinical trial enrollment with its data-rich platform. The company’s clinical research business launched in late 2019, and the financing round builds on another exponential growth year for Massive Bio, with 60,000 cancer patients and 26 enterprise customers. 88% of those customers are large pharmaceutical companies and CROs. Massive Bio has expanded to 12 countries with a global workforce of 70 employees in the past 12 months.
Massive Bio Co-founder and CEO Selin Kurnaz stated, “We are building a category-defining company in the oncology ecosystem by engineering patient enrollment value chain, and we are excited by the unwavering support from our new and existing investors, who have seen our exponential organic growth, strong ROI to our clients and unique value proposition to patients and oncology eco-system.” Dr. Kurnaz added, “We are significantly different than the companies at our stage, cost-efficient and generating consistent revenue and client growth despite the economic downturn, relying mostly on customer demand to fuel our growth. Our passion, dedication, perseverance, and smart work has led to the company’s success and expansion in 12 markets without a sales force or marketing. Having the financial support, healthcare expertise and global coverage of investors such as DEG and Kenan, along with heavy technology expertise of our existing investors like Revo Capital will help us execute our goals globally and at accelerated scale.”
With tens of thousands active cancer clinical trials globally, and dozens of biomarkers and precision oncology molecules, Massive Bio aims to use AI and patient-centric concierge services at scale to reach cancer patients across the world and accelerate the oncology research and development infrastructure. Massive Bio had recently announced the launch of its NASA-style Oncology Clinical Trial Command Center (OCTCC) to disrupt and accelerate trial enrollment, the launch of its 100K Cancer Clinical Trial Singularity Program aimed at matching 100,000 cancer patients in real-time to cutting-edge clinical trials using its AI-based technology, website, and apps across iOS and Android platforms, and was included in the 2022 NYC Digital Health 100 which showcases the most exciting health start-ups in the New York region.
“Massive Bio has an impressive track record of landing and expanding on pharmaceutical customers while being relentless on execution. We were impressed with highly motivated and mutually complementary founders’ team that has the courage to solve large and complex problems with minimal capital and resources and we felt that we can bring their dream into action together in an accelerated fashion with our capital, domain expertise and highly qualified network. They have the potential to transform the oncology research industry and become a world-changing company,” said Kenan Turnacioğlu, who is the co-lead of the round and new board member of Massive Bio.
“Our AI-enabled clinical trial and precision oncology therapy-finding technology along with our real-time patient-empowering approaches are key to solve the problem in clinical trial enrollment in cancer pharmaceutical biotech pipeline, and we have successfully proven the necessary market fit, product deliverables, ongoing demand and expansive network effects to meet our clients’ and investors’ confidence in our platform’s success,” said Arturo Loaiza-Bonilla, M.D., Co-Founder of Massive Bio. “This vote of trust from investors is the product of our relentless efforts for constant growth, best use of technology and data to deliver to each client, and to optimize systems to automate processes efficiently, while expanding our innovation stack, network development and portfolio verticals, with a keystone strategy of being a hub to allow the sustainability of the digital networks we keep and thrive upon,” added Loaiza-Bonilla.
“After working with Massive Bio for the past two years and seeing how its AI-powered end-to-end platform streamlined clinical trial recruitment while providing important insights to its pharma customers, we are proud to lead the round for the company’s next phase,” said Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital.
DEG’s Dr. Tilman Kruse, Global Head of Early Growth & Venture Capital, and Anna Winter, Investment Manager Private Equity & Venture Capital and deal team leader, commented, “At DEG, we are impressed how Massive Bio has created a successful technology-driven business which has an enormous impact on people: As a global investor with a mandate to improve health and living conditions as part of the UN-Sustainable Development Goals (SDG), we are particularly proud to support Massive Bio’s further international expansion to improve access to new cancer treatments and clinical trials around the world, helping cancer patients globally. We are grateful to the founders and the entire cap table for smooth, trustful, and efficient cooperation on this round which enables Massive Bio to scale up and address its global Total Addressable Market (TAM).”
About Massive Bio
Massive Bio’s (https://massivebio.com/) mission is to provide access to clinical trials for every cancer patient regardless of their location or financial stability, using technology at a global scale. Massive Bio is a proprietary patient recruitment and enrollment enablement solution for oncology clinical trials. It is part of the $18 billion pharma clinical trial enablement market with double digit annual growth. Massive Bio provides unique tech enabled services and a big data platform that addresses all points of friction in clinical trial enrollment. Massive Bio has acquired 26 pharma/CRO/provider systems customers from late 2019. Massive Bio is the only company in the market that simultaneously provides patient identification, pre-screening, and concierge enrollment enablement while being focused on oncology and highly innovative data, technology, and services in a completely broken clinical trial enrollment value chain. Massive Bio is consistently a market innovator with its 100K Singularity initiative, Oncology clinical trial command center, Amber Specialty partnership or being the vendor of choice of NCI. Massive Bio is headquartered in NYC, has a team of 70 people and was founded by ex-PE, clinical and technology executives. Follow Massive Bio on Twitter, LinkedIn, and Facebook.
About Revo Capital
Revo Capital is the largest venture capital firm in Turkey, which was founded at the end of 2013 with a $66M fund and raised its oversubscribed €90M second fund in 2020. Revo Capital invests in truly innovative, early-stage B2B or B2C technology ventures in Turkey, Eastern Europe and the Baltics and so far, has made 28 investments and 12 successful exits to date. Among its portfolio companies are decacorn Getir (Grocery delivery app), Midas (Digital brokerage app), Akinon (cloud based headless commerce platform), CY Vision (3D Augmented Reality Head-Up Displays for Next Generation Vehicles), Vivoo (wellness app based on urine tests), Zizoo (Europe’s leading SaaS enabled boat rental marketplace) and V-Count (visitor analytics solutions provider for physical spaces). For more info, you can visit: www.revo.vc/.
About Kenan Turnacioğlu
Kenan Turnacioğlu is a private equity investor focused on high-impact entrepreneurs and innovative companies in the United States, focusing on the target verticals involving digital health, artificial intelligence, and machine learning technologies globally. He is also the Chairman of the Board of PaigeAI, a machine learning pathology company, and ManaT Bio, an immune-oncology company. He has provided its expertise to Catalio Capital, served as a Co-Founder of PointState Capital, LP, a long, short equity hedge fund, where he managed the portfolios and investment teams in Healthcare and Consumer sectors, before departing in 2018. From 2001 to 2010, he was a Managing Director and Portfolio Manager at Duquesne Capital Management, LLC, managing Healthcare investments. He also served on the Boards of StemCentrx, Agensys and NYU Langone Cancer Center. From 1998 to 2000, he was a Biotechnology Analyst at Credit Suisse.
About DEG
For almost 60 years, DEG has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. We provide our customers with tailor-made solutions, including financing, promotional programs and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. With a portfolio of around EUR 9.2 billion in nearly 80 countries, DEG is one of the world's largest private-sector development financiers. Founded in 1962, DEG is headquartered in Cologne, Germany.
