The Sorcero Pre-Series B Opportunity
The Sorcero Pre-Series B Opportunity
Gather Round, gather round! Fresh, oven baked investment over here!
It has been an absolutely incredible year and a half for Sorcero.
Since the beginning of Jan 2021, they signed and renewed leading life sciences companies, including AstraZeneca, Moderna, and Coherus. They just launched with Pfizer, and are onboarding 21 more life sciences customers this summer.
They are used by half of the world’s top 10 life sciences companies, companies like Moderna have experienced a 746% ROI in actively monitoring over 700,000 scientific publications for key medical trends, in their case for COVID-19.
They made huge strides in their tech, launching their Clarity Platform and now three vertical SaaS products, re-platformed onto Google Cloud and are launching on Google Cloud Health.
Sorcero has grown life sciences revenue by 400% YoY.
Released real-world results showing 96.1% NPV on their patented AI, (+19% over Google), reducing publication review time by 88%.
Pre-Series B, Sorcero's Clarity platform is experiencing rapid adoption by the leading life sciences companies in the $42 billion life sciences analytics market growing at a 29% CAGR. Sorcero enables life sciences companies to make augmented data-driven decisions around how they retain and expand market share for their most valuable drugs, while improving patient outcomes.
Given their progress, they opened a $10 million expansion round, via convertible note, to capitalize on the strong interest they have gotten from 22 of the top 30 pharma companies for their Medical Insights Management and Clarity Medical Analytics products that they launched in March. This will put them in a very strong position for a top tier Series B in the first half of 2023. Verve Ventures have invested in their Seed, Series A and now this bridge round. We have an extra allocation that we can offer directly to our network. The terms are below.
🧢 Cap: $150 Million
💵 Discount: 20%
💇🏽♂️ Interest: 4% per Annum
Verve Fees:
🍰 One off Structuring and SPV Formation: 2.5%
🏋🏽♂️ Carry: 15%
🏃🏽♂️ Hurdle Rate: 9% (We only get our carry if you investment nets you 9% IRR)
Previously Sorcero had raised the following:
2019: $1.7M on a $8.5M convertible note Pre-Seed
2020: $3.5M on a $15M convertible note Seed (Verve Participated Fund 1)
2021: $10.5M on a $36M pre-money valuation Series A (Verve Participated Fund 1)
2022: $10M on a $150M convertible note pre-Series B (Verve Participated Fund 1)
The latest cap of $150M gives a bit of an insight into what are the predicted valuations for the company as it stands. We absolutely love what Dipanwita and Richard have built and it has been a pleasure to see the product maturing. We would love for you to join us.
Please treat this information as privileged.
Interested? Express your interest here: invest@verve-ventures.com
Have some intros? Reach out and speak to us about the Verve Introduction Incentives.