The funding round was led by Windham Venture Partners, with participation from previous investors Healthy Ventures and Geekdom Fund.
SubjectWell CEO Ivor Clarke said the funds will enable the company to extend its offering into “the rest of the English-speaking world,” the UK, Europe, and South America. It also will grow its team to support demand and continue to expand its efforts to build clinical trial awareness.
The company previously conducted a survey to detail consumer perceptions of clinical trials. Of the respondents, half had never even heard of clinical trials – and 96% had never participated in a clinical trial. Additionally, very few (31%) felt “confident or very confident” that they would know how to get information about clinical trials.
“We’re offering a risk-free way for sponsors to meet their enrollment goals with an outreach message that is unique and complementary to typical study-specific efforts,” said Clarke, speaking to what is driving the company’s growth.
“We are fervent in our belief that charging per-randomization is the right model for the industry,” he added. “Performance-based pricing is the norm in other industries, and it is central to our efforts to build a single marketplace that can match patients to any available clinical trial.”