Cold chain firm AeroSafe Global secures $31.m

25-Jul-2019 - Last updated on 25-Jul-2019 at 16:12 GMT

(Image: Getty/Ricok69)

AeroSafe Global has received an investment of $31.5m from several companies in order to expand its service offerings and geographical footprint.

Peloton Equity (Peloton), accounts managed by Hamilton Lane, and other existing investors including Flexstone Partners, were involved in the growth capital investment.

The outsourced cold-chain-as-a-service (CCaaS) solutions company will use the funding to launch additional services and technologies as well as for expansion into new geographies.

According to AeroSafe, which is based in Rochester, NY, more than 30 Fortune 500 pharmaceutical and health care companies are currently customers for which it provides temperature-sensitive drug and device delivery.

Among the company’s clients, per its website, are Eli Lilly, Gilead, Pfizer, Amgen, and Allergan.

"The market AeroSafe serves is massive and is becoming an increasingly important component of the global pharma supply chain. Peloton has been looking for differentiated growth companies in this space for a long time, and we are particularly impressed with AeroSafe’s re-use business model, product technology and customer service performance," said Justin Yang, partner at Peloton Equity, who will join the AeroSafe board of directors with Peloton co-founder Ted Lundberg.

AeroSafe CEO Jay McHarg added in a statement: "Our transformation from a product company to a leading-edge, technology-based service company has enabled us to become a partner, rather than a vendor, to our customers … This investment will allow AeroSafe to continue to innovate to meet the market’s evolving cold chain needs."