SubjectWell has raised $10m through Series A funding round, led by US-based venture capital firm Windham Venture Partners.
Previous investors Healthy Ventures and Geekdom Fund also participated in the funding round.
The fund raising enables the company to build awareness and boost patient participation in clinical research programmes by offering a single marketplace for potential patients to match to any available clinical trials.
SubjectWell chief executive officer Ivor Clarke said: “The largest barrier to participation in clinical trials is awareness — patients aren’t aware clinical trials exist and don’t know how to get started.
“By building awareness and creating the first true trial marketplace, we provide patients with greater choice and access to innovative treatments. Our investors’ support allows us to reach more interested patients and fill our clients’ studies faster.”
The financing round also allows SubjectWell to expand its international footprint by extending its services beyond North America and entering into Europe, South America.
SubjectWell vice president of business development Tony Averbeck said: “Our growth is not just deepening the patient pool.
“Our performance-based pricing model, where we’re only compensated for patients who randomize, is specifically designed to allow every sponsor to bring all of their trials into SubjectWell’s marketplace.”
Windham general partner and CEO Adam Fine said: “Despite all the recent advances in medicine, clinical trials continue to be a major pain point for stakeholders. The vast majority of trials are delayed and many ultimately fail due to poor patient selection.
Adam added: “We have looked deeply at the clinical trial space and concluded that SubjectWell, with hundreds of studies already recruiting through its marketplace, has demonstrated the most effective model for enrolling clinical trials. We are excited to partner with this terrific team.”
Based in the US, Subject Well operates as a clinical trials recruiting company.