Boston, Massachusetts-based H.I.G. Growth Partners announced on November 18 that it has completed a significant growth equity investment in Sanford, North Carolina-based Carebox.
Carebox is a software platform that connects patients, families and physicians with potentially life-saving treatment options that are only available in clinical trials. Carebox partners with more than 40 leading life sciences firms, research organizations and foundations working on clinical trials. The company has developed CareboxConnect, a clinical trial matching platform that continuously indexes patients’ clinical trial participation eligibility and immediately matches them with relevant studies available for their condition, stage of disease, treatment history and genomic profile. CareboxConnect solutions have been visited by more than two million physicians and patients in search of relevant clinical trials to date.
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $66 billion of capital under management. It invests up to $75 million in equity in growth-oriented businesses with $10 million to $100 million in revenues.
“Brian and the Carebox team have built an extraordinary software platform. Their innovative technology streamlines how patients can identify and participate in upcoming and ongoing clinical trials,” said Albert Koh, Principal at H.I.G. Growth. “With Carebox’s focus on the intersection of technology and healthcare, we are ideally positioned to bring our deep operational and institutional expertise together with the resources, relationships, and experience that will enable them to scale, so they can continue be a lifeline for more patients in need of treatment.”
Lincoln International served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to H.I.G. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 217th eHealth transaction of 2024, and the 29th in the patient engagement specialty. There were 17 patient engagement deals announced during 2023, and 43 announced during 2022.
