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Albion Ventures leads funding round for Exco

Exco InTouch has received 3.2 million pounds in funding. Albion Ventures led the round with participation from Scottish Equity Partners. Based in the UK, Exco is a provider of patient engagement solutions.

PRESS RELEASE

Albion Ventures LLP, one of the largest independent venture capital investors in the UK, today announces that it has led a £3.2m investment round in Exco InTouch (“Exco”), a leading electronic Patient Reported Outcomes (“ePRO”) and patient engagement software business. Founder investor, Scottish Equity Partners (“SEP”), also participated in the round and remains the company’s largest shareholder.

Founded in 2004 by its current CEO, Tim Davis, Exco provides mobile and digital services to pharmaceutical companies for the engagement and collection of information from patients in clinical trials and real-life settings (ePRO). This rapidly growing sector is being driven by the increasing need to demonstrate actual benefits of medical treatments for regulatory and reimbursement purposes. Exco’s unique offering leads the market in the use of patients’ own mobile devices, reducing the cost for customers and improving user compliance.

The firm is based in Nottingham and currently has approximately 75 staff, with sales offices in the USA and Canada.
Counting 16 of the top 20 pharmaceutical companies among its clients, Exco also serves the BioPharmaceutical sector and works in partnership with several leading global contract research organisations (CROs). To date the company has engaged with over 900,000 patients in 88 countries, delivering over 3.5 million compliant messages and collating over five million data transactions in 70 languages.

Andrew Elder, partner at Albion Ventures said: “This is an exciting new investment for Albion; led by an experienced executive team with an impressive track record, Exco has a strong competitive advantage in a fast growing sector. Globally, one-in-five patients suffers with chronic long term conditions and it is clear that providers need to deliver care more efficiently if healthcare is to remain affordable. Exco’s impressive client base underlines its proven ability to help healthcare providers and pharmaceutical companies overcome this complex challenge. We are excited by the prospect of taking Exco to the next level.”

Tim Davis, Chief Executive of Exco InTouch said: “As seasoned investors in the healthcare IT sector it soon became clear that Albion had the right credentials to support us through the next stage in our development. With the experience, strategic direction and active support of both Albion and SEP, we look forward to entering a new phase of growth.”

Jan Rutherford, a Partner at SEP said: “Exco holds a respected position in the clinical technology industry and is trading strongly, having increased revenue by 66% in the last financial year. We have been investors in the company since its early days, and this financing will enable further operational development as the company moves towards significant and sustained revenue growth.”

About Albion Ventures
Albion Ventures LLP which was founded in 1996 is based in London and manages approximately £250 million of evergreen listed venture capital funds and holds investments in approximately 80 businesses.
Albion Ventures is authorised and regulated by the Financial Conduct Authority.

For further information see www.albion-ventures.co.uk

About Exco InTouch
Exco InTouch is the leading provider of digital patient engagement and data capture solutions for clinical research and healthcare providers. Using a combination of software and services, Exco InTouch solutions provide simple, secure channels of communication; facilitating the collection of quality data and improving outcomes for sponsors, clinical research organizations, healthcare providers and patients.

For further information see www.excointouch.com

About Scottish Equity Partners (SEP)
Scottish Equity Partners (SEP) is a leading venture capital investor in high growth technology and technology-enabled companies. Operating from offices in London, Glasgow and Edinburgh, SEP invests up to £20m in innovative, growth stage companies with a sharp focus on the IT, healthcare and energy sectors.
For further information see: www.sep.co.uk