New capital supports continued platform innovation and growth across life sciences organizations

HAYWARD, Calif.: #BroadOak--Quartzy, a vertically-integrated procurement platform for the life sciences industry, announced it has secured $23 million in financing from Avenue Capital Group and BroadOak Capital Partners.

The financing will support Quartzy's next phase of growth, including continued investment in its software platform, supplier network, customer experience, and go-to-market capabilities. Quartzy is trusted by more than 3,000 organizations, and the Quartzy Shop offers access to more than 10 million products from over 1,000 industry-leading suppliers.

"When a reagent doesn't show up, research stops. By owning the software, the supplier relationships, and the fulfillment infrastructure, we can guarantee the reliability, pricing, and accountability that labs depend on, and that fragmented solutions simply can't deliver. This capital lets us go deeper on every layer of that platform, so our customers get faster fulfillment, smarter software, and better pricing on the products they use every day," said Jayant Kulkarni, co-founder and CEO of Quartzy.

Quartzy helps research teams manage requests, approvals, purchasing, and inventory in a single workflow, giving scientists, lab managers, and procurement teams greater visibility and control. New financing deepens Quartzy's vertically integrated platform serving life sciences labs from bench to procurement.

"We have tracked Quartzy's progress for many years and are glad to be partnered with them in their current phase of growth," said Bill Snider, Partner at BroadOak Capital Partners. "The company has established a powerful position within the procurement of life sciences research tools, and it adds significant value to thousands of research labs and their suppliers; I can't think of a more impactful investment that BroadOak and Avenue can make in our core market."

Spinta Capital acted as placement agent to Quartzy in connection with the transaction. Cooley LLP served as legal counsel to Quartzy, and DLA Piper LLP served as legal counsel to the lenders in connection with the transaction.

About Quartzy

Quartzy is a vertically integrated procurement platform trusted by life sciences organizations, from seed-stage startups to public companies. The platform combines inventory management, request workflows, approvals, purchasing, and integrations with leading research tools, backed by Quartzy's own warehouse infrastructure and private label products. For more information, visit quartzy.com.

About Avenue Growth Lending

The Avenue Growth Lending Funds seek to provide creative financing solutions to high-growth, venture capital-backed technology and life science companies, focusing generally on companies within the underserved segment of the market created by the widening financing gap between commercial banks and larger debt funds. The Avenue Growth Lending funds are part of the larger group of funds of Avenue Capital Group. For additional information on Avenue Capital Group, which is a global investment firm with assets under management of approximately $10 billion, visit www.avenuecapital.com.

About BroadOak Capital Partners

BroadOak Capital Partners is a life science-focused investment and advisory firm serving companies in the research tools and consumables, diagnostics, and biopharma services sectors. BroadOak has led or participated in investments in more than 75 companies across multiple funds and investment vehicles. For additional information, visit www.broadoak.com.

Fonte: Business Wire