Clinipace Acquisition, Valuation, Funding & Investors
Clinipace was acquired by dMed for $233M in April 2021.
Cumulative funding Clinipace raised
$133M
across 6 funding rounds
Key investors in Clinipace
Hatteras Venture Partners
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
Morgan Stanley Expansion CapitalHarbert Growth Partners
Crestline
Mario Family Funds
OUP (Osage University Partners)
Rock Springs Capital
Virgo Investment Group
About Clinipace
Clinipace is a Morrisville, North Carolina-headquartered clinical research organization founded in 2003. It supplies integrated services including clinical monitoring, data management, biostatistics, and regulatory support to biopharmaceutical and medical device companies. The firm manages trials in therapeutic areas such as oncology, cardiology, and rare diseases across North America and Europe.
Founded
2003
HQ
Raleigh, NCWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services
Valuation
$1B (Jul 2021)
Clinipace Acquisition
Clinipace was acquired by dMed for $233M on 28 April 2021.
Before the acquisition Clinipace had raised $133M across 6 funding rounds.
Clinipace was a contract research organization (CRO) headquartered in North Carolina, USA that provided clinical trial services and expertise across multiple therapeutic areas. The company had been backed by Virgo Investment Group since 2015, with Virgo significantly increasing its ownership stake and providing operational support through board oversight beginning in 2017. dMed, a Shanghai-based full-service CRO founded in 2016 with approximately 700 employees across China and US offices, merged with Clinipace in April 2021 to create a combined global mid-sized CRO entity. The merger was strategically designed to leverage Clinipace's high-growth US and European operations alongside dMed's strong presence in China and Asia-Pacific, creating a comprehensive platform with over 1,700 employees across 22 offices. Following the merger, the combined company (initially called dMed-Clinipace, later rebranded as Caidya) pursued growth capital; a $50 million Series C+ financing round led by Springhill Fund closed in July 2021, valuing the combined entity at approximately $1 billion post-money, which was subsequently used to finance integration and global expansion efforts.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 28 Apr 2021 | Strategic M&A | $233M |
Clinipace Valuation
Clinipace is currently valued at $1B, based on its Series C in July 2021.
The $50M round was led by SpringHill Management, with participation from Superstring Capital and Rock Springs Capital.
Clinipace valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Series C | $1B |
Clinipace Funding History
Clinipace has raised a total of $133M across 6 funding rounds.
Clinipace's first fundraising round was a $50M undisclosed-stage round in January 2015. The most recent completed round was a $50M Series C in July 2021.
Clinipace funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Series C | SpringHill Management (lead); Superstring Capital; Rock Springs Capital | $50M | $1B | Clinipace was a contract research organization (CRO) based in North Carolina that specialized in clinical trial services. In April 2021, Clinipace merged with dMed, another CRO that had previously raised $158 million including from Kaiser Permanente and Eli Lilly, forming the combined entity dMed-Clinipace. Following the merger, dMed-Clinipace raised $50 million in a Series C-II round in July 2021 led by SpringHill Fund (also referred to as SpringHill Management) with participation from Rock Springs Capital and Superstring Capital. The combined company was valued at $1 billion post-money based on this round. The merged entity operated across both Shanghai and North Carolina, positioning itself as a US and China-based clinical research organization serving pharmaceutical and biotechnology clients. |
| Mar 2019 | Seed | - | $4M | - | Clinipace, a contract research organization, raised $4 million in a funding round in March 2019, marking the second such raise of the year following a $5.7 million round in September 2018 and a $10 million raise in December 2017. The company had accumulated $160.27 million in total funding across 23 rounds by 2021. |
| Aug 2018 | Series A | - | $6M | - | Clinipace is a clinical research organization based in Morrisville, North Carolina. It raised $5.7 million in a private equity offering in September 2018. The company had previously secured a $10 million raise in December 2017 and later raised $4 million in March 2019, followed by another $4 million in October 2019. Clinipace conducted multiple debt and Series F rounds in 2019, including Series F - IV on 8/7/2019. In April 2021, Clinipace merged with dMed to form dMed-Clinipace, which later closed a $50 million series C-plus round led by Springhill Fund. |
| Mar 2018 | Undisclosed stage | Morgan Stanley Expansion Capital; Emergent Growth Fund; NXT Capital; Mario Family Funds; Harbert Management Corporation; Harbert Growth Partners; Crestline; Hatteras Venture Partners; OUP (Osage University Partners) | $20M | - | Clinipace Worldwide is a clinical research organization (CRO) based in Morrisville, North Carolina, providing fully integrated clinical research services for biopharmaceutical and medical device companies, including data management, project management, site training, and a web-based clinical trial management platform with fixed-price guarantees. It evolved from a software-focused entity to a full-service digital CRO. The company has managed over 90 projects at nearly 3,000 sites with more than 100,000 enrolled subjects, with over 80% of clinical operations staff having seven or more years of experience. Later, Clinipace merged with dMed (forming dMed-Clinipace, later Caidya) on April 28, 2021. |
| Jul 2016 | Seed | - | $4M | - | Clinipace Worldwide raised $15 million in a Series C venture capital funding round around July 22, 2016. The round was led by Morgan Stanley Expansion Capital, with participation from existing investors Hatteras Venture Partners and Brook Private Equity Advisors. The company planned to use the proceeds to develop its therapeutic expertise and global capacity for technology-amplified contract research services. |
| Jan 2015 | Undisclosed stage | Crestline (lead); Virgo Investment Group (lead); Perella Weinberg Partners; Morgan Stanley Expansion Capital; Mario Family Funds; Harbert Growth Partners; Hatteras Venture Partners | $50M | - | Clinipace, a clinical research organization (CRO), completed a Series E funding round on January 15, 2015. The investors listed—Crestline, Harbert Growth Partners, Hatteras Venture Partners, Mario Family Funds, Morgan Stanley Expansion Capital, Perella Weinberg Partners, and Virgo Investment Group—with Crestline and Virgo as leads. Clinipace had raised a total approaching $160M across multiple rounds by later years. The company focused on clinical development services, later expanding through acquisitions like Accovion in April 2015. Post-2015, Clinipace continued funding activities, including debt rounds and a merger in 2021. |
Who has invested in Clinipace?
14 investors have backed Clinipace across its funding rounds, including Hatteras Venture Partners, Morgan Stanley Expansion Capital, Harbert Growth Partners, Crestline, Mario Family Funds and OUP (Osage University Partners).
Lead investors include SpringHill Management, Crestline and Virgo Investment Group.
Clinipace Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Morgan Stanley Expansion Capital | New York City, NY | 2 | Participant | Jan 2015 |
| Chatham, NJ | 2 | Participant | Jan 2015 | |
| United States | 2 | Participant | Jan 2015 | |
| Fort Worth, TX | 2 | Lead | Jan 2015 | |
| Durham, NC | 2 | Participant | Jan 2015 | |
| United States | 1 | Participant | Jan 2015 | |
| Gainesville, FL | 1 | Participant | Mar 2018 | |
| San Francisco, CA | 1 | Lead | Jan 2015 | |
| New York City, NY | 1 | Participant | Jul 2021 | |
| Chicago, IL | 1 | Participant | Mar 2018 | |
| United States | 1 | Participant | Mar 2018 | |
| Baltimore, MD | 1 | Participant | Jul 2021 | |
This data is available for Pro users. Sign up to see all 14 Clinipace investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Clinipace
Clinipace has acquired 2 companies to date.
Last acquisition by Clinipace was on April 13th 2015. Clinipace acquired Accovion for undisclosed valuation.
Latest Acquisitions by Clinipace
| Description | Accovion is a Marburg-headquartered full-service contract research organization supporting pharmaceutical and biotech trials across Europe. The CRO manages Phase I-IV studies, pharmacovigilance, biostatistics, and medical writing for clients like Bayer and Novartis, with data from 500 sites in 25 countries. Founded in 1994, Accovion employs 200 staff compliant with ICH-GCP and FDA regulations, delivering eCTD submissions and SAE reporting within 24 hours. It operates in Germany, UK, and Eastern Europe for cost-efficient multicenter trials. | Choice Pharma is a Taiwan-headquartered contract research organization conducting clinical trials across oncology, cardiology, neurology, and infectious diseases in the Asia-Pacific region. The firm manages Phase I through IV studies, including first-in-human trials, for pharmaceutical and biotech sponsors from Japan, South Korea, and Australia. Its network spans 15 countries with centralized data management platforms. |
| HQ Country |  |  |
| HQ City | Eschborn | Hong Kong |
| Deal Date | 13 Apr 2015 | 11 Mar 2014 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Clinipace acquisitions and their M&A valuation multiples. Start Free Trial | ||
Clinipace Competitors
Clinipace competitors include listed companies like Arbutus Biopharma and Kolon TissueGene, and private ones like Letu, Belief BioMed, Sonoma Biotherapeutics and Terray Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Shenzhen | Private | - | - | $1.1B | - | |
| Shanghai | Private | - | - | $1.3B | - | |
| San Francisco, CA | Private | - | - | $732M | - | |
| Los Angeles, CA | Private | - | - | $600M | - | |
| United States | Publicly listed | $14M | ($37M) | $1B | 6.8x | |
| United States | Publicly listed | $4M | ($141M) | $1B | 239.4x |
Clinipace Public Comps
Clinipace is no longer listed, but its public comps include Arbutus Biopharma, Kolon TissueGene, Star Lake Bioscience, SSY Group, Helus Pharma, Alumis, GuangYuYuan Chinese, Vetoquinol, Amphastar Pharma and Adlai Nortye.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $14M | ($37M) | 64.6x | 6.8x | (24.6x) | - | |||
| $4M | ($141M) | 261.1x | 239.4x | (7.0x) | (57.8x) | |||
| $2.4B | $314M | 0.8x | 0.8x | 6.0x | 7.3x | |||
| $530M | $144M | 2.5x | - | 9.2x | - | |||
| - | ($153M) | - | - | (5.4x) | (4.8x) | |||
| $24M | ($263M) | 22.6x | 47.6x | (2.1x) | (1.5x) | |||
| $204M | $23M | 4.5x | - | 40.5x | - | |||
| $605M | $127M | 1.3x | 1.3x | 5.9x | 5.9x | |||
This data is available for Pro users. Sign up to see all Clinipace competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Clinipace
| When was Clinipace founded? | Clinipace was founded in 2003. |
| Where is Clinipace headquartered? | Clinipace is headquartered in Raleigh, NC, United States. |
| Is Clinipace publicly listed? | No, Clinipace was acquired by dMed in April 2021. |
| Who acquired Clinipace? | Clinipace was acquired by dMed in April 2021. |
| How much was Clinipace acquired for? | Clinipace was acquired for $233M in April 2021. |
| What is Clinipace's valuation? | Clinipace was last valued at $1B in its Series C in July 2021. |
| How much funding has Clinipace raised? | Clinipace has raised $133M across 6 funding rounds. |
| What was Clinipace's last funding round? | Clinipace's last funding round was a $50M Series C in July 2021, led by SpringHill Management. |
| Who are Clinipace's investors? | Clinipace's investors include Morgan Stanley Expansion Capital, Mario Family Funds, Harbert Growth Partners, Crestline, Hatteras Venture Partners, Perella Weinberg Partners, Emergent Growth Fund, Virgo Investment Group, Superstring Capital, NXT Capital and 4 others. |
| Which companies are comparable to Clinipace? | Companies comparable to Clinipace include Letu, Belief BioMed, Sonoma Biotherapeutics, Terray Therapeutics, Arbutus Biopharma and Kolon TissueGene. |
| How many companies has Clinipace acquired? | Clinipace has acquired 2 companies, including Accovion and Choice Pharma. |
See companies similar to Clinipace
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.