Dubai-listed financial services firm Shuaa Capital has invested in Switzerland’s SkyCell, which manufactures smart temperature-controlled containers for pharmaceutical companies, a bourse statement said on Monday.
The investment is part of the Zurich-based firm’s recently concluded Series C funding round that raised 32 million Swiss francs ($34.8 million), Shuaa told the Dubai Financial Market (DFM). The fresh capital will be used to support SkyCell’s continued growth and build a partner network in markets that include the Middle East.
According to Ajit Joshi, managing director and head of public and private markets at Shuaa Capital, the Swiss company has a “significant potential for value creation”.
“SkyCell is an exciting disruptor in the pharmaceutical supply chain, bringing together the latest in software, hardware and big data in order to transform this specialised logistics space,” he said.
“Given its pioneering approach and the significant potential for value creation, it represents a great fit for Shuaa’s stringent investment criteria, and we are pleased to be supporting SkyCell’s continued growth.”
Shuaa did not disclose the value of its investment in SkyCell.
Richard Ettl, co-founder and CEO of SkyCell, said the investment will help improve their services and target new markets in the region.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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