🇮🇸 Icelandic high tech company Controlant announces $40 million in new financing

By Elías Thorsson - September 14, 2023
AGM 2023
Gísli Herjólfsson, CEO and co-founder of Controlant, Ásthildur Otharsdóttir, Chairman of the Board of Controlant, and Guðmundur Árnason, CFO.

Icelandic pharmaceutical supply chain company Controlant announced today that it had secured $40 million in new financing advised by Apax Credit, the credit-investing arm of Apax Partners LLP (“Apax”). 

The company has in recent years become a global leader in the digital transformation of pharma supply chains. Controlant’s goal is to deliver zero-waste supply chains through digitalization, automation, and transformation of the pharma supply chain. 

CEO Gísli Herjólfsson said in a press release that the financing by Apax Partners, would help the company expand globally and capitalize on strong tailwinds in the supply chain technology sector.

“As pharma companies continue to innovate at pace and introduce breakthrough medicines and vaccines, it is incredibly important that modern supply chains match this pace and serve as enablers in ensuring medicines reach patients safely, and sustainably. That is our vision, and we are working tirelessly to create the next generation of zero-waste supply chains for our pharma customers”, said Herjolfsson.

Controlant has seen rapid growth in recent years, in part spurred by its role in the distribution of COVID-19 vaccines. 

The company’s revenue doubled in 2022, rising from $68 million in 2021 to $133 million.