May 10, 2021

Thrivable Raises $1.7M for Real-Time Healthcare Market Research

Growing B2B SaaS firm connects companies with patients to create better healthcare products and services.

Cleveland, OH — Real-time market research platform Thrivable announced today that it has closed $1.7M in funding. With an ever-increasing roster of more than 40,000 patients at the ready, Thrivable allows healthcare companies to complete surveys, interviews, usability studies, and more in just days compared to the industry standard of weeks and even months.

“We know that in today’s extremely competitive environment, the most patient-centric companies win,” notes Thrivable CEO David Edelman. “It’s why we enable the on-demand access to quality panelists that companies need to make sure patient insights inform everyday decisions.”

Thrivable’s growing list of notable health care customers

Many of the world’s largest medical technology companies are counted among Thrivable’s growing list of customers who use the platform to ensure that the customer voice is a continuous driver of important business decisions. As John Mueckler, senior marketing research and analytics program manager at Medtronic, attests, “Having quick and easy access to our target audience has provided us a powerful tool for the business, allowing us to shorten the cycle for testing, making revisions, and re-testing.” 

Innovative medtech startups, such as Diabeloop and Tandem Diabetes Care, also turn to Thrivable to engage with patients as early as possible in the product design and development process. “Thrivable pairs precision-targeting with a platform that automates hundreds of critical steps to make the research process effortless. In this sense, we’re democratizing access to patient insights for startups,” states Edelman. 

Local, regional, and national investors participate in the funding round

Investors in this round include Allos Ventures, JumpStart, North Coast Ventures, and Early Light Ventures. The investment will allow Thrivable to immediately expand its global team of full-time employees with a focus on the areas of technology, research, data science, sales, and marketing.

"We see Thrivable as the answer to the unique challenges healthcare market researchers face today — getting the quality patient insights needed to be agile in an incredibly competitive market. We're excited to be a partner as Thrivable continues to innovate its platform and expand the health conditions that it serves," says Paul Ehlinger, principal at Allos Ventures. 

Among the new members joining Thrivable’s board of directors are Brad Owen, Alan Brenner, and Harris Drantch. Owen, who founded NeverBounce in 2014, served as vice president of product tools at ZoomInfo following its acquisition of NeverBounce. Brenner was previously a senior vice president of engineering at both Blackberry and Sun Microsystems. Currently a principal at Coppermine Capital LLC, Drantch previously held the roles of assistant vice president for private equity at Wafra Partners and investment banking analyst at Cain Brothers.

Also joining Thrivable in an advisory role are Royce Brunson, an operations executive who is the chief revenue officer at Health Recovery Solutions, and Michael Classen, an executive officer with Greenspring Associates.

About Thrivable 
Thrivable connects patients and companies to create better products and services for the next generation of health care. Our real-time market research platform makes it easy for patients to be their own advocates by sharing their insights, stories, and perspectives via surveys, interviews, focus groups, and usability studies. Healthcare companies turn to Thrivable to ensure the voice of the customer drives important business decisions every day.    

About Allos Ventures
Allos Ventures invests in early-stage technology companies based in the Midwest. Investments focus on B2B software companies at a Series A or B stage, augmenting the capital provided by seed and startup investors. In addition to the capital Allos provides, portfolio companies benefit from the extensive operating and business-building experience of the firm’s managing partners, who make themselves available as needed to support each portfolio company’s growth.

About JumpStart
JumpStart is a nationally recognized investing, entrepreneurial support, and economic development organization dedicated to unlocking entrepreneurship to transform entire communities. 

About North Coast Ventures
North Coast Ventures is a contributed capital and “sidecar” pre-seed investment fund with a focus on early-stage technology investments. Membership consists of over 180 of the region’s leading investors, entrepreneurs, and business leaders who are dedicated to accelerating early-stage ventures. 

About Early Light Ventures
Early Light Ventures focuses on providing funding for first-time founders with “need-to-have” B2B software products that have seen the opportunities in their industry firsthand. 

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