HCAP Partners Announces Exit of 83bar

SAN DIEGO, Aug. 5, 2021 /PRNewswire/ -- HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced that it has successfully exited its investment in 83bar, Inc., a specialist in patient journey management for both clinical trials and commercial clients across pharma, medical device, and diagnostic industries. HealthQuest Capital, a healthcare-focused venture growth fund that invests in and accelerates innovative, commercial-stage companies, has made an equity investment in 83bar to support the company's ongoing expansion.

Founded in 2015, 83bar provides a cost-effective Patient Journey and Activation Technology platform that finds and retains qualified individuals for clinical trials and commercial clients. HCAP Partners invested in the company in December 2020 to restructure existing debt, provide share redemption for a small group of existing investors, and provide supplemental growth capital. 

"True to our investment thesis, 83bar experienced rapid growth during our holding period with almost 3x bookings growth in 2020 and further acceleration in 2021," said Nicolas Lopez, Principal at HCAP Partners. "The management team built a compelling offering for its client base and it is no surprise they became a go-to partner of choice. We are pleased they have found a new partner in the evolution of their growth."

"With HCAP Partners' support, 83bar received the needed capital to continue its growth trajectory. The flexibility of their investment gave us strong momentum to pursue employee growth and accelerate market expansion with our proprietary platform," stated Dan Maynard, President of 83bar.

About HCAP Partners

HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $15 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 50 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund eight years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit www.hcapllc.com.

About 83bar, Inc.

83bar, Inc. manages the patient journey from symptom to solution. It empowers patients with education to help self-champion and expedite a positive healthcare outcome. The proprietary 4-part LENA (Locate, Evaluate, Navigate & Activate) System delivers ready-to-act patients to medical providers, on behalf of our medical device, medical diagnostics, and medical sciences partners. Over the last 5 years, the company has completed over 1.5 million prospective patient conversations resulting in more than 100,000 successful patient pathway outcomes across more than 25 therapeutic areas and associated diseases. To learn more visit www.83bar.com

Contact:                                                                                    
Nicolas Lopez
HCAP Partners
[email protected]
(858) 259-7654

SOURCE HCAP Partners