Investment supports expansion of Trialbee’s Honey Platform™, enterprise-level patient recruitment services, and superior global delivery capabilities

Trialbee, a global leader in technology-driven patient recruitment for clinical trials, has secured a majority investment from Varsity Healthcare Partners (VHP).

The investment reflects Trialbee’s growing role in delivering superior recruitment outcomes for global biopharma across programs and therapeutic areas. It will enable the company to accelerate scale across its platform and services faster than ever, including continued expansion of its Honey Platform™, international delivery capabilities, enterprise-level recruitment solutions, and Omnichannel partner ecosystem.

“Trialbee’s mission is to make clinical research more accessible for every patient, everywhere,” said Matt Walz, Chief Executive Officer of Trialbee. “With Varsity as our majority partner — and continued support from MTIP and Industrifonden — we will scale our innovation with the Honey Platform, expand program-level recruitment to meet customer needs across entire pipelines, and deliver even greater predictability and speed for sponsors, CROs and sites worldwide. This will enable us to better connect patients and sites faster and more precisely, helping biopharma customers enroll clinical trials on time and on budget.”

Over the last year, Trialbee has significantly increased its platform capabilities and global reach — introducing sponsor-specific registries in its Honey Platform, deepening data partnerships to power patient-aligned feasibility and projections, and surpassing 1.5 million patients screened in 2025 while working with over 6,000 global research sites across 50 countries and 66 languages.

The investment comes as sponsors face mounting pressure to address persistent patient recruitment challenges and build infrastructure that can support increasingly complex clinical trial designs. VHP invests in healthcare services and technology companies that enable clinical operations at scale, with a focus on strengthening operating infrastructure and growing established platforms.

“We partner with founder- and management-led companies to build category leaders,” said Navid Gharavi, Partner at Varsity Healthcare Partners. “Trialbee combines deep patient understanding with a relentless focus on customer success and data-driven recruitment. We’re excited to support Matt and the team as they invest in product, analytics, and international growth—while continuing to deliver measurable enrollment impact for customers.”

Existing investors MTIP and Industrifonden will participate as minority investors and continue to support Trialbee’s next phase of growth. Stout served as financial advisor to Trialbee in the transaction.

Trialbee’s mission, global reach, and culture — along with its experienced leadership team — will continue to guide the company as it scales to meet growing customer demand.

About Trialbee

Trialbee is revolutionizing the patient recruitment ecosystem with technology, people, and passion. The company’s vendor-agnostic Honey Platform™ is a SaaS Patient Recruitment Platform that centralizes and standardizes all recruitment activities from every source, channel, and partner from interest through enrollment — providing unprecedented transparency and actionable insights for real-time patient tracking, higher-quality referrals that reduce site burden, and robust ROI reporting. Honey is surrounded by a team of Global Recruitment experts who meet patients where they are in their journey with data-driven modeling based on consumer behavior and other real-world data, hyper-targeted digital outreach, thoughtfully designed site and patient materials, two-step pre-qualification, and meaningful Omnichannel partners focused on meeting patients where they are in the treatment journey. To take control of patient recruitment for your next study, visit trialbee.com and follow us on LinkedIn.

About Varsity Healthcare Partners

Varsity Healthcare Partners (VHP) is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP’s tactical investment strategy emphasizes identifying and transacting with growth-seeking companies, leveraging VHP’s developed “buy and build” playbook to drive significant operational, managerial enhancement early in the life of each platform investment, followed by a well-resourced aggressive and multidimensional growth plan. VHP’s unique tactical investment playbook and strong track record are complemented by VHP’s distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance.

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