Controlant announced that it is cutting 80 roles at the same time as it has secured $80M in funding to bolster innovation and business expansion. The job losses, which will affect employees in all divisions and locations across the company, are due to the decreased demand for COVID-19 vaccines. The $40 million in funding was led by the Icelandic pension fund Gildi, with participation from other pension funds, as well as private investors and current shareholders. The funding comes on the back of the earlier completion of $40 million in debt financing from Apax Credit Funds.
“We are pleased to announce a successful financing round which will support further investments in innovation and strategic business expansion. We are grateful for the support from our Icelandic pension fund partners, current shareholders, and private investors, as well as Apax, and for their confidence in our business model and growth prospects," said Gisli Herjolfsson, CEO and co-founder of Controlant. “While our core business is growing steadily and we experience more customer interest than ever, we are also seeing demand for COVID-19 vaccines transition into post-pandemic levels towards the end of this year and into 2024. As a result, we need to adjust the size of our team and today we are saying goodbye to many cherished colleagues, who played a part in meeting the pandemic challenge and who helped make Controlant the global leader it is today. Ultimately, our efforts during the pandemic saved lives, and improved health for people across the world by ensuring swift and safe vaccine availability. We can be proud of what we accomplished together, and we owe great thanks to everyone in Controlant, including the people leaving. "
David Rudolfsson, Chief Investment Officer at Gildi pension fund, said, "We at Gildi are pleased with participating in Controlant’s capital increase and supporting its next chapter towards future growth. Based on our review of the company’s operations, its competitive position, and market opportunities, we are optimistic about its prospects. We are confident about the future growth opportunities and excited to see the next steps of the journey unfold."