FPE invests in Clearstate, a specialist B2B research and data provider for the medtech industry

FPE, the specialist software & services focused lower mid-market growth investor, announces that it has invested in Clearstate, the leading provider of specialist research and data products for the medtech industry. Clearstate was previously part of The Economist Group’s EI division.  

This is the eighth investment from FPE Fund III – the firm’s third specialist software and services fund, the successful final close of which was announced in May 2022, at a raised hard cap of £185m.

Clearstate has developed a unique research and data proposition, using a proprietary research methodology, and is the leading provider of country-level data on medtech within emerging markets. This insight is provided to the world’s leading medtech companies, who use Clearstate’s data to inform and assist their data-led strategic and operational decision-making, competitor tracking, and sales forecasting.

The business is run by an experienced management team, led by CEO Ivy Teh. FPE will support Ivy and her team to expand the geographical reach of their existing datasets, develop new areas of coverage, and accelerate global growth through strategic investment in the go-to-market function.

“Clearstate is a highly compelling business that aligns perfectly with FPE’s expertise in supporting B2B data and information companies. Operating in a large and dynamic market, Ivy and her team have built Clearstate into a leading provider of essential market data. We are genuinely excited to partner with Ivy and her team, supporting their vision and helping to unlock the significant growth potential ahead.”

Henry Sallitt, Managing Partner at FPE

“We are delighted to be partnering with FPE. Their proven expertise in scaling B2B data businesses will be instrumental as we work together to enhance our datasets, broaden our geographical reach, and deliver even greater value to our customers while accelerating our growth.”

Ivy Teh, CEO of Clearstate

“We are delighted to have been part of Clearstate’s growth journey to date, and to have supported the development of its market-leading datasets. We believe that FPE will be excellent custodians of the business, and we wish them every success in continuing Clearstate’s upward growth trajectory”.

Lara Boro, CEO at The Economist Group

The FPE investment was led by Henry Sallitt, Connor Trendell and Sam Greenberg, with additional support from Llewellyn John. FPE was advised on the transaction by CMS (Legal), Plural Strategy (Commercial), RSM (Financial), BDO (Tax) and The Continuum (Management). The Economist Group and Clearstate were advised by Raymond James (Corporate Finance), Alen and Gledhill (Legal) and PwC (tax).

FPE