Zeynap and Serhat Ilgaz were both working on their MBAs when the idea for Confirm BioSciences came to them. As one of their last projects, they were asked to conduct market research for a medical device company and Confirm BioSciences was born.
“During our research, my husband and I found that the (medical) diagnostic market represented a growing opportunity,” CEO Zeynap Ilgaz said. “We work as a team; he’s usually the visionary, and I like to execute. He developed the idea, and I saw how we could make it work.”
The company develops diagnostic testing and health & wellness solutions for both corporate clients and individual consumers. Confirm offers a full range of both instant and lab-based testing products for drugs of abuse under the trade names SalivaConfirm, DrugConfirm, HairConfirm.
In an interview with IdeaMensch, Zeynap Ilgaz shared her passion about personal health. “Individuals are getting more health-conscious. We mostly specialize in drug test kits, but over the past few years, we’ve moved into corporate wellness screenings. These include tests for cholesterol, allergies, nicotine and hormones. Large corporations are investing in corporate wellness programs more than ever, so this new trend definitely excites me”
Founded in 2008, the San Diego-based company has built a global delivery network with an established presence in North America, Europe and Australia. According to Inc. Magazine, Confirm’s 2017 revenue exceeded $15 million and reported a three-year growth rate of 117 percent. The company can count some of the biggest American corporations as their clients, including Walmart, Walgreens and Cardinal Health.
By all accounts, they are ready to take their next steps and HCAP Partners is there to help them. A March announcement stated that HCAP will invest in Confirm and while the financial terms were not disclosed, the firm typically offers $2 to $10 million in funds to their portfolio companies.
“Confirm BioSciences is poised for significant growth,” said Tim Bubnack, HCAP Partners Managing Partner, who will join the company’s Board of Directors. “The company has developed a strong sales pipeline and has a proven track record of building innovative services. In addition, Confirm BioSciences’ emphasis on workplace culture directly reflects HCAP’s focus on quality jobs. We are excited about the future of this partnership.”
HCAP is a private equity firm that provides growth capital to lower to middle market companies. They specialize in something called impact investing – a strategy aimed at creating specific social and environmental benefits in addition to financial gain. HCAP has invested in over sixty companies and takes a working role with their portfolio companies.
“The team at Confirm BioSciences is strongly committed to our mission to help create drug-free homes, workplaces, and environments,” said Zeynep Ilgaz, Co-founder and CEO of Confirm BioSciences. “Our partnership with HCAP Partners will provide additional strategic value and resources to help continue our momentum and scale our business.”