Lab SaaS provider Labforward completes Series-B
BERLIN, 08. Januar 2021 - Labforward raises >5M in a Series B funding round to build out its connectivity platform for laboratories and expand internationally. Tecan, a leading global provider of laboratory equipment and solutions for life science research and clinical diagnostics, leads the round.
Laboratory equipment manufacturers Tecan and 2mag, along with existing investor Peppermint Venture Partners, are investing more than €5 million in the Berlin-based laboratory software company.
Laboratories use a variety of instruments and software, and increasing demands are leading to more complex and larger data sets. This leads to inefficiencies, errors and even data loss due to largely manual data management.
With the new capital, the company plans to expand its software suite as a connectivity platform that allows for reliability, security and structure in data management, but at the same time flexibility, agility and freedom in the way it works. In addition, Labforward will expand internationally.
The growth plans are based on a solid foundation, as Dr. Simon Bungers, co-founder and CEO of the company, explains, "We are already trusted by hundreds of labs worldwide and we have been profitable since 2019. We work with renowned academic institutions such as the Max Planck Society, US biotech companies such as Nkarta Therapeutics, and international pharmaceutical companies such as Bayer. We have proven that our products solve key digitalization problems in the laboratory industry. The fact that we can help our customers further exploit the huge potential that lies dormant in the laboratory data they generate every day was another building block for the successful conclusion of the round."
"We strongly believe that the laboratory of the future requires open digital solutions with broad connectivity and multi-device integrability, in addition to innovative instruments and consumables. This equity investment strengthens our relationship with Labforward, a leader in intelligent laboratory software tools," commented Erik Norström, Executive Vice President and Head Corporate Development at Tecan.
In 2019, Labforward acquired and successfully integrated cubuslab GmbH from Karlsruhe, Germany. Since then, the team has grown to 35 employees. Labforward attributes its success in growing the company to its diversity and focus on international recruiting.
Mario Russo, the U.S.-born CTO, explains, "Our team is just great. We represent 16 nationalities. The unique mix of backgrounds and perspectives allows us to more easily adapt to challenges while maintaining our high quality standards as we grow our platform."
The team is expected to grow to 80 employees by the end of the year.
Link to Photos, Videos & Screenshots: 2021-01 Labforward press kit
About Labforward GmbH
Labforward (www.labforward.io) develops digital software solutions for the laboratory. Products include the comprehensive and well-designed electronic lab notebook Labfolder (ELN, electronic lab notebook) and the Internet-of-Things (IoT) platform Laboperator.
Labforward was formed in May 2019 through the merger of labfolder GmbH and cubuslab GmbH. labfolder GmbH was founded in 2013 by Simon Bungers (CEO) and biophysicist Florian Hauer (CPO), later joined by Yannick Skop (CCO) and Mario Russo (CTO). Dominic Lütjohann and Julian Lübke, who founded cubuslab GmbH in 2015, joined the Labforward team as co-founders and leaders of the Laboperator product.
The Labfolder ELN is used by more than 40,000 international scientists and helps labs capture, share, retrieve and validate data as a team.
The Laboperator platform can control and monitor lab instruments and execute structured workflows in an automated manner. Data is stored centrally, making it available at any time for data management platforms such as labfolder or other ELN or LIMS systems.
The increasing demand for digital solutions in the regulated laboratory environment has led to continuous strong growth of Labforward. The ongoing Corona crisis has increased demand for collaboration and automation solutions as labs face closures as well as pressure to operate more efficiently.
Prior to this round of funding, Labforward was backed by investors Peppermint Ventures, IBB Beteiligungsgesellschaft, Vogel Ventures and a consortium of experienced business angels.
Dr. Simon Bungers
Tel.: +49 (0) 30 86459390
About IBB Ventures
IBB Ventures (www.ibbventures.de)has been providing venture capital to innovative Berlin-based companies since 1997 and has established itself as the market leader in early stage financing in Berlin. The funds are primarily used for the development and market launch of innovative products or services and for business concepts in the creative industries. Currently, two funds with a total volume of EUR 100 million are in the investment phase. Both VC funds are financed by funds from Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. IBB Ventures has already invested in more than 240 Berlin-based creative and technology companies; in consortia with partners, the startups received approximately EUR 1.62 billion, of which IBB Ventures has invested more than EUR 240 million as lead, co-lead or co-investor. IBB Ventures is the umbrella brand for the VC activities of IBB Beteiligungsgesellschaft.
Tel: +49 (0)30 2125 3201