Labforward ramps up Series B financing to >€8.5 million in second closing
With the successful completion of a second closing, Labforward adds >€3m to the Series B from January, bringing the total funds raised to >€8.5m. The majority of the new investment comes from the Fielmann Family Office, majority owner of the leading German family business of the same name that serves its 27m customers across 15 European markets with eyewear and hearing aids.
Labforward has completed a second closing for its Series B. The family office of the Fielmann family, the existing investor IBB Ventures as well as existing and new business angels invest in the laboratory software company with headquarters in Berlin, Germany.
Laboratories have always involved a lot of manual processes that require the presence of an entire laboratory team on site. In the COVID 19 crisis, the degree to which labs have already digitized or automated these processes makes the difference between being able to safely continue important scientific work or having to choose between a complete shutdown or putting employees at risk for several months.
“Last year's experience showed lab teams the importance of investing in automation and digital data management to keep a lab running with fewer on-site staff.” as Dr. Simon Bungers, co-founder and CEO of the company explains: “We’re seeing increased demand for our solutions which let teams control devices remotely, capture data digitally and let scientists access the data in the cloud or an accessible server for analysis and process optimization.”
Innovative digital solutions that improve processes of life science companies, the pharma industry and healthcare in general are at the core of the investment focus of the team behind the Fielmann Family Office. “We are actively searching for software solutions that increase productivity and efficiency in the healthcare industry.” as Peter Stauffer, managing director of the family office explains. He continues: “After experiencing the COVID crisis, no one will accept average drug development cycles of 12 years anymore. Labforward´s manufacturer-independent and device- agnostic offering allows a new dimension for efficient laboratory work and supports the shortening of drug development cycles. We are happy to invest in the company's growth and to enable the digitization of laboratories around the globe.”
With the additional funding, Labforward is going to invest in further expansion of the team and making the fully-digitized laboratory of the future more accessible to organizations that look for smart solutions for their laboratories. “Together with partners from the industry, we are currently building a showroom laboratory in Berlin. There, laboratory teams from around the world can experience what is possible with the technology of today. It’s going to be a great place to demonstrate how connected laboratories work and it also allows us to test a lot of ideas and innovations.” Simon Bungers explains.
The showroom is going to be opened in summer of this year.
About Labforward GmbH
Labforward (www.labforward.io) provides digital tools for the laboratory. Amongst its products are the well-designed electronic lab notebook (ELN) Labfolder, and the Internet-of-Things (IoT) platform Laboperator.
Labforward was formed by the merger of labfolder GmbH and cubuslab GmbH in May 2019. Labfolder was founded by Simon Bungers (CEO) and biophysicist Florian Hauer (CPO) in 2013, who were later joined by Yannick Skop (COO) and Mario Russo (CTO). Dominic Lütjohann and Julian Lübke, who founded cubuslab GmbH in 2015 joined the Labforward team as co-founders and as leaders of the Laboperator product.
The Labfolder ELN is used by more than 40,000 international scientists and supports laboratory teams to record, share, retrieve and validate data as a team.
The Laboperator platform can remotely control and monitor laboratory devices and equipment as well as execute structured and automated workflows. Data is stored centrally and is always available for data management platforms such as Labfolder or other ELN or LIMS systems.
The increasing demand of digital solutions in the regulated laboratory environment has resulted in the continuously strong growth of Labforward. The ongoing COVID crisis has increased the demand for collaboration and automation solutions, as laboratories experience lock-downs as well as the pressure for working more efficiently.
Previous to this 2nd closing, Labforward has been supported by investors such as Tecan, Peppermint Ventures, the IBB Beteiligungsgesellschaft, Vogel Ventures and a consortium of expert business angels.
About Fielmann Family Office
The Fielmann Family Office manages the family’s assets, charitable activities and shareholdings, among them the majority stake in the stock-listed Fielmann Group. The Fielmann Group provides fashionable eyewear, contact lenses and hearing aids at the best prices in 15 European countries. With regards to venture capital, the Fielmann Family Office invests in digital health companies with a clear vision to transform the healthcare industry to the benefits of patients, doctors and health insurances.
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