LabConnect announced that it has received a $24.5M Series A investment from ABS Capital Partners, Pablo Capital and BroadOak Capital.
The funding will go toward growth initiatives like building out the technology platform, product and service enhancements and sales team expansions while also giving liquidity to early shareholders.
John Stobo, a managing general partner at ABS Capital, is joining the board of directors at LabConnect as part of the funding. Mark Anderson of Pablo Capital and Tim Johnson od BroadOak Capital will also be joining him.
“LabConnect is poised to continue its strong growth within the small and mid-tier biopharmaceutical market, accommodating the ever-increasing geographic and analytical complexity of clinical studies for our customers,” said Eric Hayashi, president and CEO of LabConnect. “We were happy to provide a positive exit for our early backers and look forward to working with ABS Capital, Pablo and BroadOak as we continue to bridge the gap between biotechnology companies and our network of laboratory partners.”
The investment is the first institutional equity funding for LabConnect.
“We were impressed by the company’s technology platform and how it allows for seamless integration between LabConnect’s customers and laboratory partners, providing superior project and crucial data management,” said Stobo. “We had the opportunity to work with Eric at a former ABS Capital portfolio company and have great confidence in his ability to lead LabConnect.”
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