Crowdfunding platform VentureFounders has helped LabMinds, a high tech British business, secure GBP2.1m of investment to fund the next stage of its development.
VentureFounders was accompanied in the raise by the Angel CoFund, who committed GBP500k to the transaction.
Founded in 2009, LabMinds is an Oxford-based business that develops and manufactures next generation solutions to address the challenges faced by laboratories worldwide, combining advanced laboratory products with cutting edge technologies.
The company’s lead product, Revo, was conceived by two doctoral students from the Biochemistry department at the University of Oxford who wanted to improve the solution preparation process. Dr Klingelhoefer and Dr Oxley went on to win the University’s entrepreneurial idea competition in 2009 with Revo, a unique liquid solution production system.
Revo offers laboratories a revolutionary answer to the highly labour intensive task of solution preparation that globally consumes an estimated one million hours of highly qualified lab technicians’ time every working day. It replaces the expensive, time consuming and repetitive process with a fully automated system that improves efficiency, traceability, accuracy, health and safety and limits wastage while automating much of the regulatory compliance.
LabMinds turned to VentureFounders to raise growth capital in order to meet the strong demand it is experiencing from laboratories and pharmaceutical companies for Revo.
Following overwhelming interest, LabMinds met its target on VentureFounders by the 38th day of its 90 day campaign. This was significantly boosted by the Angel Co-Fund who separately provided GBP500k of funding to the round.
LabMinds has decided to accept an overfund which will enable the business to accelerate its growth plans. The opportunity will remain open for investment through the VentureFounders platform until the end of February 2015.
Ville Lehtonen, CEO of LabMinds, says: “Our crowdfund on VentureFounders surpassed all our expectations. I am thrilled that the Angel CoFund chose to match the fundraise at an early stage, allowing us to significantly exceed our target. We look forward to accelerating our business plan with this investment.”
James Codling, co-founder of VentureFounders, adds: “This is a fantastic demonstration of the UK’s support in innovative growing British businesses which are transforming industries. LabMinds has a unique proposition that has the power to revolutionise healthcare and scientific practices globally and we are excited to be a part of that.”
Tim Mills, Investment Director at the Angel CoFund, adds: “Today’s LabMinds investment is exciting for the Angel CoFund in two ways. Firstly, it’s great to be backing this innovative British business – our universities are such a fantastic source of entrepreneurial talent and LabMinds is a great example of the type of business the Angel CoFund sets out to back; Secondly, we’re delighted to be working with VentureFounders for the first time, who have been able to bring in such substantial and solid support for the business.”
