See the 14-slide pitch deck Labviva used to raise $20 million to overhaul a crucial but overlooked task for Big Pharma
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- Looking for the right lab supplies and products takes valuable time for researchers.
- Labviva says its platform makes that process easier and faster.
- The startup just raised $20 million to help expand its team and platform.
Siamak Baharloo says there’s a big time-consuming task that’s taking researchers away from doing science in their labs: finding and buying the right supplies for their experiments.
It’s not a sexy part of scientific research and drug development, but Baharloo says that it’s a crucial component of the overall process.
Baharloo is the cofounder and CEO of Labviva, a life sciences digital marketplace that says it “sits on top of your existing procurement software” to simplify buying things like chemicals, pipettes, biological reagents, and other laboratory supplies. The company allows its customers to access more products, see data on purchasing trends, and order directly from suppliers.
Founded in 2019, the company has over 100 suppliers on its platform and partners with more than half a dozen life sciences companies and universities, including Japanese pharmaceutical company Takeda, according to Baharloo.
Baharloo said Labviva’s platform handles around $7 million in purchases per month, and he expects that number to double in the coming months based on new clients it’s onboarded recently. He added that the company expects to see $150 million in purchases on its platform in 2023.
Labviva said on Monday that it had raised $20 million from investors in a Series A round led by Biospring Partners, bringing the company’s total capital raised to $30 million.