The investment, LabConnect’s first institutional equity funding, comes from ABS Capital Partners, Pablo Capital, and BroadOak Capital.
“We’ve doubled in size over the last three years and expect another doubling within the next five years and are on track to do so,” Eric Hayashi, president and CEO of LabConnect, told Outsourcing-Pharma.com.
Hayishi attributes the company’s success to its expertise in managing complex laboratory projects, including sample tracking, biorepository, PBMC processing, data integration from multiple laboratories, and functional outsourcing support for functions such as analytical test transfer.
The funding will support various growth initiatives, including enhancements to the company’s proprietary technology platform and services, Hayishi said. Additionally, he explained it will provide liquidity to LabConnect’s early shareholders.
“Partnering with this group of experienced laboratory services investors will enable us to remain well-positioned to continue our strong growth and to accommodate the ever-changing complexity of clinical studies for our customers,” Hayishi added.