Labviva Inc., a B2B marketplace that serves buyers and sellers in the life sciences industry, has raised $20 million in new working funds.
The marketplace, which serves buyers and sellers at global pharmaceutical and academic organizations, received the funds from Biospring Partners, with participation from existing investors Senator Investment Group, B Capital Group, and Glasswing Ventures. The latest funding brings the total amount raised since inception to $30 million, the company says.
The money will be used for “to expand its global footprint and launch new and complementary product lines,” the company says.
With Labviva, a single software interface provides life sciences buyers with access to thousands of suppliers and over 15 million products,the company says. Marketplace tools supports custom user, department, and location approval structures with notifications, and tracking and reporting tools to provide real-time visibility by integrating directly with buyer’s internal and third-party software solutions.
“Labviva helps manage a company’s spending, giving customers back control, with real-time purchasing insights to realize significant hard cost savings while providing the scientific and technical staff with the product content and scientific insight to improve the speed and quality of their product selection process,” says CEO Siamak Baharloo. “By aggregating hundreds of product catalogs for a seamless search, discovery and shopping experience, our platform integrates with existing procurement systems, to empower the purchasing departments to take control of their spend, provide greater visibility of purchasing trends and increase compliance with procurement processes within a comprehensive and customized internal marketplace.”
Boston-based Labviva claims to be the largest life sciences digital marketplace that connects researchers with suppliers of reagents, chemicals, and instrumentation.