SJF Participates in Oversubscribed Round in BioSurplus, First Investment for Fund III
July 17, 2012 – SJF Ventures announced today it has invested in BioSurplus, a company providing turnkey services for managing the entire life cycle of laboratory instruments in the life sciences industry. SJF’s investment completes BioSurplus’ $2.4 million Series A financing, which also includes KI Investment Holdings. The financing is being used to fund an East Coast expansion into Boston, and further expand the company’s service offerings.
BioSurplus designs and implements solutions for every stage of the laboratory equipment life cycle including buying and selling used laboratory equipment, equipment refurbishing, online auctions, inventory management software, and service & repair of existing assets.
“SJF Ventures is pleased to support BioSurplus’ growth and Boston expansion,” said David Griest, Managing Director at SJF Ventures. “The company is a market leader in an emerging sector of asset recovery, which fills a strategic position in our portfolio. As the first investment of our third fund, BioSurplus aligns perfectly with our focus on capital efficient, growth stage companies offering proven solutions.”
“Our oversubscribed Series A round and successful regional expansion illustrates that BioSurplus fills a very unique and underserved market need for used and refurbished lab equipment and related services,” said Preston “Cinco” Plumb, President and CEO. “We are delighted to partner with SJF Ventures and KI Investment Holdings, whose recent investments have put us months ahead of schedule for our Boston expansion and have positioned us for future growth.”