Almost all materials and products need to be tested for their performance, safety, and legal compliance before market entry. The need in the market for such services is growing rapidly and developing a new bio-based material requires mandatory testing on many fronts. At the same time, EU regulation is tightening continuously, requiring more intense testing than before.
Finnish startup Measurlabs is a laboratory analysis and testing service provider that helps researchers, quality assurance, and R&D professionals get the tests they need. Its mission is to help product developers, quality controllers, and researchers save time and money by offering them all the tests they need in one place.
Raises €2.5M funding
Now, Measurlabs has raised €2.5 million in a new seed round. The investment round was led by VentureFriends and joined by existing investors Lifeline Ventures (which has backed Hyperion Robotics and Oura), Tesi, and Curus.
With the new funding, the company is looking to expand further into Europe by setting up new local teams in new countries, starting from the UK. The company is also doubling down on the technical capabilities of its online platform by introducing in-platform payments soon.
“Finding a testing services provider that can perform the required tests and offer expert help is challenging. Requesting offers from several laboratories, dealing with poor communication, or waiting for delayed results causes inefficiencies in product development and quality management, is a waste of time and money, and interferes with project workflows,” explained Teemu Myllymäki, CEO and co-founder of Measurlabs, about the need for modern laboratory services.
“Our clients are prominent companies that have been excited to finally find an easy solution for their pressing testing and analysis needs. Our clients have specifically thanked Measurlabs’ range of testing methods, digital purchasing platform, and customer support from top experts in different testing fields,” added Myllymäki.
“We are excited to join Teemu, Kalle, and the wider Measurlabs team on their journey to significantly improve laboratory testing services management and achieve lower costs and time-to-market for products. With increasing regulation and demand for end-customer safety, the team is tapping into a growing need for modern testing services,” said Apostolos Apostolakis, partner at VentureFriends and the lead investor in the round.
“We invested early on into the company, as we believe in Measurlabs’ unique ability to reshape the R&D landscape. Their team has a strong understanding of the market needs and is ambitious in their mission to change how the laboratory and analysis market operates. We continue to be excited about being a part of this journey,” added Tuomas Rekonen, Investment Manager at Tesi, and early investor in the company.
Online platform for laboratories
Founded by PhD students – Teemu Myllymäki and Kalle Lagerblom, Measurlabs’ online platform combines the services of over 900 laboratories, enabling companies to obtain all the required tests in one place, get the expert support they need, and save money on analysis costs.
It offering laboratory analysis and testing services that help researchers, quality assurance, and R&D professionals get the tests they need. Also, it will help sustainable companies bring their products to market at a faster pace.
After building a strong customer base in Finland during its first years, Measurlabs has gained significant international traction, with customers from close to 40 countries and an average customer satisfaction score of 9,1 out of 10. Its clients include mostly sustainability-industry forerunners such as Sulapac, known for its ecological packaging material, and Origin by Ocean, creating products from seaweed.
