Finnish company Measurlabs, which offers laboratory analysis and testing services that help researchers, quality assurance and R&D professionals get the tests they need, has successfully raised €2.5 million in a new seed round. The round was led by VentureFriends and supported by existing investors Lifeline Ventures, Tesi and Curus. With the new funding, Measurlabs will scale up its operations across Europe and further develop its logistics and sourcing platform. Founded by two PhD students, Teemu Myllymäki and Kalle Lagerblom, Measurlabs aims to help product developers, quality controllers and researchers save time and money by offering all the tests they need in one place. Measurlab’s online platform combines the services of over 900 laboratories, enabling businesses to get all the necessary tests in one place, get the expert support they need and save money on analysis costs. “We are excited to join Teemu, Kalle and the Measurlabs team on their journey to significantly improve the management of laboratory testing services and achieve lower costs and time to market for products. With increasing regulation and demand for customer safety, the team is addressing a growing need for modern testing services. We at Curus are also taking new steps to increase our presence throughout the Nordics,” says Erik Olsson Nyrén, Chief Investment Officer at Curus.
“Finding a service provider for testing services that can perform the necessary tests and offer expert support is challenging. Requesting quotes from multiple laboratories, dealing with poor communication or waiting for delayed results creates inefficiencies in product development and quality management, is a waste of time and money and disrupts project flow,” explains Teemu Myllymäki, CEO and co-founder of Measurlabs, on the need for modern laboratory services. Having built a strong customer base in Finland in its early years, Measurlabs has already gained significant international attention, with customers from almost 40 countries and an average customer satisfaction rating of 9.1 out of 10. Measurlabs’ clients include industry-leading companies in the field of sustainability such as Sulapac, Woodio and Kone. “Our customers are prominent companies that have been enthusiastic about finally finding an easy solution for their pressing testing and analysis needs. Our customers have specifically thanked Measurlab’s range of testing methods, digital purchasing platform and customer support from top experts in various testing fields,” Myllymäki explains. With the new funding, the company aims to expand further in Europe by establishing new local teams in new countries, starting in the UK. The company is also investing in strengthening the technological capabilities of its online platform by soon introducing payments directly on the platform. It is a growing market as regulation for laboratory testing tightens. Almost all products need to be tested for their performance, safety and legal compliance before being placed on the market. In addition, the recent surge in the development of new semiconductor materials, quantum computers, electrical storage devices and many other deep-tech solutions has increased the need for reliable and fast testing services, leading the industry to reach an estimated annual value of €50 billion in 2022(Intertek Annual Report 2021, Eurofins 2022). “There is a pressing need to accelerate the transition to a circular economy and a healthier, more sustainable environment. The pressure comes both from end-users and from a compliance and regulatory perspective. For example, bringing a new bio-based product to market requires mandatory testing from many different aspects, such as ensuring it is safe to use in contact with food or complying with new sustainability directives such as the EU’s Green Claims which require all claims about the material to be based on scientifically sound evidence such as laboratory testing,” says Myllymäki.
“With our one-stop-shop, companies developing new and ground-breaking sustainability innovations such as bio-based materials can get their solutions to market faster than ever before.” “We invested early in the company because we believe in Measurlab’s unique ability to reshape the R&D landscape. Their team has a strong understanding of market needs and is ambitious in their mission to change the way the laboratory and analytical market operates. We continue to be excited to be part of this journey,” says Tuomas Rekonen, Chief Investment Officer at Tesi, and an early investor in the company.

For more information Johan Bloom, CEO, Curus, [email protected], 073-364 84 90 Erik Olsson Nyrén, Investment Manager, Curus, [email protected], 070-837 73 54  About Measurlabs Founded in 2017, Measurlabs is a provider of laboratory analysis and testing services that help researchers, quality assurance and R&D professionals get the tests they need. The team is made up of experts in various fields, with 7 PhDs as well as other university degrees, to ensure they can offer knowledgeable assistance to clients in different industries and with different types of needs. The company is based in Helsinki and has 28 employees in its team. For more information, see www.measurlabs.com. About Curus Curus is an investment company investing in the Nordic region with a particular focus on digital health and healthcare. Curus has the opportunity to make both minority and majority investments and can contribute both capital, industry experience and networks as well as marketing to our portfolio companies. Curus has investments in 5 majority-owned companies and a minority stake in 22 growth companies. For more information, see www.curus.se.