DURHAM, N.C., and SAN DIEGO, July 17, 2012 /PRNewswire/ -- BioSurplus Inc., a leading provider of equipment management services and pre-owned laboratory instruments, announces the close of an oversubscribed Series A financing round with new funding from SJF Ventures. The company raised a total of $2.4 million following a May investment from KI Investment Holdings.
With these investments, BioSurplus has expanded in Boston more quickly than anticipated. The company will hold its first Boston auction of like-new used laboratory equipment from one of the most respected area distributors. The equipment will be on display Aug. 13-14 from 10 a.m. to 6 p.m. at 56 Roland St. in Boston, with the online auction being held Aug. 15-22. In addition, BioSurplus seeks qualified candidates to fill five new Boston positions in operations, sales, business development and tech support.
"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."
Since 2002, BioSurplus has assembled a team of scientific experts to pioneer leading edge solutions for every stage of the lab equipment lifecycle. From providing a website of dynamic inventory and online auctions, to developing software solutions that allow clients to manage their own equipment, to offering turnkey solutions for selling surplus assets, BioSurplus is dedicated to maximizing the value and use of laboratory equipment for its customers. To this end, it has become a leading supplier of pre-owned laboratory instruments and equipment management services.
BioSurplus is headquartered in San Diego and has large showrooms in San Diego, the San Francisco Bay Area, Boston and Korea. BioSurplus offers services nationally and sells equipment worldwide. For more information, please visit the corporate website at www.biosurplus.com.
About SJF Ventures
SJF Ventures is a venture capital fund with offices in Durham, N.C., New York and San Francisco. SJF has a 13-year successful record of assisting visionary and talented management teams in building industry-leading firms. SJF provides strong expertise and networks in the cleantech, sustainability and technology enhanced services sectors; including particular experience in asset recovery, reuse and recycling with portfolio companies including eRecyclingCorps, Optoro, Salvage Direct, and Intechra. For more information, visit www.sjfventures.com.
About KI Investment Holdings
KI Investment Holdings, LLC is an innovative investment firm, providing capital and expertise towards the goal of being instrumental in the long-term success of its portfolio companies. For more information, visit www.hrg-ki.com.