TLDR:
- Wilmington-based Electronic Lab Logs secures $2 million lead investment from Rockmont Partners.
- The $3 million Series A round will allow the startup to grow its staff and invest in new products.
Wilmington-based startup, Electronic Lab Logs, has raised nearly $3 million in funding to fuel its growth. The company, founded in 2017, offers a digital platform as an alternative to paper logs for tracking maintenance and compliance in clinical laboratory settings. The recent investment includes a $2 million lead investment from venture capital firm Rockmont Partners, as well as additional funding from other investors. This funding will be used to increase the company’s sales team, invest in current products, and develop a new product line to track accreditation and compliance for users. Lab Logs has experienced exponential growth over the past three years, expanding its customer base and increasing its annual recurring revenue by an average of 49% each year. Rockmont Partners was drawn to invest in the company due to its impressive growth rate and potential for expansion into new markets. Lab Logs plans to continue revolutionizing the management of maintenance and compliance data in clinical laboratories with the support and expertise of Rockmont Partners.
