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LabCentral Releases 2023 Impact Report

LabCentral

LabCentral, a Cambridge, Massachusetts-based network of coworking labs designed to accelerate high-potential biotech startups, released its 2023 Impact Report.

The document covers LabCentral’s first ten years of operation (2013-2023) quantifying its role as a growth engine in the Massachusetts life sciences industry, including resident companies’ aggregated funding, patents, clinical trials and job creation. It also includes LabCentral’s 2023 impact metrics, including science-based operations, expanded facilities and programming.

LabCentral companies have raised a total of $18.4 billion in early-stage venture capital, partnership, product revenue, technology licensing and other forms of funding (without including M&A). In 2023 alone, resident and alumni companies secured $1.7 billion in funding, including 28.3% of all early-stage (seed and Series A) bio-pharma financing for the state of Massachusetts and 16.3% of all early-stage financing nationwide.

The 278 companies LabCentral has supported have added 6,339 new life sciences and biotech jobs to the economy, including 447 new jobs in 2023. They have been awarded 180 patents, including 30 new patents just in 2023, have started 132 clinical trials, and have completed 19 IPOs and 29 M&A deals.

Led by Johannes Fruehauf, co-founder and president, LabCentral is a launchpad for high potential life-sciences and biotech startups with 225,000 square feet of space across Kendall Square in Cambridge, Mass., and the Harvard University campus. The non-profit institution offers a full complement of programming and networking to life sciences entrepreneurs in addition to fully permitted laboratory and office space for early-stage and growing life sciences companies. Started in 2013, it has grown to now include a full network of coworking labs, including LabCentral 610 and LabCentral 238, as well as the labs it manages, Bayer Co.Lab Cambridge, Pagliuca Harvard Life Lab and Blavatnik Harvard Life Lab Longwood. In total, the organization owns or manages more than 243,000 square feet of coworking labs with capacity to support 125 startups with approximately 1,000 scientists and entrepreneurs. Resident companies range from startups researching and testing new ideas to growth-stage companies working on process development and scale-up biomanufacturing.

VCWire

07/05/2024