In Unexpected Plus, BioSurplus Raises $2.4M in Oversubscribed Round
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developed “a tremendous amount” of cloud-based software to help the company manage what he describes as a very complex, broad, and diverse inventory. The company typically has more than 10,000 stock-keeping units (SKUs). Even two pieces of the same make and model usually require different SKUs, he says, unless they were manufactured during the same year.
BioSurplus now has about 40 employees in four locations. The company’s listings include analytical chemistry systems, autoclave sterilizers, bioreactor-fermenters, cell counting and sorting systems, centrifuges, freezers for storing biological samples, glass washer-dryers, and other tools of the biotech trade. The systemized approach enabled the company to organize an extended auction last year for more than 2,000 items offered from the shut down of Biogen Idec’s San Diego facility. The value of Biogen Idec’s equipment was estimated at $10 million at the time.
SJF Ventures specializes in cleantech, premium consumer products, and business and Web-based sectors. In a statement to be released today, SJF Managing Director David Griest says the firm’s BioSurplus deal represents the first investment from its third fund, and “aligns perfectly with our focus on capital efficient, growth stage companies offering proven solutions.”