An online news portal called Labiotech, based in Berlin, has just received second round funding for their biotechnology media start-up.
As readers here will note, it is not common to hear about media businesses in the start-up world. As a matter of fact, media start-ups are rare and do not easily attract support from business angels or venture capitalists. But this biotechnology news portal, founded by Joachim Eeckhout and Philip Hemme, is one of the exceptions.
Labiotech was one of the first companies to emerge from the WestTech Media Accelerator project called Flying Elephant. Currently, the start-up is funded mainly by advertising but now that Labiotech has completed a second six-digit round of seed funding it has plans to expand and to seek further funding. With the new money it will add income streams from events and a job board.
Labiotech doubled the amount amount of funding it received in its previous financing round which was supported by WestTech Ventures and five other business angels. This time, the company had Wille AG from Zurich is a lead investor. Simon Bungers, founder of the Berlin Start-up Labfolder, who contributed to the first round, also supported the second round of financing.
Philip Hemme, one of the founders, explained the concept:
“We want to be the TechCrunch for biotech. They have managed to report on start-ups for more than 30 million people a month, and they have built a solid business model around them. “
At the moment, nearly 100,000 users visit the portal per month, according to the company.