Ropes & Gray Represents SmartLabs in $250 Million Financing
Ropes & Gray represented SmartLabs, a Boston-based Laboratory-as-a-Service leader, in raising $250 million in a Series B financing that will be used to help the company scale its operations to 2 million square feet within five years.The funding round was led by ArrowMark Partners. New investment partners include Winslow Capital Management and Onex Falcon, joined by existing investors ArrowMark Partners, Conversion Venture Capital (CVC2) and Breed’s Hill Capital. The<financingwas announced on September 20.
SmartLabs also announced the launch of the fourth version of its proprietary laboratory operations system, SmartLabs OS. The system allows companies to manage and streamline operations within their laboratory and office spaces.
SmartLabs offers flexible lab and office spaces that are customizable to accommodate research groups from fewer than 10 to more than 200 people. The company has five locations — four in the greater Boston area and one in the San Francisco area that total about 500,000 square feet.
The Ropes & Gray equity team was led by life sciences partner Michael Beauvais and life sciences associate Rajarshi Banerjee (both of Boston). The debt team was led by private equity partner Arek Maczka and private equity associate Virginia Marriott (both of New York).