Welcome to a special episode of the EUVC podcast! This time, we’re experimenting with a new format where we bring together a founder and two of their key investors to uncover the dynamics behind building and scaling a venture-backed company.
In this episode, we’re joined by Stanislav Poslavsky, CEO and Co-Founder of MiLaboratories, a US-based biotech company founded in 2021. Focused on providing innovative solutions for genomic research, MiLaboratories operates on a B2B revenue model, catering to bioinformaticians and biologists in academic and pharmaceutical settings across the US, EU, and UK.
Joachim Laqueur, Founding Partner at Acrobator Ventures, a seed-stage investment firm with €28M in assets under management. Based in the Netherlands, Joachim specializes in backing global startups with a focus on Europe and the US, targeting B2B software and software-enabled hardware.
Miguel Arias, General Partner at KFund, €225M early growth fund, with €650M in assets under management. Based in Spain, Miguel focuses on Series A and B investments across Southern Europe and Latin America, targeting enabling technologies such as AI, IoT, and digital infrastructure.
Together, we explore how MiLaboratories secured its place in their portfolios, the process of building conviction across investment stages, and the unique challenges and opportunities of funding a biotech company in today’s landscape. Expect deep dives into deal-making dynamics, the art of company building, and even a few lighthearted moments that reveal the human side of venture capital.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
Part 1: The Inception Story
Seed investor notes
Via an associate at Mubadala who knows Alexey while we were in DD with them.
We initially lost the lead to Speedinvest as they offered a more complete story as a health tech/bio tech investor
Asked Stan if he would be willing to extend the size of the round to accommodate us.
3 RU visionary scientists, mission to keep the product free for academia, instrumental in the search for covid vaccine leads.
Founder notes
We were in an active fundraising process for our seed round; did around ~70 investor meetings within 2 month
The best talks with investors we got throughout our personal connections: both Speedinvest & Acrobator were intros from our friends. Cold outreach does not work!
We liked Acrobator very much, specifically for their speed in the decision making process and transparency. Also just personal feeling those are good people, who are investing in the team, not just in numbers
Series A investor notes
Connection via Speedinvest - Nadhila joined K Fund and knew the team through Andrea Zitna
Cross-pollination and access through colleagues
Starting operations in Spain - 15 Russians in Bilbao?
Founder notes
Active fundraising process, lots of meetings during 3 month; quite several very advanced convos with investors
This time the best intros we had were through SI & Acrobator
We really liked Kfund because of their business background: it was clear that they have something to bring apart from the financing
Initial impression (Founder’s view)
Founder notes
Given our profile and backgrounds, we always end up underselling what we build, unlike YC startups that have a talent to oversell
In general during the fundraising, on the first 10 meetings with various investors I was nervous, on the next 50 I was confident, and on the rest I was tired
Both at the seed and series a, Acrobator and Kfund entered when I was already quite confident and knew what to answer on VC questions
I always tried to feature the importance of the product that we are developing, and the fact the people use it for really cool and breakthrough stuff in the health industry; our customers and what they do with our software helps a lot to demonstrate this
But at the same time, it is challenging to explain in simple words (and within the limited time) what actually our users do with our software and what are their challenges. Simply because modern drug discovery combined with genomics is a so complex thing. I don’t like to oversimplify. Then it was not obvious for investors to see the financial potential of the company.
Seed investor notes
A product used all over the world in academic settings (and commercially without paying) - massive user base causing natural transition into business
Pharma giants turning to them for Covid
Visionary (what they can ultimately solve/remove the bottleneck for), passionate, very technical (this is the orange flag) - but love the Dexter’s Lab image
Democratisation of vaccine and other research - faster better personalized
Series A investor notes
More and more familiar with Bio-tech and Health/Pharma related businesses: IMU - Quibim both around precision medicine - We had looked extensively into Seqera in the past
Loved the “closing the gap” between Biologists and Bioinformaticians - Similarities to CARTO (democratize business users access to data and insights)
Loved the Open Source base and community with ties in the Academic world
A bit concerned about the team being too “scientist” and no focus on GTM
The deck picture of the team was funny, lots of work to do ;)
It improved a lot for the media announcement (Dimtry still with airpods😂)
Conviction-building
Seed investor notes
Conversations with expert users
Sarah - partner in 432 Legacy - 20y J&J
Data-moat + user base
Founder notes
Personal conversations with Joachim and the team, just good people, we felt synergy.
The key point was the term sheet.
Although, we decided to proceed with SI as the lead, we worked as much as we could to make a good room for Acrobator.
Series A investor notes
Conversation with experts in the field
Traveling to Bilbao and spending time with the team
Conversation with key customers and understanding their excitement
Key point was when we understood how big the TAM could become and the defensibility of the Block.s over time.
Founder notes
Personal conversations with Nadhi, Miguel and Sergio.
They did a really deep job in understanding our specific industry and our product, it was quite impressive
The key point was the term sheet
We had few good opportunities at the moment when we had to make the decision, so the speed of term sheet and the flexibility in negotiations from the Kfund side at that moment were really important
Behind-the-scenes anecdotes
Seed investor notes
Company visit in Montenegro
hardest to conceptually dumb down - happy to have Ramon by my side
Founder notes
BTW - and thats me working to make that office in Montenegro usable!!!
Series A investor notes
Raphael!!
Conversation with Dimitry C and how his blood is the most sequenced blood for any given person! This is the kind of weird we love
Founder notes
True 😅!! BTW I was on his concert last Sat in Bilbao, and my wife’s reportage even published on the main ru-speaking Raphaels’ fans club
Part 2: The Development Until Today
Biggest milestones
Seed investor notes
GTM development was always hard to convince to team of.
Nevertheless, a bunch of hard-core scientists were able to sell a command-line product to most of the big pharma and biotech players out there, get the FDA to see their solution as the only real baseline
It helps if the company is cash-efficient, though!
Time to really focus on ICP, positioning, marketing
Founder notes
When I first sold the license for ~$30k myself just on a call.
The second one is when we entered really big pharma and were able to sell there for more.
Launch of Platforma, so many efforts, so big product, but finally works and solves problems
Time to focus on GTM precisely
Series A investor notes
Strong tech/scientific arm - very weak GTM arm - How to improve
Define a clear ICP - where to fish and how?
Where are the low hanging fruits to get to the next milestone (current user base)
Define your nemesis & sharpen your market positioning (Dotmatics Geneious)
Founder notes
What Miguel mentioned, is our key focus and day/night job now.
Challenges and obstacles
Seed investor notes
Creating a situation where the company is comfortable sharing struggles and learn how to leverage their investors.
Visited Stan in Bilboa and had a lot of time to share my story over pinchos and wine.
Founder notes
I think relations definitely evolved over time and became more trustful and transparent
Learned that personal meetings are very important
Series A investor notes
Still honeymoon phase :), but lots of joint work in place: Hiring - Positioning - Customers intros - Sales tools -
Weekly meetings
Founder notes
Lots of work and very valuable contribution from the GTM/sales part
Procs/GTM/sales/ are things which are far from our deep-tech background, so we had some initial resistance against changes.
But now we see a great value
Lessons learned
Seed investor notes
More face-to-face time if we sense resistance
Pre-select a few coaches/mentors we believe the founder(s) connect to (neutral party)
Founder notes
Personal meetings are very important
Series A investor notes
VCs should try not to overwhelm the founders - at least do no harm - if you can help even better
Operating systems for startups are very important to ensure quick cadence - how universal is this for all kind of companies?
Founder notes
Identify where VC can help and really do not hesitate to use it and ask for help
Part 3: Looking Forward
Looking ahead
Seed investor notes
The public at large may never come to know the name MiLaboratories or Platforma, but it will benefit greatly.
The new software category they are creating is a game-changer as Miguel stated.
Founder notes
We are defining a new way of how R&D of top-notch therapies is done
The platform we are building is bigger than anything existing in the industry
Series A investor notes
Creating a whole new software category and empowering biologists with a platform to tackle lots of new discoveries: first immunology, but this goes way beyond.
Looking forward to see the academic community develop blocks and put them out there through Platforma. The possibilities are endless why beyond immunology, very exciting
Founder notes
I believe that in a couple years no new drugs will be discovered without our platform
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
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Your brand is everything. It’s what sets you apart, helps you win the best deals, attract LPs, and ultimately drive your growth. For emerging fund managers, building a credible brand and establishing the right marketing foundations early on are game-changers. Yet, many don’t know where to begin.
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We’re planning a masterclass on building strong marketing foundations with a top industry leader. If enough people show interest, we’ll make it happen.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
GoWest | 📆 28 - 30 January 2025 | 🇸🇪 Gothenburg, Sweden
Investors Summit Bilbao 2025 | 📆 11 - 12 February 2025 | 🇪🇸 Bilbao, Spain
0100 DACH 2025 | 📆 18 - 20 Feb 2025 | 🇦🇹 Vienna, Austria
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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