The idea for Abcam came early in 1998 out of a laboratory in the University of Cambridge, UK. The principal founder Jonathan Milner was working as a Post-Doctoral researcher studying the newly discovered breast cancer protein BRCA2 in Professor Tony Kouzarides' laboratory. The project slowed because of problems finding quality antibody reagents that had honest and up to date information about their uses and limitations. It was frustrating. It was then that Jonathan and a number of other people in the laboratory, came up with the idea for a web-based antibody company of like-minded scientists. Tony invented the name which is a hybrid of antibody (ab) and Cambridge (cam). The idea was that Abcam would sell the best antibodies in the world with the most comprehensive, honest and up-to-date datasheets, fast delivery and helpful customer service & technical support. It was a tough vision!
A lucky break came when Jonathan met and discussed the idea with Dr David Cleevely (a Cambridge telecoms entrepreneur) who was smart (or some said crazy!) enough to join him in the venture. So in the summer of 1998, Jonathan left the world of academia to work full-time on Abcam, which he describes as the scariest thing he has ever done. Initially Abcam had a small amount of money from David, family, friends and Jonathan (after re-mortgaging his house; he has a very understanding wife!), but they realized that they needed a big injection of capital to build a website to accomplish the vision and increase production of Abcam's own antibodies. A business plan was written and the Directors went out confidently to raise money from venture capitalists. However, the next couple of years were really tough as Abcam struggled to convince the VCs that a viable business could be built from such an idealistic vision.
Things were looking really bleak and Abcam needed to get some sales quickly, so Jonathan took an ice-bucket full of popular antibodies around the University of Cambridge laboratories in order to get friends and colleagues to buy them, which they did (thanks guys!). Hence the legend of Abcam's humble beginnings from an ice-bucket was born!
Our first notable successes arrived in the early part of the new millennium: Chromatin antibodies, loading control antibodies and GFP antibodies. Then we had two further lucky breaks. First, some local business angels (people from the Cambridge business community who wish to help technology businesses get started) were convinced to invest and second, some like-minded scientists and talented individuals were recruited (who form the basis of Abcam's management team today) and this succeeded in boot-strapping the company through those difficult times. Of course there was also tremendous determination to prove that those venture capitalists were wrong and that a successful profitable company, that would also make a valuable contribution to bio-science researchers, could be built on such a business plan.
From there we haven't looked back. The company became profitable in spring 2002 and achieved a strong growth in sales of 7,200% from 1999 to 2003 earning us top spot in Deloitte's regional fast growing companies table. During that period we opened our US office in Cambridge Massachusetts consolidating our position as a world-wide supplier with over 80% of our sales revenue coming from overseas. We listed on the LSE's AIM market in November 2005 with a placement of just over £15m.
We manufacture our own products in our specialist facilities worldwide, as well as sourcing from over 400 partners. This way we are able to offer scientists the newest and best research tools available globally regardless of source.
Our customers are research scientists who need high performance products with detailed technical specifications. Our information-rich products, together with expert customer support and fast delivery makes us the researcher’s choice.
Our team are our biggest asset and we are proud to have over 140 in-house PhDs. Nurturing employee excellence is key to our success and we continue to invest in the learning and development of staff.