In their own words:
PhishLabs provides cybercrime protection and intelligence services that fight back against online threats and reduce the risk posed by phishing, malware, and other cyber-attacks. They fight back against online threats by detecting, analyzing, and proactively dismantling the systems and illicit services cybercriminals depend on to attack businesses and their customers.
As part of the investigations that they conduct and the Intelligence that they gather, PhishLabs comes across many malicious URLs every day, from now on virustotal checks will also run against their blacklist, enhancing users' ability to detect recent threats.
An example of a report containing an PhishLabs report can be found below: