Caixin
BUSINESS & TECH

Genetic-Testing Startup Gets $15.8 Million in Financing

Cost reductions and an increase in consumers’ health consciousness is fueling the speedy growth of the direct-to-consumer genetic-testing market. Photo: VCG
Cost reductions and an increase in consumers’ health consciousness is fueling the speedy growth of the direct-to-consumer genetic-testing market. Photo: VCG

Chinese consumer genetic-testing company 23Mofang raised 100 million yuan ($15.8 million) in series B funding from a group of investors led by Matrix Partners China.

Zhou Kun, chief executive officer of the Chengdu-based startup, told Caixin in a phone interview that the company is considering going public in China’s A-share market or in Hong Kong.

Zhou said the company has raised a total of 200 million yuan in five rounds of financing since its inception in 2015, and proceeds from the newest round of financing will be used to enlarge a test center, boost research and development of products, and expand further into the market.

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