Chinese genetic testing startup 23Mofang raises $15.8m in Matrix Partners-led round

Genetics is a key element of healthcare puzzles.

Chengdu-based consumer genetic testing startup 23Mofang has raised Rmb100 million ($15.8 million) in a Series B funding round led by Matrix Partners China.

On its website, Matrix Partners China said the latest round, the fifth for 23Mofang since its inception in 2015, was joined by return backers Hanwang Technology, Yahui Medical Fund and Chengdu Deshang Qidian Equity Investment Fund.

23Mofang provides genetic testing service for individuals and allows them to see reports on its app. It provides six testing services, including health risks, rare genetic diseases, and drug reactions. To date, the company says it has served more than 150,000 users.

23Mofang CEO Zhou Kun said the firm has partnered with Thermo Fisher Scientific Inc., an American multinational biotechnology product development company, in developing biochips that can test over 300 medical conditions.

Zhou said proceeds from the newest round of financing will be used to enlarge its test centre, boost research and development of products, and expand further into the market.

Matrix Partners China, the lead investor, is affiliated with Matrix Partners, a US venture capital firm. The company focuses exclusively on investments in China.

Since its inception in 1977, Matrix Partners has made hundreds of investments, of which 50 have gone on to IPO, and 75 have gone on to profitable M&A events.

Also Read:

Alibaba, Beyond Ventures lead $40m funding round in genetic testing startup Prenetics

Philippines: Healthcare firm Philab invests $9.6m in US-based Veritas Genetics

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.