India: LeapFrog Investments leads $55m Series D funding in MedGenome

Photo: Reuters

US and India-based Genetic diagnostics firm MedGenome Wednesday said it has raised $55 million in a fresh funding round led by global impact investment firm LeapFrog Investments.

Existing investors, Belgium-based Sofina and Sequoia Capital, also participated in the Series D round, MedGenome said in a statement.

The corpus raised will help the Bengaluru-based MedGenome expand the clinical genomic testing market by expanding access in tier-II and tier-III towns and cities across India and accelerate the company’s drug discovery programs, it added.

“Genetics is having a transformational impact on families through early disease risk detection, inherited disease prevention, health care personalisation, and new therapy development. MedGenome strives to deliver these benefits to India and emerging markets, where the burden of many inherited and complex diseases is even higher than in western markets,” Sam Santhosh, CEO and founder at MedGenome said.

Bengaluru-based MedGenome was established by Santhosh in 2013 as a spin-off from SciGenom, which he had founded in 2009. The startup, which obtains samples from more than 550 hospitals and 6,000 clinicians across India, claims to have completed over 2,00,000 genomic tests to date.

“We are very excited to partner with MedGenome to increase access to affordable and high-quality genetic testing for emerging consumers in Asia and Africa. Genomic sequencing will anchor the future of medicine and we must include other underrepresented genomes not only because it drives access, but also because it improves the accuracy for everyone,” Global Co-Lead for healthcare investments at LeapFrog Felix Olale said.

In 2018, the startup garnered funding from HDFC Ltd, HDFC Standard Life Insurance Co. Ltd and HDFC Asset Management Co. Ltd as part of its extended Series C funding round. In 2017, the company raised $30 million in a Series C round led by Sequoia and new investor Sofina SA.

MedGenome raised $20 million from Sequoia Capital in a Series B round in 2015 after raising $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013.

According to MedGenome, the Indian genetic diagnostics market is expected to expand at 42 percent CAGR over the next five years. Globally, the market is expected to grow from $13 billion in 2019 to $28.5 billion by 2026.

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.