Vietnam-focused private equity firm Mekong Capital has invested $15 million into local genetic testing company Gene Solutions, per an announcement.
DealStreetAsia had reported in January this year that Gene Solutions was seeking to raise up to $20 million, and had roped in KPMG Vietnam as its deal advisor.
Mekong Capital, which invested from its Mekong Enterprise Fund IV (MEF IV), will help the latest portfolio company to accelerate its growth with new technology developments within the gene testing segment.
Gene Solutions has helped parents in detecting chromosomal disorders during pregnancy, or preventing genetic problems, and helping to conceive a child through in vitro fertilisation. The company also offers lifestyle tests, such as hereditary tests, and has entered the oncology segment with genetic tests for targeted therapy.
Founded in 2017, Gene Solutions runs laboratories in Ho Chi Minh City, and has presence across Vietnam with a national network of 2,000 hospitals and clinics, over 2,500 registered doctors. It has conducted over 250,000 genetic tests since its inception.
“When we started Gene Solutions in 2017, genetic testing was very expensive and inaccessible to most Vietnamese,” said Nguyen Hoai Nghia, co-founder and CEO of Gene Solutions, adding that his firm aimed to make genetic tests more affordable and accessible.
Gene Solutions told DealStreetAsia earlier that the company had bagged a seven-digit US dollar financing from a slew of undisclosed institutional investors in late 2019.
The funding is the sixth announced investment from MEF IV, a $246 million fund launched by Mekong Capital in January 2021.
Another healthcare investment from MEF IV is LiveSpo Global, a company producing spore-based probiotics. MEF IV invested $8.8 million in the firm in July this year.
The fund has also backed proptech startup Rever, cosmetics retailer HSV Group, water purifier manufacturer Mutosi Group, and chocolate crafter Marou Chocolate Company.