Singapore-based personalised wellness startup Imagene Labs has raised an undisclosed amount of funding in a Series A+ round led by Formation 8.
The round was joined by K2 Global, Singaporean billionaire Ron Sim via R3 Asset Management, Raffles Venture Partners, Enterprise Singapore Seed Capital and prominent Singaporean angel investor Koh Boon Hwee.
Founded in September 2016, Imagene Labs is a subsidiary of Asia Genomics, focusing on developing and commercialising customised personal care products based on genetics or DNA.
In a phone interaction with DEALSTREETASIA, Imagene Labs managing director Dr Wong Mun Yew said the funding will be used to fuel the startup’s expansion in its existing and new markets beyond Southeast Asia.
“It will also be used for research and development. We’re about to enter into Japan and as well as further expand in Australia, which we entered this January. This Series A+ will be leading to our Series B, which will happen within this year,” he said.
In a report by Bloomberg published this January, Wong had said that Imagene Labs was looking to raise around $15 million in a financing round in the middle of this year.
According to Wong, the personalised wellness sector is beginning to attract interest from various markets as well as investors.
“I’m glad that investors are able to see the capability for us to scale the business. Precision medicine is already happening now. So we believe by personalising vitamins or skincare according to your DNA, it becomes a reason for people to experience a healthier lifestyle and reaching their fitness, skincare and health goals.
“Based on our rapid expansion in just one and a half years since we have started, it means this is a product that is readily accepted by many markets. To us, it is a very healthy growth rate,” added Wong.
R3 managing director James Koh said, “We believe that DNA-based products and services are on the cusp of a gigantic growth wave in this part of the world, and Imagene Labs has a winning formula with its mass-accessible customized nutritional and skincare products.”
K2 Global founder and general partner Ozi Amanat commented: “We are excited to support Imagene Labs’ vision as they are the global pioneer in personalised wellness, building a portfolio of personally customised products & services tailored to an individual’s genetics.
“They have a broad appeal to the Generation Z and Millennials, and Gen X. Imagene Labs will disrupt the $3 trillion wellness industry.”
The startup aims to expand its market reach to the West by next year. Imagene Labs focuses on the business-to-business sector, where its customer base includes corporate wellness and fitness centres.
Imagene Labs has a presence in Singapore, Malaysia, China, Hong Kong, Indonesia, Thailand, Australia and New Zealand. It also operates two government-accredited genetic labs in Singapore and Beijing.