23andMe Raises More Than $80 Million in Equity Financing Round
(Bloomberg) -- DNA testing company 23andMe Inc. raised more than $80 million in equity in a financing round led by Sequoia Capital and NewView Capital.
According to Securities and Exchanges Commission filings, the company offered $85 million in equity and sold about $82.5 million. Previously, the company had raised about $791 million. The Series F financing will be used for general corporate purposes, spokesman Andy Kill said.
Consumer genetics firms like 23andMe have helped to turn recreational DNA testing into a widespread phenomenon, as more than 12 million of its customers have spit into a tube to learn about their ancestry and health background. The company cut 14% of its jobs earlier this year as sales of its services slowed.
In recent years, 23andMe has begun moving beyond telling individual consumers about their DNA and begun work developing therapeutics based on research into genetic information its customers provide. For example, the company has used its data to find genetic differences that can affect a person’s susceptibility to Covid-19.
©2020 Bloomberg L.P.