Alibaba, Beyond lead $40m round for Hong Kong's Prenetics
Beyond Ventures and Chinese internet giant Alibaba Group have led a $40 million funding round for Hong Kong-based genetic testing and wellness start-up Prenetics.
Alibaba invested through its Hong Kong Entrepreneurs Fund, a vehicle aimed at providing investment capital and strategic guidance to Hong Kong entrepreneurs to grow their businesses and penetrate global markets. Additional participants in the round included Yuantai Investment Partners – a spinout of China’s Chengwei Ventures – IDG Capital-backed mFund and eGarden Ventures.
The latest round brings Prenetics’ total funding to more than $50 million. The company will use the new capital to improve its technological infrastructure by adding big data, machine learning and artificial intelligence to support its wellness apps. It will also invest in research and development, expanding its team of engineers and scientists, and growing the company’s footprint in Southeast Asia and China.
Prenetics was founded in 2014 with $2.65 million in seed funding from 500 Startups. Venturra Capital committed an undisclosed amount to the company the following year, and both 500 and Venturra participated in a $10 million Series A round led by Ping An Ventures in 2016.
Prenetics develops genetic tests to screen patients for genetic anomalies that could interfere with the proper functioning of prescribed medications and to present doctors with dosage recommendations. It also operates mobile apps to remind patients to take their medication and provide them with healthy lifestyle advice based on their genetic profile.
"We are thrilled to welcome Beyond Ventures, Alibaba, Yuantai, mFund and eGarden Ventures to our team because we all share a common goal, which is to provide high-calibre health technology for millions of people in Asia," said Danny Yeun, CEO of Prenetics, in a statement. "The significance of being able to build a DNA-digital blueprint of a human is almost incomprehensible. Out of all advances in technology, this opportunity may give millions of people the power to take control of their health."
Beyond was founded by several serial Hong Kong entrepreneurs in partnership with eGarden. The firm is currently raising its debut fund, which has a target of HK$1.2 billion ($154 million). China-focused PE firm Hony Capital has agreed to back the vehicle, which will help Hong Kong start-ups grow and expand their business networks throughout Greater China and other Asian countries.
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