LeapFrog leads $55m round for India's MedGenome
MedGenome, an India-focused provider of genetic testing solutions, has raised $55 million in a funding round led by LeapFrog Investments.
Existing investors Sofina and Sequoia also participated in the round, according to a statement. Previously, the firm received $30 million in a Series C round led by Sequoia Capital India and Sofina in 2017. Indian private bank HDFC is also an investor through two of its subsidiaries. LeapFrog is a specialist investor in healthcare and financial companies in emerging markets. It provides growth-stage capital with an impact investment mandate.
Founded in 2013, MedGenome seeks to fill a gene sequencing gap by obtaining genetic samples from Indians, and more broadly other groups of people in South Asia and Africa. It says it has completed over 200,000 genomic tests by obtaining samples from more than 550 hospitals and 6,000 clinicians across India.
The company has a sequencing facility in the US and offers its data, as well as a suite of diagnostic tests and immunotherapy solutions for cancers, to research bodies and pharmaceutical companies. It claims to have insights on genomic data related to 4,500 population groups from India. In Asia, it has offices in Singapore and Bengaluru.
MedGenome plans to expand its database of Indian genomics by reaching out to hospitals and clinics in smaller cities and towns in the coming years. The company claims that the DNA sequences of Indians make up less than 0.2% of global genetic databases. It is thought that a more comprehensive understanding of genetic variants can lead to better outcomes in developing early-stage drugs and precision medicine.
“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,” said Felix Olale, global co-lead for healthcare investments at LeapFrog.
According to MedGenome, the genetic diagnostics market in India is expected to grow by 42% over the next five years. Other companies conducting genetic testing operations in the country include Xcerlis Labs.
LeapFrog raised $700 million for its third fund last year. One-third of the corpus will target healthcare investment opportunities while the rest will go towards supporting financial service firms operating in South and Southeast Asia and sub-Saharan Africa.
Apart from MedGenome, the fund has invested in NeoGrowth Credit, a financial technology company that offers flexible loans to small Indian retailers, and Ascent Meditech, an Indian medical goods distributor.
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