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Vietnam’s Gene Solutions eyes $50m Series C after raising $21m from Mekong Capital


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Gene Solutions, a Vietnamese biotechnology company, is looking to raise $50 million in a Series C round by the end of this year after securing $21 million in its latest funding round anchored by Mekong Capital.

Mekong Capital invested $21 million in the Series B funding round through Mekong Enterprise Fund IV (MEF IV), the Vietnam-based private equity firm’s $246-million investment vehicle. In 2021, Mekong Capital invested $15 million in Gene Solutions.

With the completion of the Series B round, sources told DealStreetAsia that Gene Solutions is now targeting $50 million in a Series C fundraising that the biotech firm aims to close this year.

Founded in 2017, Gene Solutions specialises in detecting the presence of certain diseases based on their DNA markers. It has helped parents in detecting chromosomal disorders during pregnancy, preventing genetic problems, and helping conceive 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. It runs laboratories in Ho Chi Minh City and has a presence across Vietnam, with a national network of at least 2,000 hospitals and clinics.

Gene Solutions said it has provided nearly 1 million genetic tests, making genetic testing available to more people in Southeast Asian countries where it operates.

The company said the accessibility of a multi-cancer early detection test in the region has been well adopted by private hospitals and wellness centres in Ho Chi Minh City, Manila, Jakarta, and Bangkok.

The latest investment will be used to support Gene Solutions’ expansion plans in Southeast Asia, according to the announcement. The firm already has a presence in Thailand, the Philippines, and Indonesia and plans to open an oncology laboratory in Singapore in November.

The company was co-founded by Dr Nguyen Hoai Nghia, Dr Nguyen Huu Nguyen, and Dr Giang Hoa (R&D).

“Our initial investment in Gene Solutions has been performing very well over the last two years, and of course we expect this will continue as Gene Solutions emerges as a model of a successful and sustainable biotechnology company in Southeast Asia,” said Chris Freund, founder and partner at Mekong Capital.

Mekong Capital has advised five funds, two of which are currently active. Its latest investment vehicle, the $246-million Mekong Enterprise Fund IV, has to date announced seven investments, including Marou, Mutosi, HSV Group, LiveSpo Global, Rever, Gene Solutions, and Entobel.

The PE firm is also seeking to raise at least $150 million for its debut impact investment fund that will target companies helping combat climate change.

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