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23andMe Holding Co. operates as a consumer genetics testing company. It operates through two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications based on genetic testing of a saliva sample through its spit kit. The Therapeutics segment focuses on the drug development; and discovery and development of novel therapies to improve patient lives across various therapeutic areas, including oncology, respiratory, and cardiovascular diseases, as well as offers out-licensing of intellectual property associated with identified drug targets related to drug candidates under clinical development. It has a collaboration agreement with GlaxoSmithKline Intellectual Property (No.3) Limited to leverage genetic insights to validate, develop, and commercialize drugs. The company was founded in 2006 and is headquartered in South San Francisco, California.
Linda Avey, Paul Cusenza and Anne Wojcicki founded 23andMe in 2006 to offer genetic testing and interpretation to individuals. Investment documents from 2007 also suggest that 23andMe hoped to develop a database to pursue research efforts. In 2007, Google invested $3.9 million in the company, along with Genentech, New Enterprise Associates, and Mohr Davidow Ventures. Wojcicki and Google co-founder Sergey Brin were married at the time.In 2007, Cusenza left to join Nodal Exchange as CEO the following year. Avey left in 2009 and co-founded Curious, Inc. in 2011.In 2012, 23andMe raised $50 million in a Series D venture round, almost doubling its capital of $52.6 million. In 2015, 23andMe raised $115 million in a Series E offering, increasing capital to $241 million.In June 2017, 23andMe created a brand marketing advertisement featuring Gru from Despicable Me. In 2018, the company launched advertisements narrated by Warren Buffett.In September 2017, it was rumored the company was raising another $200 million with a $1.5 billion valuation. As of that time, the company had raised $230 million since its inception. Afterwards, it was reported the company raised $250 million, at a $1.75 billion valuation.On July 25, 2018, 23andMe announced it a partnership with GlaxoSmithKline to allow the pharmaceutical company to use test results from 5 million customers to design new drugs. GlaxoSmithKline invested $300 million in the company. In January 2022, this partnership was extended until July 2023 with an additional $50 million payment from GlaxoSmithKline.In January 2020, 23andMe announced it would lay off about 100 of its employees.In July 2020, 23andMe and GlaxoSmithKline announced their partnership's first clinical trial: a joint asset being co-developed by the two companies for cancer treatment.In December 2020, the company raised around $82.5 million in a series F round, bringing the total raised over the years to over $850M. The post-money valuation was not reported.In February 2021, the company announced that it had entered into a definitive agreement to merge with Sir Richard Branson's special-purpose acquisition company, VG Acquisition Corp, in a $3.5 billion transaction.In June 2021, the company completed the merger with VG Acquisition Corp. The combined company was renamed to 23andMe Holding Co. and began trading on the Nasdaq stock exchange on June 17, 2021 under the ticker symbol “ME”.In October 2021, 23andMe announced that it would acquire Lemonaid Health, a telehealth company, for $400 million with the deal closing in November.
Our mission is to help people access, understand, and benefit from the human genome.
To become the leading personal genetics company in the world and be recognized as an industry innovator for creating solutions for customers and helping to improve their health.
