Novo Holdings leads USD 50 million investment in MedGenome

LeapFrog Investments, which led a USD 55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor Sofina, MedGenome said in a statement.To date, MedGenome said it has administered more than 300,000 complex genetic tests and served over 200,000 patients.

Bengaluru-based genetic diagnostics, research, and data company MedGenome announced on Tuesday a USD 50 million investment led by Novo Holdings, an international leader in life science investing.

The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which led a USD 55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor Sofina, MedGenome said in a statement.

To date, MedGenome said it has administered more than 300,000 complex genetic tests and served over 200,000 patients. The company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. ''Novo's investment will strengthen MedGenome's scale beyond India and South Asia into Africa and the Middle East and democratise access to genetic testing and personal healthcare across emerging markets'', the statement said. This latest round of funding will be used to broaden MedGenome's product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as the enhancement of MedGenome's bioinformatics and SaaS offerings, it added.