Genetic testing firm receives further £500k private equity backing

Maven Capital, an active private equity firm, has invested a further £500,000 in GENinCode, a genetic testing company specialising in the risk assessment and prediction of cardiovascular disease. 

This funding package comes as the company completes its IPO, raising an additional £17 million gross and listing on AIM with a market capitalisation of £42.2 million.

Maven’s most recent investment in GENinCode follows the £3.4 million funding round which Maven co-led in July 2020 and is an illustration of the continued support which Maven provides for its portfolio businesses. Having invested £1.5 million in that previous funding round, this latest package brings Maven’s total investment in GENinCode to £2 million. 

Since Maven’s original investment the company has achieved some significant milestones. In the US, GENinCode has partnered with EVERSANA a provider of global commercial services to the life sciences industry, while in the UK, the company has also entered talks with multiple NHS Trusts. Wider NHS adoption remains a long-term goal of the firm.

GENinCode has built up a strong IP portfolio since being founded in 2018, with support led by Maven enabling the company to expand overseas to capitalise on the growth in the emerging precision medicine market. Healthcare is shifting away from “one-size-fits-all” treatments towards targeted approaches which use patients’ genetic information to inform healthcare decisions. GENinCode’s predictive modelling techniques are helping to identify high-risk patients and develop personalised treatment plans.

Stella Panu, partner at Maven said: “Our latest funding package for GENinCode underlines Maven’s policy of sustaining support for our portfolio companies beyond our initial investment. Our investee companies come in many forms, but we are particularly keen to support tech-enabled growth businesses whose innovations offer solutions and improve lives. From that point of view, GENinCode is an incredibly exciting business to be involved with, and we look forward to supporting the management team further on their journey.”

Matthew Walls, chairman and CEO of GENinCode, said: “We are delighted to receive this continued support from Maven ahead of our admission to trading on AIM. This additional funding will allow us to exploit the significant market opportunity even further, delivering clinically proven genomic precision testing products to the CVD market, improving the current standard of risk assessment and treatment for what is the leading cause of death globally.”