Mekong Enterprise Fund IV completed an investment of US$15 million in Gene Solutions
Ho Chi Minh City, Vietnam (05 October 2021) – Mekong Capital announces that the Mekong Enterprise Fund IV (MEF IV) invested US$15 million into Gene Solutions to make genetic testing affordable and accessible to millions of Vietnamese.
Gene Solutions is a pioneer genetic testing company in Vietnam and the market leader for reproductive health tests, which respond to critical healthcare needs, such as helping parents detect chromosomal disorders during pregnancy, or preventing genetic problems, and helping to conceive a child (in vitro fertilization – IVF). The company also offers lifestyle tests directly designed for consumers, such as hereditary tests, and has entered the oncology segment with genetic tests for targeted therapy.
Since its founding in 2017, Gene Solutions has made remarkable achievements in reducing the cost of genetic testing through running its cutting-edge laboratories in Ho Chi Minh City, together with the establishment of a robust in-house research and development team. This made it possible for them to offer tests at prices more accessible to the Vietnamese mass market and quickly achieved its market leader position.
To date, the company has conducted over 250,000 genetic tests since its inception, covering every province in the country, with a national network of 2,000 hospitals and clinics, and over 2,500 registered doctors.
With a solid base in R&D and distribution channels, the investment of MEF IV will accelerate the company’s growth with new technologies in gene testing segments and cement its position in the market to achieve its vision: make genetic testing affordable and accessible to millions of Vietnamese, thus transforming their health.
Mr. Nguyen Hoai Nghia, Co-Founder and CEO of Gene Solutions, stated:
“When we started Gene Solutions in 2017, genetic testing was very expensive and inaccessible to most Vietnamese. Our mission is to make genetic testing more affordable, accessible, and medically helpful, as we believe everyone deserves better healthcare outcomes. We have found Mekong Capital is very ‘unusual’. They care about our vision, and they have shown an unprecedented commitment to us. We are confident in this partnership with Mekong Capital to fulfill our vision.”
Mr. Chris Freund, Partner at Mekong Capital, shared:
“The 3 co-founders of Gene Solutions, Dr. Nguyen Hoai Nghia, Dr. Nguyen Huu Nguyen, and Dr. Giang Hoa have created a huge breakthrough vision for the future of healthcare in Vietnam. Their vision will make genetic testing reliable, affordable, and convenient for millions of Vietnamese, contributing to early disease detection and extending many people’s lives in Vietnam. They will develop powerful new genetic testing breakthroughs from Vietnam, empowering Vietnam to emerge as an important source of cutting-edge biotech R&D in the world. We are so excited to be partnering with Dr. Nghia, Dr. Nguyen, and Dr. Hoa to achieve this breakthrough vision.”
Gene Solutions is the sixth investee company announced by Mekong Enterprise Fund IV.
About Gene Solutions
Gene Solutions is Vietnam’s market-leading genetic testing business founded in 2017 by 3 co-founders, Dr. Nguyen Hoai Nghia (CEO), Dr. Nguyen Huu Nguyen (Deputy CEO), and Dr. Giang Hoa (R&D) with background and solid experience in genetics, cancer biology, clinical medicine, and biotechnology.
After nearly 10 years working in the U.S for his Ph.D. degree and postdoctoral training from Johns Hopkins School of Medicine and National Institutes of Health in Cancer Biology and Genetics, Mr. Nguyen Hoai Nghia returned to Vietnam with the intention of transferring genetic testing technology to his home country. As such, in 2017, Gene Solutions was born with a strong focus on applying the most cutting-edge technology to commercialize Noninvasive prenatal testing (NIPT) for Vietnamese women. The success of NIPT not only reduced the test cost up to ten times but also the waiting time from weeks to only 5-7 days with an accuracy up to 99%.
Three years later, this innovative competitive advantage combined with an elite team with rich industry experience and leadership has enabled Gene Solutions to emerge as the leading genetic testing firm offering comprehensive solutions such as reproductive health, in vitro fertilization (IVF), diagnostics, cancer, proactive health, and self-understanding (lifestyle). For its flagship reproductive health tests, the company accounts for more than 80% market share.
Looking forward, with the clear vision of making genetic testing affordable and accessible for millions of Vietnamese, and transforming their health, Gene Solutions is developing Early Cancer Detection as the next breakthrough pillar all the while deploying new technologies for Reproductive Health Testing and Treatment, targeting two (2) million tests by 2023.
For more information about Gene Solutions, please visit the firm’s website at genesolutions.vn.
About Mekong Capital & Mekong Enterprise Fund IV
Established in 2001, Mekong Capital has the most extensive private equity track record in Vietnam. Their funds have completed 41 private equity investments, of which 27 have been fully exited. Mekong Capital has advised 5 funds, and 2 are currently active.
Mekong Capital’s investee companies have typically been among the fastest-growing companies in Vietnam’s consumer-driven sectors such as retail, restaurants, consumer products, and education. Some of their well-known investment successes include Mobile World, Phu Nhuan Jewelry (PNJ), ICP, Golden Gate, Vietnam Australia International School (VAS), Masan Consumer, Traphaco, Pharmacity, F88, YOLA, Pizza 4P’s, Vua Nem, ABA Cooltrans, and Nhat Tin Logistics.
Mekong Enterprise Fund IV is a private equity fund launched in January 2021 and currently has $246 million in committed capital. Mekong Enterprise Fund IV will continue Mekong Capital’s successful strategy of investing in growth-equity investments in Vietnamese companies and exclusively in proven consumer-driven sectors that benefit from the growth in Vietnamese consumer demand and the adoption of modern business practices. The Fund will focus on retail, education, restaurants, consumer services, FMCG, and health care.
Mekong Enterprise Fund IV applies Mekong Capital’s Ontological Private Equity approach and the Vision Driven Investing framework with an intention to fulfill its commitment for each investee company to achieve its vision.