23andMe to go public in Richard Branson-led SPAC deal
February 5, 2021- Share:
23andMe, a provider of at-home DNA test kits, has agreed to go public through a merger with VG Acquisition Corp., a SPAC led by Richard Branson's Virgin Group. The deal gives the company an enterprise valuation of around $3.5 billion. 23andMe has raised about $874 million in private funding from Sequoia, Altimeter Capital, Breyer Capital and others, according to PitchBook data. The SPAC will inject up to $509 million in Sunnyvale, Calif.-based 23andMe, while Branson and 23andMe co-founder Anne Wojcicki will each invest $25 million as part of a $250 million private placement.
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