Gingko Bioworks Raises $350 Million Fund for Biotech Spinouts

The New York Times Finance 2 months ago

(Reuters) - Biotechnology start-up Ginkgo Bioworks said on Wednesday that it had raised a $350 million fund to more easily invest in spinout ventures that use its bio-engineering technology in a variety of industries that are just starting to use cutting edge biology.

Dubbed the Ferment Fund, the investment vehicle will invest in two to three companies a year, Ginkgo Chief Executive Officer Jason Kelly said in an interview. Ginkgo hopes such investments will help increase the use of its technology.Ginkgo has used this strategy in the past. In 2017, it formed a joint venture with Bayer AG to develop bacteria that can perform similar functions to fertilizers without the associated pollution. Earlier this year, it launched Motif Foodworks, a company developing meat-free foods with investment from agricultural merchant Louis Dreyfus Co. General Atlantic, Viking Global Investors, and Bill Gates' investment firm Cascade Investment participated in the financing. Ginkgo is one of the world's largest privately held biotechnology firms. It works to make biological engineering cheaper and more accessible, particularly in fields where biotechnology is not yet widespread, by serving as a platform that allows customers to bypass the expensive overhead associated with doing their own scientific research.

This includes large corporations working in industries such as agriculture, cosmetics, foods, and textiles, sectors where biotechnology could have useful applications but where its use is in early stages."As computers got cheaper, a whole host of applications became accessible. We think the same thing is true for biology" Kelly said. "The big thing we’re tying to accomplish now is build an ecosystem for people to build apps essentially for cells." The new fund follows a $290 million funding round the company completed in September, which brought its total financing to $719 million and its valuation to $4 billion.

Despite the large amount of investment for a biotechnology company, Kelly said Ginkgo has no immediate plans to go public and hopes to have several successful spinouts first. "What we want to be able to tell public investors is that we are the platform to program cells,” he said.

(Reporting by Rebecca Spalding in New York; Editing by David Gregorio)


Source link
Read also:
One America News Network › Finance › 2 months ago
By Rebecca Spalding (Reuters) - Biotechnology start-up Ginkgo Bioworks said on Wednesday that it had raised a $350 million fund to more easily invest in spinout ventures that use its bio-engineering
Reuters › Finance › 2 months ago
Biotechnology start-up Ginkgo Bioworks said on Wednesday that it had raised a $350 million fund to more easily invest in spinout ventures that use its bio-engineering technology in a variety of industries that are just starting to use cutting edge...
Evening Standard › Finance › 1 month ago
A US biotech investor is braving London's moribund new listings market and Brexit to raise up to $350 million (£277 million) for a healthcare fund.
Business Insider › Finance › 2 months ago
On Wednesday, data analytics company Splunk announced Splunk Ventures, its $150 million corporate venture fund. The fund will include two distinct funds: a $100 million Innovation Fund and a $50 million Social Impact Fund. Susan St. Ledger, president...
Business Insider › Finance › 1 month ago
Drive Capital, a venture capital firm based in Columbus, Ohio, has raised a $350 million fund to invest in Midwestern startups. The firm's founders came from venture capital powerhouse Sequoia Capital and moved to find new opportunities. While most...
Business Insider › Finance › 6 days ago
The Global Credit Opportunity Fund is PIMCO's flagship hedge fund, and runs more than $3 billion. The fund has lost more than 14% this year, sources said, after making money last year. The average hedge fund has meanwhile lost 4%. The fund is run by...
Business Insider › Finance › 1 month ago
Investment firm Baker Bros. Advisors profited $730 million Monday after its stake in Seattle Genetics soared on positive drug news, according to Bloomberg data. The biotech company's tucatinib treatment surpassed expectations in a recent breast cancer...
Forbes › 1 month ago
In leading the $10 billion investment in LabGenius, two U.S. venture capital funds Lux Capital and Obvious Ventures reveal a biotech investing strategy not seen from the old guard of life science financing.
Chicago Tribune › 0 month ago
NEW YORK (AP) _ Fortress Biotech Inc. (FBIO) on Tuesday reported a loss of $12.8 million in its third quarter.
Business Insider › Finance › 5 hours ago
Imply, an open source data analytics startup, announced $30 million in Series B funding led by Andreessen Horowitz's new growth fund. The funding values the 4-year-old startup at $350 million. Imply cofounder and CEO Fangjin Yang told Business Insider...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR