Elyssa Lopez · · 2 min readHSBC infuses capital into Vietnam’s Gene Solutions via ‘social loan’
Image credit: Gene Solutions
Gene Solutions, a biotech startup based in Vietnam, has secured a revolving credit facility from HSBC for an undisclosed amount.
The social loan, drawn from HSBC Singapore’s US$200 million New Economy Fund, comes a few months after the biotech firm raised a US$21 million series B round from Mekong Capital.
Gene Solutions, which aims to make genetic testing affordable and accessible for patients in Southeast Asia, says it is the first venture-backed startup in Vietnam to receive financing from this fund.
The company plans to use the fresh capital for equipment upgrades, product launches, and further expansion in the region.
Gene Solutions, which was founded in 2017 by a team of scientists, started out by offering NIPT services, a prenatal blood test that analyzes fetal DNA to determine a baby’s risk of developing specific abnormalities. Since 2022, the startup has expanded its product offerings to cover multicancer early detection, personalized cancer tracking, and precision cancer treatment.
Besides its presence in Vietnam, Gene Solutions has lab testing partners in the Philippines, Thailand, Malaysia and Indonesia.
To date, the company has raised US$36 million in disclosed funding, according to Tech in Asia‘s database. Apart from joining Gene Solutions’ series B round, Mekong Capital also invested US$15 million in 2021.
See also: Series SEA: Who’s investing in the region’s biotech startups?
Editing by Putra Muskita and Eileen C. Ang
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