Telecommunications and internet group SoftBank’s Vision Fund 2 led a $75m series B round yesterday for US-based canine DNA test provider Embark Veterinary.
Investment and financial services group Fidelity’s F-Prime Capital subsidiary also participated in the round, as did SV Angel, Slow Ventures, Freestyle Capital and Third Kind Venture Capital. It valued the company at $700m post-money, it told TechCrunch.
Embark is the creator of a DNA test capable of detecting more than 200 genetic health risks across some 350 dog breeds. The cash has been earmarked for recruitment and the further development of its discovery engine.
The company received over $1.8m in seed financing form investors including Slow Ventures and Aspiration Growth Fund in 2016, adding $4.5m from Founder Collective, Freestyle Capital, Third Kind, Section 32, SV Angel and private investor Anne Wojcicki the following year.
Slow Ventures, Section 32, Third Kind Venture Capital, Freestyle Capital and Wojciciki returned in April 2019 for a $10m series A round led by F-Prime and also backed by FJ Labs.
Lydia Jett, partner at SoftBank Investment Advisers, which runs Vision Fund 2, said: “For pet owners, managing the health of their dogs is critically important. We believe Embark is a genetic insights platform leader who is creating a new standard of personalised care through digital-based DNA insights.”
