All In the Family: Sergey Brin Loans 23andme $10 Million And Google Ponies Up $2.6 Million
June 18, 2009 ·Filed Under Technology News
Google is still tightly intertwined with 23andme, a company that helps consumers understand and decipher their genomes. 23andme has raised another $2.6 million from Google out of a total $24.26 million it is trying to raise in a Series B round of funding, according to regulatory filings. that brings the total amount raised from that round to $13.6 million, after May’s $11 million funding round. At the instance, Mohr Davidow Ventures divested its stake in 23andme after investing in a direct competitor Navigenics.
The juiciest disclosure in the filing is that Brin loaned the startup an additional $10 million which is being converted into Series B preferred shares. Earlier in 2007, he had loaned the company $2.6 million which was repaid from the proceeds of Google’s subsequent $3.9 million stake in 23andMe in May, 2007. The debt was repaid after the Google investment. It appears that Brin once again had to dig into his own
The filing plus says one of the investors in the Series B round in May was New Enterprise Associates, which plus invested in 23andme’s Series A round. And it mentions that Google has entered into a lease agreement with 23andme, possibly for office space, but it is unclear what precisely is being leased.
23andme, which was co-founded by Sergey Brin’s wife, Anne Wojcicki, raised $9 million in a Series A round of funding from Google, Genentech, New Enterprise Associates, and Mohr Davidow Ventures in 2007. The company maps consumers’ DNA and helps them find info about their ancestry and their risks of getting positive diseases (Michael tried it last year).
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