23andMe raises $82.5M

23andMe filed an SEC Form D last month to confirm the sale of approximately $82.5 million in an equity financing round.

The DNA testing developer made the first sale in the new notice financing on Dec. 9, 2020. The company is looking to raise $85 million, leaving just $2.5 million remaining to be sold, according to the filing.

23andMe’s offering, which is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer, has received investments from 23 participants so far. There is no minimum investment required for the financing.

The company does not owe money for sales commissions or finders fees related to the offering. 23andMe did not list an intended use of proceeds, but will likely use the funds to further the development of its DNA testing technologies which trace ancestry, determine how users will react to certain pharmaceutical drugs and more.

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