Prenetics is Beyond Ventures' Second Unicorn IPO from its Fund I Portfolio
HONG KONG, May 18, 2022 /PRNewswire/ -- Hong Kong-based venture capital firm Beyond Ventures' first portfolio company Prenetics, a Hong Kong unicorn and a global leader in genomic and diagnostic testing, listed on NASDAQ today with the stock code "PRE" and an enterprise value of US$1.25 billion. Prenetics has achieved its NASDAQ listing via a deSPAC transaction with Artisan Acquisition Corp, founded by entrepreneur Adrian Cheng.
Beyond Ventures led funding for Prenetics back in 2017, at the time Beyond Ventures Fund I was launched and when Prenetics was starting to expand its business out of Hong Kong.
Prenetics has experienced strong growth in recent years. In 2021 its revenues were US$275 million, a year-on-year increase of 323%, with adjusted EBITDA of $40.9 million, up 536%. On 4th May 2022 Prenetics reported record first quarter 2022 preliminary financial results, with revenue for the first quarter at US$92.0 million, a record high, compared to US$57.5 million in the first quarter of 2021, representing 60.2% year-on-year growth. Adjusted EBITDA (non-IFRS) was US$12.7 million compared to US$12.5 million in the first quarter of 2021.
Prenetics has a robust product pipeline and is launching a range of new products in the first half of 2022, including ColoClear, a non-invasive stool-based FIT-DNA test for colorectal cancer screening, and Circle Snapshot, an at-home blood test with a user-friendly blood sample collection and result delivery system.
Lap Man, Co-founder and Managing Partner of Beyond Ventures, said, "We are delighted to have witnessed the extraordinary success of Prenetics, our very first investment in 2017. We are especially proud to see it not only become a first-class global company but become the first Hong Kong biotech unicorn to successfully list on NASDAQ. Danny Yeung and his team have achieved this in just a few years. We believe that Prenetics' success story should be a real encouragement for all the start-up technology founders in Hong Kong that global success is a very real possibility."
Danny Yeung, Co-founder & CEO of Prenetics, said, "We are thankful to have had the support of Hong Kong-based venture capital firm Beyond Ventures, supporting Prenetics' growth journey since 2017. Our mission since the start has been to decentralize the health care industry for the benefit of millions of patients around the world and today we are thrilled to take our mission to the global stage. With over US$260m of cash, trade receivables and IPO proceeds to support Prenetics' growth, we will continue to launch new products, identify acquisition targets and deliver on our growth strategies internationally."
Prenetics is Beyond Ventures' top 5 investment and the second listed unicorn in its Fund I.
About Beyond Ventures
Co-founded by Lap Man and Marvin Hung, Beyond Ventures is a Hong Kong-based venture capital firm. Started in 2017, Beyond Ventures is recognised for the support it gained from well-known Hong Kong conglomerates including Hop Hing Group, Far East Consortium, Chinney Alliance Group and Chinachem Group, as well as leading private equity firms Hony Capital and GAW Capital and Hong Kong VC firm eGarden.
The name "Beyond Ventures" originates from the popular rock-and-roll band Beyond, which emerged in early 1990s Hong Kong. We aspire to revitalize and transform the city's innovation ecosystem by being Hong Kong's most impactful venture capital firm. By uniting venture capital experts and local conglomerates with visionary entrepreneurs, we provide startups with the capital and guidance they need to thrive.
Beyond Ventures' portfolio companies include SenseTime, Smartsens, Prenetics, YOHO, HKTaxi and more.
Please visit www.beyondventures.hk for more information.
Founded in 2014, Prenetics is a major global diagnostics and genetic testing company with the mission to bring health closer to millions of people globally and decentralize healthcare by making the three pillars — Prevention, Diagnostics and Personalized Care — comprehensive and accessible to anyone, at anytime and anywhere. Prenetics is led by visionary entrepreneur, Danny Yeung, with operations across 9 locations, including United Kingdom, Hong Kong, India, South Africa, and Southeast Asia. Prenetics develops consumer genetic testing and early colorectal cancer screening; provides COVID-19 testing, rapid point of care and at-home diagnostic testing and medical genetic testing. To learn more about Prenetics, visit www.prenetics.com.
Source: Beyond Ventures