Gen inCode secures £1.5 million Series A investment from Maven

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Maven co-leads £3.4m funding round for Gen inCode

Funding will enable overseas expansion, particularly in the US

28 August 2020: Maven Capital Partners (“Maven”), one of the UK’s most active private equity managers, has invested £1.5 million in Gen inCode, a genetic testing business specialising in the risk assessment and prediction of cardiovascular disease. Gen inCode raised in total £3.4 million, where Maven invested alongside another institutional investor and existing private shareholders.

Gen inCode has developed a range of patented DNA risk assessment products which utilise AI, bioinformatics and a globally recognised clinical evidence base to provide predictive analysis of a patient’s health risk. Proprietary algorithms are used to predict the probability of adverse events, resulting in a comprehensive risk evaluation that provides key insights into a patient’s susceptibility to disease and clinically actionable results that empower patients to take steps to reduce their risk.

Gen inCode’s advanced clinical diagnostic tests cover major global disease areas such as Cardiovascular, Cancer and Diabetes. Its solutions are enabling healthcare practitioners to identify high risk patients and proactively develop targeted treatment and prevention plans; helping to transform the delivery of healthcare, reduce costs and improve patient outcomes.

Healthcare is shifting away from ‘one-size-fits-all’ treatments towards targeted approaches that utilise patients’ genetic information to inform healthcare decisions. Gen inCode’s predictive modelling of patient data is helping personalise treatment pathways by more accurately addressing disease risk and the appropriate course of treatment to be taken.

Gen inCode was founded in 2018, acquiring the assets of the Ferrer inCode and the Gendiag.exe businesses, then part of Ferrer, a large Spanish pharmaceutical and healthcare company. The business has built up a strong IP portfolio and today’s funding will enable the business to expand overseas, particularly in the US, capitalising on the growth in emerging precision medicine market.

Stella Panu, Partner at Maven, said: “Gen inCode represents a fantastic opportunity for Maven to support a truly innovative business which is utilising AI and bioinformatics in order to enable medical practitioners to make more proactive, precise and impactful decisions on how they treat their patients. The precision medicine market is an exciting space and we
believe Gen inCode is well positioned to grow, leveraging its advanced genomic technology and the valuable IP it has amassed to date. We look forward to working with the senior management team to fulfil the company’s potential.”

Matthew Walls, Chairman and CEO, Gen inCode said: “We are delighted to complete the institutional round of funding and welcome our new institutional investors. The funding will prepare the Company for accelerated growth and international scale and supports our regulatory and clinical pathway into the US market. We look forward to advising the market on our progress and further milestones in due course.”

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Principals and key advisors to the transaction

Financials: HMT LLP
Legals: Marriott Harrison
Commercial: Ithaka Life Sciences
Management: BRG

Further information

For media enquiries or any questions about the investment, please contact:
Maven Capital Partners

Dale Bellis 07483 068 700 [email protected]
Steven Ford 07580 792 608 [email protected]

Sapience Communications (PR to Maven)

Richard Morgan Evans 077 5108 7291 [email protected]
Borja Miquel 074 6347 7697 [email protected]
Sasha Johnson 077 1785 5741 [email protected]

Notes to Editors

About Maven Capital Partners UK LLP

Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009.

Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven
Investor Partners, a syndicate of institutional, family office and experienced investors.

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Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.

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