23andMe

23andMe

Direct-to-consumer DNA testing services

About 23andMe

Simplify's Rating
Why 23andMe is rated
B
Rated C on Competitive Edge
Rated B on Growth Potential
Rated A on Rating Differentiation

Industries

Biotechnology

Healthcare

Consumer Goods

Company Size

501-1,000

Company Stage

IPO

Total Funding

$829.6M

Headquarters

Sunnyvale, California

Founded

2006

Overview

23andMe offers direct-to-consumer DNA testing that provides individuals with insights into their ancestry, genetic traits, and potential health risks. Customers purchase a DNA testing kit, send in a saliva sample, and receive personalized genetic reports based on the analysis of their DNA. This service appeals to a wide range of people, from those curious about their family history to those wanting to understand their health predispositions. Unlike many competitors, 23andMe not only sells DNA kits but also offers subscription services for ongoing updates and insights, creating a recurring revenue model. Additionally, the company utilizes its large genetic database for research, partnering with institutions and pharmaceutical companies to advance genetic studies and potentially discover new treatments. The goal of 23andMe is to empower individuals with knowledge about their genetics while contributing to broader scientific research.

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Significant Headcount Growth
Simplify Jobs

Simplify's Take

What believers are saying

  • Partnership with Nightingale Health expands service offerings beyond genetic testing.
  • GLP-1 telehealth service launch diversifies revenue streams in the growing telehealth market.
  • Biological Age feature enhances customer engagement, potentially increasing subscription uptake.

What critics are saying

  • Discontinuation of therapeutics division limits revenue diversification opportunities.
  • 40% workforce reduction may impact operational capabilities and innovation.
  • Cybersecurity breach affecting 6.9 million users could damage customer trust.

What makes 23andMe unique

  • 23andMe offers direct-to-consumer DNA testing, a pioneering service in genetics.
  • The company provides personalized genetic reports, enhancing customer understanding of their DNA.
  • 23andMe collaborates with research institutions, leveraging its extensive genetic database for research.

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Funding

Total Funding

$829.6M

Above

Industry Average

Funded Over

10 Rounds

Notable Investors:
Spac IPO funding comparison data is currently unavailable. We're working to provide this information soon!
Spac IPO Funding Comparison
Coming Soon

Benefits

Comprehensive health, vision, & dental plans

Family planning, support, & leave for parents

Mental healthcare

Student loan assistance

Volunteer time off

Dog friendly office

Growth & Insights and Company News

Headcount

6 month growth

↑ 7%

1 year growth

↑ 6%

2 year growth

↑ 8%
Bizjournals
Nov 22nd, 2024
Daily Digest: Port of Oakland secures $50 million grant; Biotech inks big lease

In layoffs, 23andMe is slashing 153 local jobs, including 122 positions in Sunnyvale and 31 positions at its headquarters in South San Francisco.

NBC Bay Area
Nov 12th, 2024
23andMe cuts 40% of its workforce and discontinues therapeutics division

23andMe is laying off 40% of its workforce, or more than 200 employees, and discontinuing its therapeutics division as the struggling genetic testing company attempts to slash costs.

Obaatiwah
Nov 12th, 2024
DNA testing company 23andMe to Cut 40% of workforce.

23andMe's financial struggles have been compounded by a cybersecurity breach last year, in which hackers accessed sensitive personal data for around 6.9 million users, though DNA records were reportedly not included.

We Fix PC
Sep 13th, 2024
23andMe to pay $30 million in genetics data breach settlement

23andMe to pay $30 million in genetics data breach settlement.

Healthcare Brew
Aug 15th, 2024
23andMe plans to launch a GLP-1 telehealth service

23andMe plans to launch a GLP-1 telehealth service.

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