HONG KONG, Sept. 30, 2024 /PRNewswire/ -- GenEditBio Limited ("GenEditBio"), a biotech company co-founded by Prof. ZHENG Zongli from the City University of Hong Kong that focuses on precision genome editing to provide affordable "precision DNA surgery" for genetic diseases with unmet needs, is pleased to have AEF Greater Bay Area Fund, managed by Gobi Partners GBA, a leading venture capital firm in Asia, invested in our company. The investment will be used to further develop and enhance our editing and delivery technologies, to advance our in vivo programs, as well as to initiate clinical studies for safety and efficacy.
"We are excited to partner with Gobi Partners GBA and leverage on their rich experience in nurturing start-ups into successful businesses," said ZHENG Zongli, PhD, Co-Founder and Chairman of GenEditBio. "This investment will allow us to cultivate our talent pool, accelerate our research engine and transform our cutting-edge genome-editing and drug delivery technologies to life-changing therapeutics to those in desperate need."
"This investment will enable us to stay at the forefront of genome editing as well as novel delivery and advance our multiple pipeline programs towards clinical studies," said ZHU Tian, PhD, Co-Founder and CEO of GenEditBio. "We are grateful for such strong support. Their extensive network of public and private sector partners and expertise in the biotech industry will be invaluable to realise our ambitious goals as we continue to innovate and excel."
"We are proud to be supporting GenEditBio's work in genome editing," said Chibo TANG, Managing Partner of Gobi Partners GBA. "We believe their innovative approach could lead to significant advancements in the field and we are excited about the potential of their technology to contribute to scientific progress and patient care. We very much look forward to working with them to make that vision a reality."
About the In Vivo Programs
GEB-100 and GEB-200 programs based on proprietary lipid nanoparticles (LNPs) delivery
targeting the liver have completed proof-of-concept studies in non-human primates and are
on-track to nominate drug candidates in the third quarter of 2024. GEB-400 program
targeting an inherited retinal disease is expected to achieve drug candidate nomination in
2024 and enter clinical stage in 2025, which will showcase the company's next-generation
delivery technology, named ePDVs (engineered protein delivery vehicles).
About GenEditBio
Established in 2021 and headquartered in Hong Kong, China, GenEditBio is a gene therapy start-up company with an overarching strategic goal of providing potentially curative, once-and-done and programmable in vivo genome editing-based therapeutic solutions (dubbed "DNA surgery") with high safety profile, unmatched precision, and affordable access for genetic diseases that currently lack cures or effective treatments. The Company's core areas of focus include novel Cas nuclease discovery and safe and efficient cargo delivery utilizing LNPs and ePDVs. We have research laboratories and supporting offices in Hong Kong, Beijing, and Boston. GenEditBio is financially backed by top-tier life science investors, including Qiming Venture Partners, Fangyuan Capital, Center Ventures, Lumosa Therapeutics, Innovation and Technology Venture Fund of the HKSAR Government, and HKSTP Venture Fund.
About Gobi Partners GBA (Gobi GBA)
Gobi Partners GBA (Gobi GBA) was established in 2016 as a part of the leading Pan-Asian venture capital platform Gobi Partners. Gobi GBA is the general partner of the Alibaba Hong Kong Entrepreneurs Fund, L.P. (AEF) as well as the AEF Greater Bay Area Fund LPF, and has formed strategic partnerships with other renowned financial institutions such as HSBC and Hang Seng Bank. As of 2023, Gobi GBA has invested in over 80 startups across the Greater Bay Area and has fostered the growth of 8 unicorns including Airwallex, Amber, Animoca Brands, GoGoX, Prenetics, and more.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
GenEditBio Secures Strategic Investment from Gobi Partners GBA to Accelerate Breakthrough Genome Editing Technologies
NEW YORK, Sept. 30, 2024 /PRNewswire/ -- HungryPanda, the world's leading overseas Asian food delivery platform, today announced the successful completion of a $55 million refinancing and fundraise. The round was led by Mars Growth Capital, a JV between Liquidity Group and MUFG,with continued support from HungryPanda's existing investors, including Perwyn, Kinnevik, 83North, and Felix. This new funding will enable HungryPanda to solidify its leadership in the Asian food delivery market and explore new opportunities to serve a broader range of minority ethnic communities, particularly in North America.
Founded in 2017, HungryPanda has established itself as a global leader in Asian food delivery, operating in over 80 cities across 10 countries, serving more than 6.5 million users in partnership with over 100,000 merchants. In 2021, the company raised $130 million in Series D to expand into new markets and explore mergers and acquisitions. To date, HungryPanda has raised over $275 million in funding and has entered a new phase of business growth. In 2024, HungryPanda achieved profitability while maintaining an annual growth rate of over 30%—a remarkable achievement in the competitive food delivery industry.
"Reaching profitability while maintaining significant growth demonstrates the strength of our business model and our long-term vision. This success is a testament to the dedication and hard work of our entire team," said Eric Liu, Founder and CEO of HungryPanda. "HungryPanda is more than just a delivery platform—we see ourselves as an ambassador of Asian cuisine. With this new funding, we are poised to accelerate our expansion into North America, elevate our services, and continue to champion the richness of Asian food culture on a global scale. We are especially grateful for the support from Mars Growth Capital and Liquidity Group, whose partnership will help us achieve our ambitious goals."
"I am proud of how HungryPanda has positioned itself uniquely within the food delivery sector by focusing on the specific needs of Asian communities globally," said David Buttress, Chairman of the Board at HungryPanda. "Our targeted approach and deep understanding of this market have been key drivers of our growth and success. "As we continue to scale, I am confident we will further solidify our leadership in this space and capitalize on new opportunities."
The new funding will enable HungryPanda to continue meeting the growing demand for Asian food and groceries, while upholding the high service standards its customers expect. In addition, HungryPanda remains committed to supporting its delivery riders by setting industry-leading standards for safety and offering sustainable gig work opportunities.
"HungryPanda has been able to carve out an impressive niche in the highly-competitive food delivery vertical, and as a result, has experienced double-digit growth while continuing to strengthen its position as a market leader," said Paul Brodie, Managing Director, Europe at Mars Growth Capital and Liquidity Group. "We are excited to be part of HungryPanda's next chapter along with its existing investors."
About HungryPanda
Founded in 2017, HungryPanda is currently the largest overseas Asian food delivery platform and the only food delivery platform to rank in Deloitte's 2021 UK Technology Fast 50. Starting in Nottingham, U.K., HungryPanda has expanded to more than 80 cities in 10 countries: the U.K., France, Italy, the U.S., Canada, Australia, New Zealand, Japan, South Korea and Singapore. Currently, HungryPanda works with over 80,000 riders, 100,000 merchants and serves over 6 million users worldwide. This year, HungryPanda sets sights on $1 billion in gross transaction volume. For more information visit www.hungrypanda.co.
About MARS Growth Capital
MARS Growth Capital, a joint venture between MUFG and Liquidity Group, provides advanced financing solutions to fintech, SaaS, and e-commerce businesses in Southeast Asia, the Pacific, and Europe. Utilizing Liquidity Group's AI and machine learning, MARS offers credit and equity financing ranging from $3 million to $100 million for mid-market, late-stage, and pre-IPO technology companies. For more information, visit https://www.marsgrowth.com/
About Liquidity Group
Liquidity Group is the leading AI-driven financial asset management firm in the world. With multi-billions across funds focused on North America, Asia-Pacific, Europe, and the Middle East, Liquidity Group operates globally with offices in Abu Dhabi, New York, London, Tel Aviv and Singapore. The firm's patented decision science technology enables it to deploy more capital through more deals much faster than other firms in the capital markets industry, establishing it as the fastest-growing provider of credit and equity financing to mid-market and late-stage companies. Liquidity Group is backed by leading global financial institutions including Japan's largest bank, MUFG, Spark Capital, Apollo Asset Management and others.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
HungryPanda Raises $55 Million led by Mars Growth Capital, to Accelerate Expansion and Service Enhancements
