Gingko Bioworks raises $350 million fund for biotech spinouts




Gingko Bioworks raises $350 million fund for biotech spinouts


By Rebecca Spalding

(Reuters) - Biotechnology start-up Ginkgo Bioworks said on Wednesday that it had raised a $350 million fund to more easily invest in spinout ventures that use its bio-engineering technology in a variety of industries that are just starting to use cutting edge biology.

Dubbed the Ferment Fund, the investment vehicle will invest in two to three companies a year, Ginkgo Chief Executive Officer Jason Kelly said in an interview. Ginkgo hopes such investments will help increase the use of its technology.Ginkgo has used this strategy in the past. In 2017, it formed a joint venture with Bayer AG (DE:BAYGn) to develop bacteria that can perform similar functions to fertilizers without the associated pollution. Earlier this year, it launched Motif Foodworks, a company developing meat-free foods with investment from agricultural merchant Louis Dreyfus Co. General Atlantic, Viking Global Investors, and Bill Gates' investment firm Cascade Investment participated in the financing. Ginkgo is one of the world's largest privately held biotechnology firms. It works to make biological engineering cheaper and more accessible, particularly in fields where biotechnology is not yet widespread, by serving as a platform that allows customers to bypass the expensive overhead associated with doing their own scientific research.

This includes large corporations working in industries such as agriculture, cosmetics, foods, and textiles, sectors where biotechnology could have useful applications but where its use is in early stages."As computers got cheaper, a whole host of applications became accessible. We think the same thing is true for biology" Kelly said. "The big thing we’re tying to accomplish now is build an ecosystem for people to build apps essentially for cells." The new fund follows a $290 million funding round the company completed in September, which brought its total financing to $719 million and its valuation to $4 billion.

Despite the large amount of investment for a biotechnology company, Kelly said Ginkgo has no immediate plans to go public and hopes to have several successful spinouts first. "What we want to be able to tell public investors is that we are the platform to program cells,” he said.





Related News

'Pierre Delecto' Mitt Romney admits Twitter alter ego
Today, 15:15
(Reuters) - Republican Senator Mitt Romney has admitted to using a secret Twitter account under the pseudonym "Pierre Delecto" to follow politicians, journalists and fan accounts for himself, Slate Magazine reported. Romney mentioned his use of the
Avast target of cyber-security attack, company and Czech counterintelligence say
Today, 15:12
PRAGUE (Reuters) - Czech-based Avast and Czech counterintelligence service BIS said on Monday they had detected a network attack on the cyber-security company which the BIS suspected of originating in China. Avast said in a blog post that it found
Supreme Court tosses challenge to Republican-drawn Michigan electoral maps
Today, 15:09
By Andrew Chung WASHINGTON (Reuters) - The U.S. Supreme Court on Monday threw out a challenge to Republican-drawn electoral districts in Michigan that Democrats said were illegally configured to dilute their voting power, an action taken in the
WikiLeaks founder Assange appears confused at extradition hearing
Today, 15:06
By Andrew MacAskill LONDON (Reuters) - WikiLeaks founder Julian Assange appeared confused at a London court hearing on Monday, struggling to recall his name and age in his first public appearance in months as he sought to fight his extradition to
India's Infosys U.S. listed shares plunge after whistleblower complaints
Today, 15:03
BENGALURU (Reuters) - U.S.-listed shares of Infosys Ltd (N:INFY) (NS:INFY) fell nearly 16% in premarket trading on Monday after the Indian software services exporter said it had received whistleblower complaints alleging "unethical practices" by the



Latest News
'Pierre Delecto' Mitt Romney admits Twitter alter ego
21.10.2019 15:15
(Reuters) - Republican Senator Mitt Romney has admitted to using a secret Twitter account under the pseudonym "Pierre Delecto" to follow politicians, journalists and fan accounts for himself, Slate Magazine reported. Romney mentioned his use of the secret account in a profile published in the Atlantic on Sunday, referring to himself as a "lurker"
Read more
Avast target of cyber-security attack, company and Czech counterintelligence say
21.10.2019 15:12
PRAGUE (Reuters) - Czech-based Avast and Czech counterintelligence service BIS said on Monday they had detected a network attack on the cyber-security company which the BIS suspected of originating in China. Avast said in a blog post that it found suspicious behavior on its network on Sept. 23 and opened an investigation involving the BIS and
Read more
Supreme Court tosses challenge to Republican-drawn Michigan electoral maps
21.10.2019 15:09
By Andrew Chung WASHINGTON (Reuters) - The U.S. Supreme Court on Monday threw out a challenge to Republican-drawn electoral districts in Michigan that Democrats said were illegally configured to dilute their voting power, an action taken in the aftermath of major rulings by the justices in June prohibiting federal courts from hearing such claims.
Read more
WikiLeaks founder Assange appears confused at extradition hearing
21.10.2019 15:06
By Andrew MacAskill LONDON (Reuters) - WikiLeaks founder Julian Assange appeared confused at a London court hearing on Monday, struggling to recall his name and age in his first public appearance in months as he sought to fight his extradition to the United States. Assange, 48, who spent seven years holed up in Ecuador's embassy before he was
Read more
India's Infosys U.S. listed shares plunge after whistleblower complaints
21.10.2019 15:03
BENGALURU (Reuters) - U.S.-listed shares of Infosys Ltd (N:INFY) (NS:INFY) fell nearly 16% in premarket trading on Monday after the Indian software services exporter said it had received whistleblower complaints alleging "unethical practices" by the company's executives. The company issued a statement after The Economic Times reported
Read more