DNA testing firm 23andMe files for bankruptcy as demand dries up

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23andMe on Sunday filed for bankruptcy in the U.S. after struggling with weak demand for its ancestry testing kits that once featured in Oprah Winfrey’s annual list of favorite things, and following a 2023 data breach that damaged its reputation.

The company’s market value peaked in 2021 at nearly $6 billion amid booming interest in DNA testing kits but demand has waned in recent years, hurting firms such as 23andMe and its Blackstone-owned rival AncestryDNA.

Sales of the consumer kits frequently picked up during holiday season, but 23andMe has…



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DNA testing firm 23andMe files for bankruptcy as demand dries up


23andMe on Sunday filed for bankruptcy in the U.S. after struggling with weak demand for its ancestry testing kits that once featured in Oprah Winfrey’s annual list of favorite things, and following a 2023 data breach that damaged its reputation.

The company’s market value peaked in 2021 at nearly $6 billion amid booming interest in DNA testing kits but demand has waned in recent years, hurting firms such as 23andMe and its Blackstone-owned rival AncestryDNA.

Sales of the consumer kits frequently picked up during holiday season, but 23andMe has…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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