In the years before it raised US$600 million ($802.7 million) from shareholders, the company spent heavily to draw in users with a goal of hitting 10 million customers, according to a 2021 investor presentation. But the company struggled to turn single-transaction customers into reliable — and profitable — subscribers.
23andMe Holding Co., which provides medical and ancestry-related genetic testing, filed for bankruptcy after it was unable to find a buyer to rescue it from insolvency proceedings and the board of directors rejected a buyout offer from co-founder Anne Wojcicki.
Despite collecting DNA from saliva samples from more than 15 million customers, the company hasn’t been profitable since going public in 2021. That personal information can now be sold as part of a court-supervised auction, 23andMe said in a filing.
