IP Group-backed Oxford Nanopore raises £48.4m

The funding came from both new and existing shareholders in EMEA, the US and Asia, and adds to the £29.3m of capital raised that was announced on 2 January 2020.

Following completion of the funding round, IP Group holds an undiluted beneficial stake of 15.9%. The directors expect that Nanopore's holding will be valued at £257.7m, a reduction of £6.1m, upon the release of half-yearly results on 30 June 2020.

The company also announced last week that it has a new category of Covid-19 test, LamPore, in advanced development.

Previous funding
Oxford Nanopore (then known as Oxford NanoLabs) first received venture backing in March 2008, according to Unquote Data, when IP Group, Top Technology Ventures and a number of other institutional and private backers invested £10m in the company.

Lansdowne Partners, IP Group, Invesco Perpetual, trade backer Illumina and various US institutions then invested £17.4m in the business in February 2010.

The following year, the company received a further £25m in funding from Lansdowne, IP Group, Invesco, Redmile Group, Illumina and various institutional and private investors.

Lansdowne, IP Group, Invesco, Redmile and Illumina then acquired a minority stake in Oxford Nanopore for £31.4m in May 2012.

Most recently, the business raised £100m in December 2016, with new investors GT Healthcare Capital Partners and Woodford Investment Management taking part alongside other existing backers.

In March 2018, GIC took part in a £100m funding round. China Construction Bank International, Hostplus and various existing investors also took part in the round.

In January 2020, the company raised £109.5m through a £29.3m investment and through the secondary sale of shares.

Company
Oxford Nanopore's sequencing devices are used in scientific research worldwide, and in the healthcare and food safety sectors. Based in Oxford, the company was founded in 2005. The company employs around 450 people in Europe, the US and the Asia-Pacific region. It reported $43.7m in revenues in 2018.

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