Chinese biotech startup, Rec Biotechnology has raised US$ 226.6M in a Series B funding round held in November 2020, led by Legend Capital and LYFE Capital.
Other participants in the funding round include Sequoia Capital, Vertex Ventures, China’s HT Capital, Co-Stone Asset Management, Yuanbio Venture Capital, Qingsong Capital and China Everbright Limited.
Headquartered in Jiangsu, the biotech startup will use the capital raised to build a foundation for the industrial development of its main products and to organize clinic tests of the 9-valent HPV vaccine and recombinant Covid-19 vaccine. It is also looking to further improve its product line and expand the reach of its business to the global market. Richard Li, managing director and chief investment officer at Legend Capital stated that together with the investment, the startup will also get access to Legend Capital’s medical ecosystem.
Rec Biotechnology, established in 2012, produces and commercializes genetically engineered vaccines for major diseases. It will offer a roster of products, which include human papillomavirus (HPV) vaccines, recombinant zoster vaccine, tuberculosis vaccine, and recombinant Covid-19 vaccine, and are in the research and development stage.
The startup raised US$ 75.5M in a Series A funding round from CR Capital Management, Oriental Fortune Capital, and CMB International Capital in 2019.
About Legend Capital
Legend Capital is an independent venture capital investment subsidiary under the Legend Holdings company. It mainly invests in startups that are in their early-stage or expansion-stage. The venture capital is currently managing several USD funds and RMB funds with a total AUM (Assets under management) of RMB50 billion, and concentrates on innovative and budding businesses with operations in China or related to China.
Till 2020, Legend Capital has invested in about 500+ startups, of which 80 are successfully listed on the domestic or overseas capital markets, in addition to 60+ companies achieving an exit through M&A.
Working with the vision of becoming one of the most treasured and respected investment company with international influence, and driving the growth of business enterprises through capital and management support, Legend Capital plays a dynamic role in encouraging industry progress and social development, and endeavors to create dream businesses and sharing success with partners having shared vision and goals.
About LYFE Capital
Founded in 2015, LYFE Capital is an investment firm that is based in Shanghai, China. The firm seeks to invest in startups operating in the biotechnology, pharmaceutical, medical devices, and healthcare sectors.
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