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- Berry Oncology
Berry Oncology Funding, Investors & Competitors
Berry Oncology has raised $230M across 3 funding rounds, most recently a $99M Series B in August 2021.
Last Berry Oncology funding round
$99M
Series B · Aug 2021
Cumulative funding Berry Oncology raised
$230M
across 3 funding rounds
Key investors in Berry Oncology
Qiming Venture Partners
Legend Capital
China Merchants Venture Capital
Boyu Capital
Yingke Capital
C&D Emerging Investment
CICC Qichen
Fujian Innovation Investment Management
Berry Oncology Overview
About Berry Oncology
Berry Oncology is a Beijing-based developer of genetic testing technologies for cancer prevention, early diagnosis, and monitoring of malignant tumors including lung, breast, and colorectal types. The company provides next-generation sequencing panels for liquid biopsies and tissue samples, aiding oncologists in identifying mutations for targeted therapies. Berry Oncology's solutions cover hereditary risk assessment to post-treatment surveillance, deployed in hospitals across China.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Berry Oncology Funding History
Berry Oncology has raised a total of $230M across 3 funding rounds.
Berry Oncology's first fundraising round was a $121M Series A in November 2017. The most recent completed round was a $99M Series B in August 2021.
Berry Oncology funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2021 | Series B | China Merchants Venture Capital (lead); Yingke Capital; C&D Emerging Investment; Qiming Venture Partners; Zhongjinqichen (Suzhou) Emerging Industry Equity Investment Fund; Legend Capital; CICC Qichen; Fujian Innovation Investment Management | $99M | Berry Oncology Corporation, a member company of China's leading early cancer screening firm Berry Genomics, focuses on genomic testing for cancers, including early cancer screening and diagnosis products like 'Lai Si Ning' for early liver cancer detection. Founded in August 2017 from Berry Genomics' tumor business unit, it offers genetic testing services to tumor patients and high-risk groups, cooperating with over 700 hospitals nationwide to serve more than 100,000 patients. The company achieved the world's first breakthrough in early liver cancer screening and positions itself as a leader in China's early cancer screening industry. On August 5, 2021, Berry Oncology announced completion of its US$99.15 million (nearly 700 million yuan) Series B1 financing round, led by China Merchants Capital Management Co., Ltd. (also referred to as China Merchants Venture Capital). Existing investors Qiming Venture Partners and Legend Capital participated, alongside new investors including Zhongjin Qichen (Suzhou) Emerging Industry Equity Investment Fund (also Zhongjinqichen or CICC Qichen), E Fund Management, Fujian Venture Investment Management Co., Ltd. (Fujian Innovation Investment Management), Xiamen C&D Emerging Industry Equity Investment Co., Ltd. (C&D Emerging Investment), and others. This round brought total fundraising to about US$309 million or 2 billion yuan since inception, the highest in China's early cancer screening sector, with prior rounds including a US$123.6 million investment in November 2017 and another US$108 million nearly four years later. Proceeds from the Series B1 round aim to meet growing demand for early cancer screening and diagnosis, boost market expansion, and support R&D and operational activities. Investors highlighted the company's management, scientific rigor, strategic vision, and potential in the burgeoning early testing market, with 16 companies raising 6.3 billion yuan across 17 deals in 2020 alone. Projections indicate China's lung cancer early testing market reaching 10.65 billion yuan and colorectal cancer screening 9.6 billion yuan by 2030. |
| Mar 2020 | Series A | Qiming Venture Partners | $10M | - |
| Nov 2017 | Series A | Qiming Venture Partners (lead); Boyu Capital; Legend Capital; Hongling Equity Investment Management | $121M | Berry Oncology, established in August 2017 as the oncology division of Berry Genomics, specializes in genomic testing for cancer, including early screening, companion diagnostics, and response monitoring for precision treatment of local or metastatic cancers. The company quickly raised US$123.6 million in November 2017 from investors including Qiming Venture Partners, Legend Capital, Boyu Capital, and Hongling Equity Investment Management, marking the largest single financing round in China’s cancer-related genetic testing that year to fund early cancer diagnosis R&D and operations. Qiming Venture Partners acted as a key early backer, continuing support in subsequent A+, B, and B1 rounds. By mid-2021, Berry Oncology had partnered with over 700 Class 3A tertiary hospitals across China, providing genetic testing services to hundreds of thousands of cancer patients and high-risk populations. The November 2017 Series A round positioned it as a leader in the early cancer screening sector, followed by additional financings totaling nearly US$309 million within four years, the highest in China’s early cancer screening industry at that time. A Series B1 round in 2021 raised US$99.15-108 million led by China Merchants Capital, with participation from Qiming, Legend Capital, and new investors like E Fund and Zhongjin Qichen. The early tumor screening market in China attracted significant investor interest, with 16 firms completing 17 rounds totaling CNY6.3 billion in 2020 alone. Projections indicated strong growth potential, such as the lung cancer early testing market reaching CNY10.65 billion and colorectal cancer screening CNY9.6 billion by 2030. Qiming Venture Partners highlighted Berry Oncology’s milestones and management team, expressing optimism for global breakthroughs in early cancer detection. |
Who has invested in Berry Oncology?
10 investors have backed Berry Oncology across its funding rounds, including Qiming Venture Partners, Legend Capital, China Merchants Venture Capital, Boyu Capital, Yingke Capital and C&D Emerging Investment.
Lead investors include China Merchants Venture Capital and Qiming Venture Partners.
Berry Oncology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2017 | ||
| 2 | Participant | Nov 2017 | ||
| 1 | Participant | Nov 2017 | ||
| 1 | Lead | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Nov 2017 | ||
This data is available for Pro users. Sign up to see all 10 Berry Oncology investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBerry Oncology Competitors
Berry Oncology competitors include listed companies like Roche, Natera, Illumina and Guardant Health, and private ones like Institut Merieux and Color.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $77B | $26B | $351B | 4.9x | ||
| Publicly listed | $2.3B | ($266M) | $53B | 19.0x | ||
| Publicly listed | $4.3B | $1.4B | $37B | 8.4x | ||
| Publicly listed | $982M | ($408M) | $25B | 20.2x | ||
| Private | - | - | $8.5B | - | ||
| Private | - | - | $4.6B | - |
Berry Oncology Public Comps
Berry Oncology is still privately-owned, but its public comps include Roche, Natera, Illumina, Guardant Health, Twist Bioscience, 10x Genomics, BillionToOne, Wantai BioPharm, Celcuity and GRAIL.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $77B | $26B | 5.0x | 4.9x | 14.6x | 12.4x | |||
| $2.3B | ($266M) | 22.5x | 19.0x | (195.0x) | (261.5x) | |||
| $4.3B | $1.4B | 8.8x | 8.4x | 27.1x | 30.0x | |||
| $982M | ($408M) | 25.7x | 20.2x | (61.8x) | (129.5x) | |||
| $377M | ($63M) | 27.2x | 22.6x | (161.4x) | (316.8x) | |||
| $643M | ($16M) | 14.9x | 15.2x | (591.7x) | (160.9x) | |||
| $305M | $12M | 15.8x | 11.7x | 401.1x | 75.4x | |||
| $271M | ($24M) | 15.5x | - | (174.0x) | - | |||
This data is available for Pro users. Sign up to see all Berry Oncology competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Berry Oncology
| When was Berry Oncology founded? | Berry Oncology was founded in 2017. |
| Where is Berry Oncology headquartered? | Berry Oncology is headquartered in Fuzhou, China. |
| Is Berry Oncology publicly listed? | No, Berry Oncology is a private, VC-backed company. |
| How much funding has Berry Oncology raised? | Berry Oncology has raised $230M across 3 funding rounds. |
| What was Berry Oncology's last funding round? | Berry Oncology's last funding round was a $99M Series B in August 2021, led by China Merchants Venture Capital. |
| Who are Berry Oncology's investors? | Berry Oncology's investors include Qiming Venture Partners, Legend Capital, Boyu Capital, China Merchants Venture Capital, Yingke Capital, C&D Emerging Investment, Zhongjinqichen (Suzhou) Emerging Industry Equity Investment Fund, Hongling Equity Investment Management, CICC Qichen and Fujian Innovation Investment Management. |
| Which companies are comparable to Berry Oncology? | Companies comparable to Berry Oncology include Roche, Natera, Illumina, Guardant Health, Institut Merieux and Color. |
See companies similar to Berry Oncology
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