Hong Kong-based BioMed Technology Holdings, which operates the probiotic health supplement brand PGut, has raised an undisclosed sum from CUHK Innovation, wholly owned by the Chinese University of Hong Kong (CUHK).
CUHK Innovation is tasked to invest in innovative and impact ventures related to CUHK’s technological innovations, according to a release on April 26. BioMed marks the first investment for CUHK Innovation.
The investment comes as the Hong Kong-based firm plans to expand into the growing pet healthcare market including a partnership with local veterinary group PetSpace to conduct a large-scale research project involving 500 felines and canines, as well as a collaboration with PSG Vivet to develop gut microbiome tests and personalised probiotics for pets, according to the release.
The pet healthcare product line is expected to launch in Q3 this year, per the firm.
Founded in 2018 by a team of biomedical professionals, the firm offers microbiome health management solutions and products, including microbiome DNA testing, tailor-made probiotic products, and dietary recommendations, in a bid to improve both physical and mental health.
Previously, the firm sealed a $2-million oversubscribed seed round from Alibaba Hong Kong Entrepreneurs Fund (AEF), Gobi Partners GBA, and The International Medical in April 2023.
CHINA DEAL MONITOR
DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from April 22 – 28, 2024.