Color Nabs Major Funding as Startup Sees Boosts From Work During COVID-19

By Thomas Price Wednesday, January 20, 2021

The COVID-19 pandemic has changed significant portions of global life; However, one of the main ways it has changed can be seen in the massive demand for accurate and fast testing for the coronavirus. As a result, businesses and startups have been putting a lot of time and research into rolling out testing for COVID-19 all around the world. One of those startups is Color Genomics, which has been a leader in genetic testing outside of the pandemic for a variety of different conditions. Due to this new major push, Color has experienced extensive growth in 2020, and their most recent round of funding in 2021 goes to prove it. So, what exactly does Color do, how much funding have they raised, and what can be expected from the startup in the near future?

What Is Color?

Color Genomics is a startup that focuses on data-driven healthcare and clinical testing. The company offers technology and infrastructure that is scalable all the way from an individual to major healthcare providers. As a result, Color’s services and technology are available to health systems, providers, research institutes, employers, and individuals — all for affordable prices. Outside of clinical and genetic testing, The startup is best known for its population genomics platform, which in turn has a variety of applications, including prevention of disease, medication management, longitudinal insights and research, population health management, and employee benefit plans. Due to these factors, their business has had a massive year for growth. In fact, the startup’s business increased five-fold in 2020, with their revenues showing positive trends into 2021 as well. The startup’s infrastructure, which has helped rollout COVID-19 testing in 2020, is likely to also help with the COVID-19 vaccination process. When talking about this specific plan, Color’s CEO and co-founder Othman Laraki said,

“The model that we’ve been developing, that’s been working really well and we feel like this is the opportunity to really scale it in a very major way. I think literally what’s happening is the building of the public health infrastructure for the country that’s starting off from a technology-first model, as opposed to, what ends up happening in a lot of industries, which is you start off taking your existing logistics and assets, and add technology to them.”

Color’s Recent Business Funding Round

In Color’s Series D funding round, the startup raised a whopping $167 million. The funding round was led by General Catalyst and funds from T. Rowe Price. It also had participation from Viking Global investors and other smaller groups. The most recent funding round brings Color’s total raised money up to $278 million, officially bringing the startup’s valuation up to $1.5 billion.

The startup is also collecting a series of executives to the team, including names such as Claire Vo as chief product officer, Emily Reuter as VP of Strategy and Operations, and Ashley Chandler as VP of Marketing.

Color’s health infrastructure and genetic testing have already proven the company to be incredibly valuable over the course of 2020 due to the COVID-19 pandemic. Moreover, the money raised and massive valuation shows its solid presence within the healthcare industry.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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