Venture Firm Plans $10 Million Bid for 23andMe Health-Care Unit

Bambu Ventures plans to bid $10 million for 23andMe’s online health-care platform as the DNA testing firm seeks court approval to sell its assets to its cofounder and a nonprofit.

The acquisition of the Lemonaid Health unit would be subject to “standard closing conditions,” protections for a “good faith purchaser” in a bankruptcy sale, and agreements from existing shareholders and employees to enter into noncompete and nonsolicitation clauses, according to a Sunday filing by the venture capital group in the US Bankruptcy Court for the Eastern District of Missouri.

The proposal came after the judge overseeing 23andMe’s bankruptcy proceedings said June 20 that he would rule “as quickly as possible” on the company’s proposed sale of its assets, including the genetic data bank and the Lemonaid business.

The proposed buyer is cofounder Anne Wojcicki, who partnered with the nonprofit TTAM Research Institute on a $305 million bid.

The notice of winning bidder says that if the deal proceeds, the purchasers will serve as stalking horse bidders to buy Lemonaid’s reorganized equity for $2.5 million. The deal is subject to higher offers, and 23andMe can conduct a sale and marketing process.

Bambu, a Los Angeles-based group, says on its website that it primarily invests in early-stage startups, with a focus on fintech, artificial intelligence, software, and digital health. It also mentions another health-care business, Congruity Health, an AI-powered platform for health-care providers.

Goldenberg Heller & Antognoli PC represents Bambu.

The case is 23andMe Holding Co, Bankr. E.D. Mo., No. 25-40976, notice 6/22/25