Months After FBI Raid, uBiome Files for Chapter 11 Bankruptcy
Posted on 09/05/2019
Five months after a raid from the U.S. Federal Bureau of Investigation (FBI), microbiome-testing company uBiome filed for Chapter 11 bankruptcy protection. San Francisco-based uBiome got its start in 2012 from a Kickstarter campaign, a crowdsourced platform. The FBI raided uBiomes’s San Francisco offices in April 2019 due to a criminal investigation into the company’s billing practices. uBiome lined up around US$ 8 million in debt financing from 8VC and Silicon Valley Bank to continue operations and find a suitable buyer.
uBiome raised more than US$ 100 million in venture capital funding, from investors such as 8VC and Y Combinator.
