Nigerian Health Tech Company, 54Gene Secures $25million Funding
54gene, a Nigerian health tech company advancing African genomics research for improved global health outcomes, has secured $25M in a Series B round.
The round was led by Cathay AfricInvest Innovation Fund with participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and others.
In April of 2020, the biotech startup closed a $15 million Series A.
Their recent funding brings the company’s total investment to over $45M since it was founded by Dr. Abasi Ene-Obong in 2019. The company continues to lead the new generation of health technology in Africa. In December of 2020, 54gene unveiled the first genome sequencing lab in Nigeria in partnership with Illumina, an American biotech company.
During the major heat of the pandemic, 54gene worked closely with Nigeria’s Center for Disease Control (NCDC) in conducting COVID-19 tests across the country and played a pivotal role in purchasing necessary equipment like PPE, test kits, and others needed to combat the virus.
The company says it plans to use the new funding to expand its capabilities in drug discovery in Africa for Africans and the global population. As part of its expansion plans, 54gene will focus on sequencing, target identification and validation, and precision medicine clinical trials.
The company also plans to use this new funding to enter more African countries.