Nigeria’s healthtech startup 54gene, has raised $25M in a Series B round funding to expand its capabilities to contribute to global drug discovery.
The round was led by Cathay AfricInvest Innovation Fund with participation from from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and several other investors.
This round brings 54gene’s total investment till date to more than $45M since being founded in 2019.
The company says the newly-raised capital will be deployed to expand capabilities in sequencing, target identification and validation, clinical trials and drug discovery for the benefit of both Africans and the global population. The funding will also aid 54gene’s expansion across the African continent, as it advances precision medicine by creating access to accurate diagnostics for African patients.
“It’s truly incredible to witness the impact of African scientists in global research and it is critical to global health that this continues. We want to scale our contribution to global drug discovery by extensively developing life science capabilities on the continent and this additional capital will catalyse our endeavors.” Dr. Abasi Ene-Obong, CEO, 54gene, said.
“In this round we have brought in partners that keep us true to our mission of equalizing healthcare and who can help us replicate our success throughout Africa. We believe the world will benefit from an African global drug discovery company that leverages the deep insights found in genomics research in diverse populations and ensures true equity for the African population. It’s exciting to see our company shift into the next gear as it targets becoming one of the top global companies in genomics research.” Dr Ene-Obong added.
Commenting on the investment, Yassine Oussaifi, Partner at Cathay AfricInvest, said “As a pioneer in genomic and precision medicine in Nigeria, 54gene has built a unique health technology platform leveraging African resources to unlock scientific discoveries for the benefit of African and global communities. ‘’
‘’At Cathay AfricInvest Innovation, we’re dedicated to backing innovative, inclusive solutions that connect African technology and research with global innovation ecosystems to help them scale. 54gene works across drug discovery, molecular diagnostics and clinical trials, boosting access and affordability of various healthcare solutions that will have a positive impact worldwide. We look forward to working with the 54gene team on their development on the continent and beyond.” he added.
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