Nigerian healthtech platform 54gene has secured $25-million in a Series B funding round led by Cathay AfricInvest Innovation Fund. The round also included participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and others.
54gene secures $25-million in Series B funding
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According to reports, the funding will be used to expand and enhance the healthtech startup’s capabilities in target identification and validation, precision medicine in clinical trials. These two areas of growth and development will enable drug discovery in the continent. In addition, 54gene aims to use the funds to expand its footprint across Africa.
Dr. Abasi Ene-Obong, CEO, 54gene comments on the new funding secured and what this means for the tech startup and medicine in Africa.
“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 endeavours. 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.”
According to reports, the innovative healthtech startup has yielded an astounding $45-million in investment funding since its inception in 2019.
Yassine Oussaifi, Partner at Cathay AfricInvest provides insight into why the Venture Capital firm has invested in 54gene.
“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.”
Founded in 2019 with offices in both Washington and Lagos, the healthtech startup is breaking boundaries in the health space as it is advancing African genomics research which will in turn yield positive health outcomes.
The funding will assist the startup in expanding its current genomics and molecular diagnostics division across the continent, providing easier access for patients who require accurate diagnostics and more.
Featured image: Founder of 54gene, Abasi Ene-Obong (Twitter)