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Deal: 54gene closes $25 Million Series B round

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54gene, the health technology company advancing African genomics research for improved global health outcomes, has secured $25 million in a Series B round.

The round was led by Cathay AfricInvest Innovation Fund. The round also included participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital, and others, according to Disrupt Africa.

This round comes a year after the company raised $15 million in Series A and two years after closing a $4.5 million seed round. This brings the company’s total investment to date to more than $45M since being founded in 2019.

Founded by Dr. Abasi Ene-Obong, 54gene is pioneering the inclusion of the African genome in research. The company is re-imagining a world where precision medicine is equalized and everyone can live longer.

The new capital raised will be deployed to expand 54gene’s capabilities in sequencing, target identification and validation, and precision medicine clinical trials enabling drug discovery in Africa for both Africans and the global population. The new capital will also enable the company to begin its expansion across the African continent.

54gene will also be expanding its genomics and molecular diagnostics division across Africa, ensuring that African patients get access to accurate diagnostics and enabling the application of precision medicine in the clinical setting throughout the continent.

To lead this new business unit, the company has brought in Michelle Ephraim, as General Manager Diagnostics Pan-Africa. Michelle has held various sales leadership roles across Africa for Leica Biosystems, PerkinElmer, and Merck Millipore.

What they are saying

Dr. Abasi Ene-Obong, CEO, 54gene, commented: “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.”

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.

Yassine Oussaifi, Partner at Cathay AfricInvest, commented: “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.”

Source: Nairamatrics.com

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