Nigeria’s genomics research, services, and development startup, 54gene, has raised $25 million in its Series B round of funding.
Investors who took part in the funding include Pan-African venture capital firm Cathay AfricInvest Innovation Fund, Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Catalyst, and Ingressive Capital.
The firm says it will use the funding to bolster its efforts, and expand further into the African continent. Other use of the funding will be to expand its capabilities in sequencing, target identification and validation, and precision medicine clinical trials.
This funding round comes just a year after the company raised $15 million in Series A, and two years after closing a $4.5 million seed round. In total, 54gene has raised more than $45 million since its inception.
Launched in 2019, the company has headquarters in Washington, DC, with a biobank facility in Lagos. It is a research, services, and development company that utilizes human genetic data from diverse African populations to improve the development, availability, and efficacy of medical products that will prove beneficial to Africans and the broader global community.