Nigeria’s genomics research, services, and development startup, 54gene, has raised $15 million (KSh 1.6 Bn) in its Series A round of funding.
Investors who took part in the funding are Adjuvant Capital, Raba Capital, V8 Capital, Ingressive Capital, Aera VC, Y Combinator, Better Ventures, Fifty Years, KdT Ventures, and Pioneer Fund.
According to the firm, they will use the money to scale operations in Africa and explore partnerships and opportunities for the co-development of drug targets.
We will expand our collaborations in Africa with both public and private stakeholders, and invest in setting up a state-of-the-art research lab with high-throughput genetic processing and BSL 3 capabilities in Nigeria, and ensuring that we build some of our innovative pipelines on the African continent.54gene Founder and CEO, Dr Abasi Ene-Obong
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.
The latest round brings 54gene’s total VC investment to $19.5 million after it raised a $4.5 million seed round last year.