54gene raises $15 million to boost African genetic code, as venture capital hits $19.5 million

54gene has raised $15 million during a Series A round to intensify its collection of African genetic code, which is used for health research and drug development. This was disclosed in a statement issued by the company and seen by Nairametrics.

Participants at the fundraising: The new investment was led by New York-based Adjuvant Capital, while Raba Capital, V8 Capital, Ingressive Capita, Y Combinator, Better Ventures, Fifty Years, KdT Ventures, Aera VC and Pioneer Fund participated in the Series round.

What it means: The new investment takes 54gene’s venture capital to $19.5 million, as it had secured a Seed round of $4.5 million in July 2019. 

Founder, 54gene, Abasi Ene-Bong said“This funding comes at a historically meaningful time, allowing us to deliver global impact through continued investment in research and strategic partnerships with leaders in the biomedical industry. We want to support the crucial work of our partners in Africa while improving global health and are committed to promoting a safe, ethical and beneficial research practice.” 

The Managing Partner of Adjuvant Capital, Jenny Yip, stated “There is enormous potential in expanding the reach of global drug and vaccine discovery by including more diverse populations in research efforts. 

“We were impressed by 54gene’s commitment to building a world-class network of African clinicians and geneticists and are excited to work with them as they scale and seek to drive meaningful improvements in global public health.” 

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