54gene
Healthcare startup that aimed to unlock the African genome for genetic research and drug development. Ceased operations in September 2023 after raising $45M. Currently embroiled in legal disputes over asset sales.
Notes
54gene was a healthcare biotechnology company founded in 2019 to address the significant gap in global genomics research, where less than 3% of genetic material used in pharmaceutical research comes from Africa, despite Africans being more genetically diverse than all other populations combined.
The company established Nigeria's first private whole-genome sequencing lab in 2020 and launched the African Centre for Translational Genomics (ACTG) in 2021. Through its Non-Communicable Diseases Genetic Heritage Study (NCD-GHS), 54gene enrolled over 100,000 Nigerians in its biobank.
During COVID-19, 54gene pivoted to diagnostics through Seven River Labs, generating over $20 million in revenue from testing. However, after the pandemic, the company faced severe financial challenges, leading to mass layoffs in 2022 (reducing staff from 300+ to 39) and multiple CEO changes.
Company shut down in September 2023 after attempts to raise additional funding failed. Once valued at $170 million, the company is now embroiled in a legal battle. In July 2025, founder Dr. Abasi Ene-Obong filed a petition accusing the company's largest investors (Cathay AfricInvest Innovation Fund and Adjuvant Capital) of orchestrating its collapse. A Federal High Court in Lagos has blocked the sale of company assets, including biodata of 100,000 Nigerians.
Team
- Abasi Ene-Obong, Ph.D. - Founder & Former CEO (forced to resign October 2022)
- Founded Syndicate Bio in 2023 to continue genomics equity mission
- Oluwatosin Olaseinde - Co-founder
- Teresia Bost - Former Legal Counsel & Interim CEO (October 2022 - March 2023)
- Ron Chiarello - Former CEO (March 2023 - July 2023, resigned citing insolvency)
Additional Research Findings
- Raised $45 million across multiple funding rounds (Series A: $15M in 2020, Series B: $25M in 2021)
- Established first private whole-genome sequencing lab in Nigeria with Illumina NovaSeq 6000
- Built biobank with genetic data from 100,000+ Nigerians
- Founded African Centre for Translational Genomics (ACTG) in 2021
- Seven River Labs diagnostics division generated $20M+ in COVID testing revenue
- Company ceased operations September 2023
- Legal battle ongoing as of 2025 over company dissolution and asset sales
- Founder launched Syndicate Bio in 2023 to continue mission
Sources
Investors
| Name | Location | Type | Stages | Portfolio |
|---|---|---|---|---|
| Adjuvant Capital | Washington, DC, USA | biotech-focused | seedseries-a+3 | 16 |