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Nigeria’s 54gene raises $25m Series B. 1 other thing and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s 54gene raises $25m Series B

In a bid to advance global drug discovery capabilities, Nigerian startup 54gene has secured US$25 million in a Series B round.

The startup, which is a health technology company advancing African genomics research for improved global health outcomes, will use the fund to advance its capabilities to contribute to global drug discovery.

In 2019, the startup was launched as a research, services and development company.

Since its inception, it utilises 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 wider global population.

Recall Ripples Nigeria reported that the startup raised a US$15 million Series A round last year.

The new US$25 million Series B was led by Cathay AfricInvest Innovation Fund, and saw the participation of Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and others.

Today, the new raiser brings 54gene’s total investment to more than US$45 million.

READ ALSO: TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Tech Trivia: What is the name of Elon Musk’s aerospace company?
A. SpaceLink
B. SpaceX
C. SpaceAero
D. SpaceFinder
Answer: See end of post

2. Nigerian agritech startup Releaf raises $4.2m in seed funding

Releaf, a Nigerian agritech startup, has announced raising US$4.2 million in seed equity and grant funding.

The startup develops proprietary hardware and software solutions to drive the industrialisation of food processing in Africa.

The new raiser is expected to support the development and scaling of technology solutions for the oil palm sector.

In 2017, the startup was founded as an ecommerce player.

Two years later, it shifted from ecommerce to the palmoil production, an opportunity the founders spotted to be a cash-cow venture.

In 2021, it first deployed its proprietary technology which increases the availability and quality of raw materials for food factories, while the sourcing software connects them directly to more than 2,000 smallholder farmers.

Today, it continues to use digital technologies including USSD and open banking to work seamlessly with its network of smallholder farmers.

Tech Trivia Answer: SpaceX

SpaceX is an American aerospace company founded in 2002 by Elon Musk that helped usher in the era of commercial spaceflight. Its name in full is Space Exploration Technologies Corporation.

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