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The African population offers greater genomic diversity in comparison to any other people group in the world, according to Science. Despite this, most genetic research is conducted in European countries, raising concerns for the integrity of medical research. This is why Nigerian-based startup 54gene is combatting the discrepancies in genomic research through its health technologies. The advancements will provide medical discoveries for the African population and the diaspora. To date, the genomic startup founded by Dr. Abasi Ene-Obong has collected over 300,000 genomic samples. The companies efforts will expand its medical discoveries thanks to $25 million raised in a Series B funding round, a press release states. The round was led by capital firm Cathay AfricInvest Innovation Fund and included Plexo Capital, KdT Ventures, Ingressive Capital, Adjuvant Capital, Endeavor Capital and more. The company’s promising impact on the future of drug and health research is drawing in...
Damilola Olokesusi — the founder of Shuttlers — has joined the small percentage of women who have received major funding from venture capital in Africa during 2021. After experiencing her own trouble securing transportation in Nigeria, Olokesusi would later become driven to find a solution to combat transportation insufficiencies. Her startup Shuttlers was created in 2016 to transport professionals and organizations from buses to work and combat the continent’s transportations costs in Lagos, Nigeria. Now, the company can further its mission with the help of a successful seed round totaling $1.6 million from investors housed in Nigeria and beyond, TechCrunch reports. The round was led by VestedWorld, a venture capital firm based in Chicago, IL, and Africa. Other investors included Rising Tide Africa, Launch Africa, EchoVC, Consonance Investment, CcHub Syndicate, CMC 21 & Alsa, ShEquity, Five35, Sakore and Nikky Taurus. Olokesusi acknowledges the interest for these investors was due...
The African continent has experienced severe challenges in its pharmaceutical supply chains for decades leaving many people without access to medication. TechCrunch reports, “In response, the co-founders created and piloted a tech-based platform in 2015 linking manufacturers with distributors. This plan failed to take-off as it immediately became clear that a platform alone would not suffice.” In 2017, the outlet reports, those co-founders Chibuzo Opara and Adham Yehia launched DrugStoc officially to connect drug store companies with hospitals and pharmacies in Nigeria. The new model, however, proved to be successful due to new infrastructures such as fulfillment centers and warehouses to facilitate orders, packaging, shipment of products, and customer support units. Since its inception, the e-health drug procurement platform has delivered pharmaceutical products to 100 million people and has connected 400 manufacturers to 3,200 doctors, hospitals and pharmacies. The company plans...
Designed to make Africa’s payment system as simple as a phone call, MFS Africa has coined the title of the continent’s largest digital payment gateway. According to TechCrunch, the fintech has received funding totaling $100 million in a Series C round distributed between $70 million equity and $30 million debt. The round was led by private equity fund AfricInvest FIVE alongside Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, Endeavor Harvest, and ShoreCap III also participated in the round. The recent funding marks a new chapter for founder and CEO Dare Okoudjou, who has never had funds reciprocated from their personal acquisitions and investments by fintech on the continent. The London-based company was backed by the principle of making the transaction of money simple and easier for Africans. Combining over 320 million mobile money wallets throughout over 35 African countries and 700 corridors, the payment giant facilitates the...
Queen Latifah is debunking the false stereotypes of obesity in her latest campaign with pharmaceutical company Nova Nordisk. AfroTech previously reported that Queen Latifah signed an audible deal to highlight activists in different sectors. Now, her latest venture hits closer to home as she tackles an issue that has loomed over her career for decades. Conceptualized with director Chris Robinson, “It’s Bigger Than Me” allows Latifah to share her experience of living with obesity through four impactful and creative video snippets. View this post on Instagram A post shared by It's Bigger Than Me (@itsbiggerthan) As a star in the industry, Latifah developed insecurities struggling to maintain a healthy weight in the limelight. The Hollywood actress first learned she was obese upon working with a trainer for a movie role earlier in her career. “I fell into the category of obesity, and it took a trainer to educate me about what it was when I was trying to lose weight for a project,”...