54gene valuation cut by $100m
1Since it was accepted into Y Combinator in 2019, the genomics startup with offices in Washington and Lagos has been regarded as the crown jewel of Africa's budding biotech industry. As of right moment, 54gene is valued at roughly $50 million, down from the $170 million it had when it obtained its Series B funding. According to sources, the deal closed at a 3x to 4x liquidation preference, which meant that investors would receive a triple or quadruple return on their investment in the event of a withdrawal. Liquidation preferences indicate that investors desire to safeguard themselves in the event that a growth-stage portfolio business is sold for less money than anticipated. According to a statement from 54gene, its former CEO "will continue to help the firm in its future goals, including funding and strategic alliances."
Source: https://techcrunch.com/2022/10/28/54gene-valuation-slashed-by-over-100m-amid-job-cuts-and-ceo-exit/
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