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54gene cuts 25% of its already lean workforce amid a fresh change in management

54gene cuts 25% of its already lean workforce amid a fresh change in management

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54gene, the Washington-based Nigerian genomic company, has carried out another round of layoffs. This time, according to two sources close to the event, about 10 employees were affected, representing 25% of its already lean workforce. Per our source, the company now has less than 30 people working across its functions.

Washington-based Nigerian genomic company 54gene has carried out another round of layoffs, with 10 employees representing 25% of its current workforce affected, according to two sources. The company now has fewer than 30 people across its functions. In response to TechCabal's enquiry, 54gene confirmed the layoffs and explained that its new leadership is focused on prioritising its core mission and positioning the company for future success. The layoffs follow a down round investment, which saw the company's valuation fall from $175m to $50m, and the exit of co-founder and CEO Abasi Ene-Obong in October 2022.


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