Startup 54gene has decided to layoff some employees again

According to two sources close to the event, Washington-based Nigerian genomic company 54gene has recently laid off about 10 employees, which represents a quarter of its already lean workforce. The company now has less than 30 employees across all of its functions. According to sources, 54gene confirmed the layoffs, stating that certain job roles were redefined or eliminated as part of the company's efforts to prioritize its core mission and position itself for future success.

At the beginning of 2022, 54gene had over 300 employees, but due to financial difficulties, the company's headcount dwindled to just 39 by the end of the year. This led to a down round investment that reduced the company's valuation from $175 million to $50 million, and the departure of its co-founder and CEO, Abasi Ene-Obong, in October. The board then appointed Teresia Bost, the company's general counsel at the time, as interim CEO. Last week, the company announced a complete management overhaul in preparation for additional funding, with Bost moving into an advisory role and Ron Chiarello, a serial entrepreneur based in San Francisco, taking over as CEO.