Quick Read: Investing in Innovation Africa (i3) will invest $1.6 million in 15 African healthtech startups to boost healthcare innovation. Ten startups will receive $50,000 each, while five others may receive up to $225,000 based on revenue and growth criteria. Beyond funding, i3 offers mentorship, market access, and partnerships to enhance healthcare delivery. Applications close on February 28, 2025, with winners announced on April 30.
Investing in Innovation Africa (i3), supported by the Gates Foundation, donors, pharmaceutical manufacturers, and African government institutions, is set to invest $1.6 million in 15 healthtech startups across Africa. This initiative aims to strengthen the healthcare ecosystem by empowering companies tackling challenges in healthcare delivery, pharmacy services, and product distribution.
Equity-Free Grants for Early-Stage and Growth-Stage Startups
i3 will provide $50,000 equity-free grants to ten early-stage startups and up to $225,000 each to five additional early-stage startups. To qualify, startups must demonstrate a viable product-market fit with annual revenues exceeding $10,000. Growth-stage companies are required to operate at a national level and have annual revenues of at least $500,000.
A Timely Boost Amid Declining Healthtech Funding
This investment arrives during a downturn in venture capital across Africa. In the first half of 2024, healthtech startups raised only $42.2 million, representing just 6.5% of total funds raised across all sectors. By supporting 15 promising startups, i3 aims to reverse this trend and foster innovation in the healthtech space.
Backed by Global Healthcare Leaders
The initiative is supported by leading global organizations, including the Gates Foundation and Sanofi’s Global Health Unit. Alongside financial assistance, startups will benefit from access to markets, strategic partnerships, and mentorship to expand their reach and impact.
Driving Impact Across Africa
Since its inception in 2021, i3 has invested $3 million in 60 startups across 16 African countries. In the previous cohort, notable companies like Wella Health, Famasi, and Healthtracka received $50,000 equity-free grants. The program not only funds startups but also creates strategic connections with healthcare organizations, targeting $30 million in contracts and generating jobs throughout the continent.
Application Timeline and Support
Applications for this funding round close on February 28, 2025, with the selected startups announced on April 30. To support potential applicants, i3 will host a virtual Q&A session on February 21 to address any questions about the application process.
This initiative seeks to inspire growth, innovation, and accessibility in Africa’s healthtech sector, fostering long-term benefits for underserved communities.
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