Africa: Gates Foundation-Backed I3 to Invest $1.6m in African Health Startups

27 January 2025
Daba Finance (Abidjan)

TLDR

  • Investing in Innovation Africa (i3) plans to invest $1.6 million in 15 African healthtech startups
  • i3 is supported by the Gates Foundation, Sanofi, and other global health organizations
  • Applications close February 28, with winners announced April 30

Investing in Innovation Africa (i3), supported by the Gates Foundation, Sanofi, and other global health organizations, plans to invest $1.6 million in 15 African healthtech startups. Ten early-stage startups will receive $50,000 equity-free grants, while five growth-stage companies will get up to $225,000 each.

Now in its third cohort, i3 targets startups addressing healthcare delivery, pharmacy services, and product distribution. Early-stage applicants must show proven product-market fit and annual revenues above $10,000, while growth-stage startups need national operations and revenues exceeding $500,000.

The initiative comes as African healthtech startups struggle with limited venture capital funding, having secured just $42.2 million--6.5% of total funding--in the first half of 2024. Since its 2021 launch, i3 has invested $3 million in 60 startups across 16 African countries. Selected startups gain financial backing, tailored partnership support, and strategic connections with healthcare organizations. Applications close February 28, with winners announced April 30.

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Key Takeaways

i3's initiative highlights the critical need for healthtech funding in Africa, where underserved communities face barriers to healthcare access. By combining grants with strategic support, i3 aims to help startups scale commercially and impact local healthcare systems. The program's emphasis on partnership facilitation, bespoke deal-making, and customer introductions addresses challenges faced by startups in reaching broader markets. With prior beneficiaries like Nigeria's Wella Health and Healthtracka demonstrating success, i3's new cohort aims to catalyze innovation across the continent. As venture capital funding declines, such initiatives play a pivotal role in sustaining the growth of Africa's healthtech ecosystem, ensuring long-term resilience and impact.

Read the original article on Daba Finance.

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