Investing in Innovation Africa (i3), a Pan-African initiative backed by the Gates Foundation and major pharmaceutical companies, has announced a $1.6 million investment program to support 15 promising healthtech startups across Africa. This marks the third funding cohort embarked on by the company since 2021.
The program plans to distribute $50,000 equity-free grants to ten early-stage startups and up to $225,000 each to five growth-stage companies focused on healthcare delivery, pharmacy services, and product distribution. This targeted approach represents a shift from previous years, where i3 supported larger cohorts of 60 startups across 16 African countries.
“With the right resources, African-led companies can scale commercially while reaching underserved communities,” said Dr. Uchenna Igbokwe, CEO of SCIDaR, which coordinates the initiative alongside Salient Advisory.
The investment comes at a crucial time for Africa’s healthtech sector, which received only 6.5% of the continent’s total venture capital funding in early 2024, amounting to $42.2 million. Since its launch, i3 has demonstrated significant impact, facilitating over 450 introductions to key health agencies and governments, resulting in $11 million in contracts for portfolio startups, and creating 942 new jobs.
To qualify, early-stage startups must show proven product-market fit with annual revenues exceeding $10,000, while growth-stage companies need to demonstrate national-level operations and minimum revenues of $500,000.
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Beyond funding, selected startups will receive strategic customer introductions, partnership facilitation, and tailored support. The program aims to create over 150 strategic connections with healthcare organizations and generate $30 million in contracts across Africa.
Beneficiaries of previous cohorts include Nigerian startups Wella Health, Famasi, and Healthtracka.
Application for the current cohort is open till February 28, 2025. Selected startups to be announced on April 30.
Interested startups can apply by visiting https://innovationsinafrica.com/application/
