Investing in Innovation Africa (i3), a Gates Foundation-backed group of donors, pharmaceutical manufacturers and African government institutions will invest $1.6 million in 15 healthtech startups across the continent.
The initiative will give $50,000 equity free grants to ten early stage startups and up to $225,000 each to five early stage startups who are solving problems in healthcare delivery, pharmacy services, and product distribution. Now in its third cohort, i3 will select early-stage startups that have a proven product-market fit and annual revenues exceeding $10,000, while growth-stage companies must demonstrate national-level operations and revenues of at least $500,000.
This comes amid a decline in venture capital funding in Africa. Healthtech startups have received the smallest chunk of funding in the past year. They raised $42.2 million in the first half of 2024—-about 6.5% of the total fund raised.
Funded by global healthcare heavyweights including the Gates Foundation and Sanofi’s Global Health Unit, i3 will provide 15 African startups with a mix of financial, market, and partnership support to improved access to healthcare.
“With the right resources, African-led companies can scale commercially while reaching underserved communities,” said Dr. Uchenna Igbokwe, CEO of SCIDaR, which coordinates i3 alongside Salient Advisory.
Since its launch in 2021, i3 has invested $3 million in 60 startups across 16 African countries. In its second cohort, i3 funded 29 startups, including Nigerian startups Wella Health, Famasi, and Healthtracka, with a $50,000 equity-free grant.
Beyond funding, i3 will provide startups strategic customer introductions, bespoke deal facilitation, and tailored partnership readiness support. The program also seeks to drive impact through over 150 strategic connections with healthcare organizations, aiming for $30 million in contracts while creating local jobs across Africa. Applications close on February 28, 2025, with selected startups to be announced on April 30. A virtual Q&A session on February 21 will address potential applicants’ questions.
