Home Startups Gates Foundation-Backed i3 to Invest $1.6M in African Health Startups

Gates Foundation-Backed i3 to Invest $1.6M in African Health Startups

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Investing in Innovation Africa (i3), a collaborative initiative backed by the Gates Foundation, a consortium of donors, pharmaceutical manufacturers, and African government institutions, will invest $1.6 million in 15 healthtech startups across the African continent.

The initiative aims to enhance healthcare delivery, pharmacy services, and product distribution by providing financial support to innovative companies addressing critical challenges within the sector.

i3 will award $50,000 in equity-free grants to ten early-stage startups.

Five additional early-stage startups will receive grants of up to $225,000 each.

Eligibility criteria for early-stage startups include:

  • Demonstrated viable product-market fit.
  • Annual revenues exceeding $10,000.

Growth-stage companies must meet the following criteria:

  • Evidence of national-level operations.
  • Minimum revenue of $500,000.

This funding initiative is particularly significant as venture capital investment in Africa is experiencing a downturn, with healthtech startups receiving the smallest share of funding in the past year.

In the first half of 2024, healthtech companies raised only $42.2 million, accounting for approximately 6.5% of the total funds raised across all sectors.

Backed by prominent global healthcare organizations, including the Gates Foundation and Sanofi’s Global Health Unit, i3 aims to provide a comprehensive support package to 15 African startups. This support will encompass not only financial assistance but also market access and partnership opportunities, ultimately improving healthcare accessibility across the continent.  

Since its inception in 2021, i3 has invested a total of $3 million in 60 startups across 16 African countries.

In its previous cohort, i3 funded 29 startups, including notable Nigerian companies such as Wella Health, Famasi, and Healthtracka, each receiving a $50,000 equity-free grant.   

In addition to financial support, i3 will offer startups:

  • Strategic introductions to potential customers.
  • Bespoke deal facilitation.
  • Tailored partnership readiness assistance.

The program aims to create a significant impact by fostering over 150 strategic connections with healthcare organizations, targeting $30 million in contracts, and generating local job opportunities throughout Africa.

Applications for this funding opportunity will close on February 28, 2025, with the selected startups to be announced on April 30.

A virtual Q&A session is scheduled for February 21, providing an opportunity for potential applicants to address questions regarding the application process.

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