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Investing in Innovation Africa (i3), a group supported by the Gates Foundation, pharmaceutical manufacturers, and African government institutions, has announced an investment of $1.6 million to support 15 healthtech startups across the continent.
The initiative, which is in its third cohort, will provide $50,000 equity-free grants to 10 early-stage startups and up to $225,000 each to 5 startups with innovative solutions in healthcare delivery, pharmacy services, and product distribution.
Amid a decline in venture capital funding, particularly in the healthtech sector, i3’s latest initiative aims to boost healthcare access and drive innovation in underserved communities.
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The program will select startups with proven product-market fit and annual revenues over $10,000, as well as growth-stage companies with national operations and at least $500,000 in revenue.
Funded by major global healthcare institutions, including the Gates Foundation and Sanofi’s Global Health Unit, i3 has already invested $3 million in 60 startups since its launch in 2021. With this new round of funding, i3 seeks to expand its impact by creating over 150 strategic partnerships, aiming for $30 million in contracts and contributing to local job creation across Africa.
Applications for the program close on February 28, 2025, with selected startups to be announced on April 30.
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