i3 to Invest $1.6 Million in African Healthtech Startups for Innovation Growth

Investing in Innovation Africa (i3), a Gates Foundation-backed initiative, will invest $1.6 million in 15 African healthtech startups to enhance healthcare delivery, pharmacy services, and product distribution. The funding includes $50,000 equity-free grants for 10 early-stage startups and up to $225,000 for five growth-stage companies that meet revenue criteria.

This initiative comes amid a decline in venture capital funding for African healthtech, which raised only $42.2 million in the first half of 2024, making up just 6.5% of total investments. Supported by major healthcare players, including Sanofi’s Global Health Unit, i3 also offers startups market access and strategic partnerships to scale their impact.

Since 2021, i3 has invested $3 million in 60 startups across 16 African nations. The program aims to foster 150+ strategic connections, unlock $30 million in contracts, and create jobs across the continent. Applications close on February 28, 2025, with final selections announced on April 30. A virtual Q&A session is set for February 21 to guide applicants.

Source: Innovation Village