In a bid to boost Africa’s health tech landscape, Investing in Innovation Africa (i3)—a Gates Foundation-supported initiative—has announced $1.6 million in grant funding for 15 health tech startups across the continent.
The initiative, backed by major healthcare players like Sanofi’s Global Health Unit, will provide $50,000 in equity-free grants to 10 early-stage startups, while five growth-stage startups will receive up to $225,000 each. The goal? To accelerate healthcare innovation, pharmacy services, and product distribution across Africa.
Venture capital funding in Africa has faced a significant decline, with healthtech startups securing the smallest share of investments. In the first half of 2024, healthtech companies raised only $42.2 million, accounting for just 6.5% of total funding across the continent.
This funding gap makes i3’s investment more critical than ever, as the program aims to bridge financing shortages and support scalable African healthtech startups.
“With the right resources, African-led companies can scale commercially while reaching underserved communities,” said Dr. Uchenna Igbokwe, CEO of SCIDaR, which co-manages the i3 initiative with Salient Advisory.
Since its launch in 2021, i3 has invested $3 million into 60 startups across 16 African countries. In its previous cohort, it funded 29 startups, including Nigerian healthtech companies Wella Health, Famasi, and Healthtracka.
Who Can Apply for i3’s Healthtech Grants?
For this third cohort, i3 is targeting startups with a proven market fit and solid revenue traction. Here’s a breakdown of eligibility:
Early-Stage Startups (10 Selected)
- Must have annual revenues exceeding $10,000
- Should demonstrate a scalable product-market fit
- Will receive $50,000 in equity-free funding
Growth-Stage Startups (5 Selected)
- Must have national operations in at least one African country
- Should generate at least $500,000 in annual revenue
- Will receive up to $225,000 in funding
Aside from financial support, i3 provides startups with strategic customer introductions, partnership facilitation, and access to market opportunities.
The initiative also aims to create over 150 strategic healthcare connections and unlock $30 million in contracts, while generating local employment across Africa.
How to Apply for i3’s Healthtech Funding
Application Deadline: February 28, 2025
Startup Selection Announcement: April 30, 2025
Virtual Q&A Session: February 21, 2025
Healthtech founders interested in securing equity-free funding and high-impact partnerships can apply now to be part of the 2025 i3 cohort.
Visit i3’s official website to apply before the deadline!
If you’re an African healthtech startups founder looking for additional funding opportunities, the Tony Elumelu Foundation (TEF) Entrepreneurship Programme is another great option to explore. TEF offers $5,000 in seed capital, mentorship, and business training to African entrepreneurs across various sectors, including healthcare. Applications for the 2025 TEF Program are now open—learn more and apply here.
