i3 Africa To Finance African Startups In Health Sector

Investing in Innovation(i3) Africa  has reiterated its commitment to financing African startups in healthcare supply chains.

This is even as it is calling for leading innovators to join its second cohort.

i3 Africa is a pan-African initiative for start-ups building the future of healthcare supply chains.

Funded by the Bill & Melinda Gates Foundation and sponsored by AmerisourceBergen, Merck Sharpe & Dohme (MSD), Microsoft and Chemonics, i3 is supporting the commercialisation of 60 promising early- and growth-stage companies.

The programme connects African-led supply chain innovators to donors, industry, and government partners, to power start-ups’ growth and impact. Selected start-ups receive targeted introductions to customers to support commercialisation and impact, a $50,000 grant, and tailored investment readiness support. i3 is particularly focused on selecting women-led companies and those operating in Francophone regions.

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The first cohort, selected in September 2022, featured 31 innovators enhancing access to health products across more than 24,000 hospitals, clinics, and pharmacies in 26 African countries.

To date, the i3 programme has facilitated 200+ introductions between the cohort, the sponsors, and potential partners such as USAID, The Global Fund, Benshi.aI, i+Solutions, Chemonics, John Snow Inc., FHI360, Madiro Foundation, government representatives from Nigeria’s Federal Ministry of Health, representatives from Ekiti and Lagos state, and more.

i3 has featured cohort companies on CNBC Africa, at the World Cup, the Africa Health Agenda International Conference, the forthcoming Africa CEO forum, and more.

More than 17 innovators have secured partnerships and pilot projects to date. Applications for the second cohort are open now until June 26th while selected start-ups will be announced on September 14th.

Director, Sustainable Access Solutions, Global Market Access, at MSD, Yusuf Rasool, in a press statement, made available to LEADERSHIP, said: “Expanding access to medicines requires a new way of thinking that taps into the incredible talent we have across the continent. We can find African solutions for African challenges by bringing together government, industry, and donors to create the scaffolding for entrepreneurs to succeed.

“MSD is proud to partner with i3 to find, meet and partner with the next generation of African health care companies that are finding innovative ways to solve tomorrow’s healthcare challenges today.”

In the same vein, director, Global Health Agencies and Funds, at the Bill and Melinda Gates Foundation, Kieran Daly,  added that, “i3 intends to jump-start a new way of doing business across aid, industry, and government partners to support local innovation – starting with health care supply chains.

“With our partners, we’re building a network across the African continent to help structure commercialization support for start-ups, to accelerate their growth and public health impact. We believe local, data-driven innovators closest to the delivery challenges are critical to building the resilient, agile, and responsive supply chains we need.”