Yale Africa Startup Review’s Post

Congratulations to PHARMARUN, #Healthtech startup featured in the 2024 #yasr30 list by the Yale Africa Startup Review. PHARMARUN is a pre-seed Nigeria-based startup founded by Teniola Adedeji and Lola Aderemi. According to the founders , “Over 600 million Africans face barriers to accessing quality medication. This is due to extremely fragmented health systems, high out-of-pocket spending and indirect costs associated with treatment, which leads to delayed treatment plans and a lack of adherence...the persistent challenges in accessing quality healthcare services pose a major threat to public health and contribute to the spread of preventable diseases and the rise of chronic illnesses in the region.” At PHARMARUN, Teniola Adedeji and Lola Aderemi have built an on-demand platform that offers a convenient solution to fragmented access to essential medications. They are aggregating a network of pharmacies to provide the largest medication inventory and increase affordability, enabling users to access their medication when and where they need it. Join the Review sharing these stories of innovation, grit & courage! A huge thank you to the editorial team, Africa VC colleagues, corporates and conference partners - https://lnkd.in/dc96NxFe FirstCheck Africa, TLcom Capital LLP, Enygma Ventures, Sahara Ventures, CRE Venture Capital, Launch Africa Ventures Kemi Kakonge-Ruyondo, Didace Bienvenu Irafasha, Wubrest Bekele, MD, Olushola Aina, Ehizele (Dean) Okoduwa, Amar Kakirde, Christopher Wayland, Sharon M., Khalid Oluyadi, Lina Kacyem, CPCU, Daniel Mainye and Samuel Kitara Yale MacMillan Center, Yale Center for Business and the Environment, Tsai Center for Innovative Thinking at Yale (Tsai CITY), GitHub, Twilio, Amazon Web Services (AWS), Zendesk for Startups, MongoDB,Yale Office of International Affairs, Yale Jackson School of Global Affairs and more

++ Nigerian Start-ups Lead AI Innovation Race at GITEX AFRICA, Showcasing Tech Talents and Ventures ++ Nigerian start-ups are leading an epic AI innovation race with innovative digital solutions solving cross-continental challenges, as the very best from Africa’s largest economy take centre stage at the rising Silicon Valley’s largest tech and start-up event in Morocco next month. "Our product stands out as Africa’s first AI-powered ecosystem for diabetic care.  FundusAI offers automated diagnosis, appointment scheduling, treatment referrals, and community support. Additionally, our gamified data collection ensures personalised healthcare insights." - Abulmalik Adeyemo, CEO and Founder, FundusAI "More than 60 percent of smallholder farmers in Nigeria lose nearly half of their post-harvest yield because they can’t readily access buyers for their products. Farmatrix democratises purchase orders, guaranteeing end-to-end market, secure storage facilities, and trusted logistics services for every farmer and agro-commodity aggregator in our network." - Nyafamu Manzo, Founder, Farmatrix "In Nigeria, the Ministry of Communications, Innovation, and Digital Economy is training three million tech talents over the next four years, and that’s the kind of thing we want to see across the continent. Africa needs to build AI products, and we need to be thinking about regulation, not just from a safety perspective, but about regulation that encourages productivity, allowing us to be producers (of AI) rather than just consumers – and that’s going to require a ton of tech talent." - Tomiwa Aladekomo, CEO, Big Cabal Media #techafricanews #africa #nigeria #communications #innovation #digitaleconomy #productivity #artificialintelligence

🚀🚀 CALL FOR STARTUPS 🚀🚀 UM6P Ventures focuses on #health technologies in Medical #Biotechnology, #MedicalDevices and Diagnostics, #Genomics and Precision Medicine, #Healthcare Analytics and #AI. 📢 📢 WHAT WE OFFER? - Significant investment tickets between $100k and $500K for pre-seed and seed rounds. - Business expertise, resources, and capabilities to support #startup launch and growth. - Access to best-in-class labs and resources through the UM6P community. - Support through our Subject Matter Experts network. - Training and expertise from our network who have commercialized technologies through millions around the world. - Access to markets throughout our partners networks in Morocco, Africa, Europe, and other countries across the world. 🙋♂️🙋♀️ WHO IS ELIGIBLE? To assess applications, our sourcing team will refer to the following criteria: - Have at least one co-founder from Morocco or the Moroccan Diaspora. - Have a scalable innovative solution with a clear economic and sustainable impact related to the following #Deeptech sectors (Agriculture, Greentech, and Healthtech). - Is at an early stage (pre-seed, seed) (i.e., have a Proof of Concept and have an early adopter’s base). - Minimum viable product (TRL4-TRL6). Apply for free here 👉 https://scoutive.es

2023 was a rollercoaster for global startups, facing a decline in deals and funding. While many African tech sectors followed this trend, the health tech ecosystem stood out. The Briter Bridges Africa 2023 Investment Report revealed that health tech was the third-highest funded sector on the continent, following fintech and cleantech. Insights from the Next HealthTech Africa Funding Tracker suggests that $171M in investment went into African health tech in 2023. Despite economic challenges, strong African health tech players showcased resilience. The year saw some M&A activity, highlighted by notable acquisitions such as Evercare Group Hospital's acquisition of Doctoora Consulting, Penda Health acquiring Grace Health, Grinta’s acquisition of Auto-Cure, and more. Key trends included e-pharmacy/medical supply chain startups dominating funding, exemplified by Yodawy's $16M Series B (Feb 2023), MYDAWA’s $20M round (July 2023), and Remedial Health (YC W22)’s $12M Series A (July 2023). While the 'Big Four' (Nigeria, Egypt, South Africa, Kenya) grabbed 70% of funding, many innovations also emerged outside, as seen with Somaliland's CAAFiSOM and the Africa Healthcare Network's (AHN) success. Despite 2023's hurdles, global support for African health tech kept the momentum alive. Dive into more details with this year's 2023 Next HealthTech Africa Funding Recap and subscribe to the newsletter for weekly insights! https://lnkd.in/eqz9r94n #healthtech #africantech #healthcare #healthstartups

Now is the time for Africa to empower itself by embracing data as a strategic asset. With the world becoming increasingly data-driven, it is crucial that African startups take advantage of innovative data collection methods and harness the power of advanced analytics to build cutting-edge solutions that meet the needs of the 21st century. By collaborating with stakeholders and experts in the data industry, Africa can leverage this valuable resource to drive innovation and create solutions that will positively impact society. From improving healthcare delivery, to promoting financial inclusion and facilitating better governance, data-driven startups have the potential to revolutionize many areas of African life. I believe that the time has come for African startups to step up and make data their ally. The future of business lies in the ability to effectively harness data to create actionable insights and seize opportunities. I encourage all African entrepreneurs to invest in building the skills and resources necessary to succeed in this data-driven era. Africans solving Africa's problems.... in my voice though.... A good read from TechCabal https://lnkd.in/dGQTiESB #DataAsAnAsset #Innovation #Collaboration #Analytics #StartupEcosystem #AfricanEntrepreneurs #AI #ActionableInsights #FutureOfBusiness #AfricaRising #africa #startups #building #entrepreneurs

📢African Union Unveils New Fund For Investment In Biotech & AI Startups. The goal, according to the African Union , is to channel investments to create a massive impact on health, trade, local manufacturing and job creation through a new framework called the 4D pact, which derives its objectives from Agenda 2063, the AU’s overarching blueprint for making Africa a global force to reckon with in the next few decades. Speakers at the 2023 BOMA summit deliberated on ways and means to make Africa competitive in carefully targeted technological domains such as biotech innovation, digital health, artificial intelligence and green economy & cleantech systems. Read More : https://lnkd.in/ea9fGM3E #innovation #artificialintelligence #investment #health #startups #africa #digitalhealth #biotech

In a significant initiative aimed at bolstering Africa's healthcare supply chain, Investing in Innovation Africa (i3), a pan-African project supported by the Gates Foundation, is poised to grant $50,000 in equity-free funding to 29 startups operating within the region. Beyond financial support, these startups will also benefit from guidance in preparing for investment, with Co-creation Hub (CcHUB) assisting west Africa, Startupbootcamp AfriTech covering southern Africa, #IMPACT Lab serving north and francophone Africa, and Villgro Africa supporting east Africa. This impressive cohort of startups has garnered funding from the Bill & Melinda Gates Foundation and sponsorship from notable organizations such as Cencora , Merck Sharpe & Dohme, Microsoft, and Chemonics International. Among the startups being recognized and empowered are Afia Group Limited, Aimcare, BENACARE, INC, BioCertica, #Chari Pharma, and many others, all contributing to the advancement of healthcare accessibility and innovation across the continent. This transformative effort not only provides essential financial backing but also fosters connections with potential clients, donor agencies, and governments, amplifying the startups' impact within Africa's healthcare ecosystem. With this comprehensive support, these 29 startups are well-positioned to make significant strides in addressing healthcare challenges and enhancing the overall well-being of communities across the continent. The collaboration between i3 and its partners underscores a shared commitment to innovation and healthcare excellence in Africa, setting the stage for a brighter and healthier future. #africa #healthtech #healthtechstartup #healthtechinnovation #funding #fundingnews #startup #africanstartups #tech https://lnkd.in/gTmWFaEt

A rise in investors' interest in health tech startups is driving a digital change in Africa's healthcare system. This influx of capital is not only changing how healthcare is provided but also sparking a wave of innovations that could improve the health of millions of people. There are a couple of factors driving investors' interest. 1. The rise of chronic illnesses such as diabetes and heart disease has led to a demand for scalable solutions for prevention and management. 2. The success of early-stage startups has shown that digital health ventures are commercially viable. 3. There is an increasing focus on impact investing, which aligns with the potential of African healthtech to improve health equity and social well-being. Read more : https://lnkd.in/eta3j-6t #Africa #healthtech #invest #innovation

Nine Nigerian Healthcare Startups Receive $50,000 Equity-Free Grant On Monday 18th of September 2023, the Bill Gates Foundation, announced Investing in Innovation Africa (i3), which will be funding 29 Startups in the African healthcare space, to receive a $50,000 equity-free grant. This investment is meant to bolster the healthcare supply chain across the African continent. Nine (9) Nigerian healthcare startups are among the 29 beneficiaries announced. Here's a rundown of the nine Nigerian startups and their specialties. -Famasi: An online pharmacy service that aims to make medication accessible. -Aimcare: A telemedicine platform that provides healthcare consultations remotely. -Afia: Specializes in inventory management solutions for pharmacies. -Drugstore Nigeria: An online platform for purchasing medications. -Healthtracka: Offers at-home lab testing services and digital results. -Octosoft Technologies Limited: Leverages AI to make healthcare accessible and affordable. -Pharmarun: An on-demand pharmacy that delivers medication on the same day. -Pharmaserv Health Project Nigeria Ltd: Focuses on healthcare purchase automation across Africa. -WellaHealth: Provides affordable healthcare plans and has a digital triage bot for guidance. In addition to these Nigerian companies, 20 other startups from across Africa are also part of this initiative. More Than Just Money: In addition to the $50,000 grant, these startups will also get the chance to network with potential customers, donor agencies, and even governments. This means they're not just getting a financial boost; they're getting opportunities that could lead to partnerships, collaborations, and long-term success. What's Next? The i3 initiative is coordinated by Salient Advisory, Southbridge A&I, and the Solina Centre for Research and Development. It's funded by the Bill & Melinda Gates Foundation and sponsored by tech giants like Cencora, Merck Sharpe & Dohme, Microsoft, and Chemonics. The next steps for the selected startups include leveraging this network and funding to scale their operations and make a meaningful impact on healthcare in Africa. Sources: Punch Ng., Business Post To learn more about the various types of funding available to African startups, check out the funding section of our Vazi E-library. https://lnkd.in/dQA7XKmu #africanstartups #equityfreefunding #healthcare #healthtech #startupnews #fundingopportunities

What could go wrong... handing millions of dollars to founders with no financial experience. Interesting investor perspective below from Maya Horgan Famodu, quoting from the 1:30 minute mark: "Now, we are more thoughtful about at the beginning stage making sure that we have financial controls as an oversight and guidance because a lot of this, what I'm realizing is people who just don't have financial training, don't have accounting training, haven't done projections, don't know how to manage, burn." We've been working on the hypothesis that equipping founders with critical strategic finance skills and tools is the best way to improve chances of success For any VCs interested in supporting existing portfolio or screening potential investors, get in touch to see how we can support you