Africa Health Ventures #17: Health Financing Beyond Aid
WHO resolves to explore innovative sources of health financing
The World Health Assembly concluded last week in Geneva. Top of the agenda was a new resolution by member states highlighting the global health financing emergency. As the US, UK, and Germany pull back from aid funding, the role of domestic financing, efficient innovation, and the private sector will play a critical role in making healthcare accessible to all.
What kind of solutions are healthcare ventures in Africa bringing to the table? Read on to learn about 12 deals, 19 opportunities, and 16 events relevant to healthcare founders in Africa.
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Deals
🚨 The South African emergency response startup AURA has raised a €13.5 million Series B ($14.5 million) to expand its emergency response platform into the U.S. and develop a global dispatch network. The South African-founded company connects users with the nearest vetted emergency responders—security, medical, or roadside—via a single API, and currently supports over 1.2 million users across South Africa, the UK, and Kenya.
🤝 Axmed has received a $5 million grant from the Gates Foundation to enhance access to maternal, newborn, and child health (MNCH) medicines across Sub-Saharan Africa. The Swiss healthtech company operates a digital procurement platform that enables pooled purchasing and AI-driven forecasting, aiming to unlock up to $10 million in MNCH procurement by matching government spending dollar-for-dollar.
🚁 SORA Technology has raised a $4.8 million late seed round to expand its AI-powered drone operations across Africa. The Japan-based startup utilizes drones and AI to combat infectious diseases like malaria, delivering medical supplies and forecasting outbreaks in six countries, including Ghana, Kenya, and the DRC.
🛡️ Inclusivity Solutions has raised a $4 million Series A2 round led by 27four Investment Managers’ Nebula Fund, with participation from Goodwell Investments. The pan-African insurtech provides digital and embedded microinsurance products to underserved consumers, aiming to expand into five new African countries and strengthen its platform and team.
💊 iSupply has secured $3 million Sharia-compliant revenue-based financing from Bokra, a MENA-focused digital investment platform. The Egypt-based healthtech startup operates a B2B pharmaceutical distribution platform connecting over 10,000 pharmacies with more than 200 distributors.
🌱Platos Health in Nigeria has raised $1.4 million to scale their new health device Platos Body Monitor. This medical grade device monitors metabolic health giving users access to the data needed to improve their health.
💨Impulse Biomedical in South Africa has received an undisclosed amount of funding from E Squared Investments and ANZA Capital to scale its affordable emergency medicahl devices. The Cape Town-based medtech startup develops innovations like the Easy Squeezy asthma inhaler and the ZiBiPen, a reloadable epinephrine auto-injector.
💊 MyDawa has raised $9.6 million in funding led by Alta Semper, Creadev, Denmark’s Investment Fund for Developing Countries (IFU), Japan’s AAIC Investment, and Ohara Pharmaceutical Co. The Nairobi-based healthtech startup operates a hybrid “brick-and-click” model combining e-pharmacy services with physical distribution networks.
📡 Tespire in Nigeria has secured investment from Alternative Bank to scale its health research project, Asibiti. The startup, founded in 2022, developed the Asibiti Box—a device with built-in internet and management tools—to support digital transformation in public hospitals, with plans to expand into private healthcare facilities.
💶 DEG has invested €13 million in Amethis Fund III, a private equity fund investing in mid-sized companies across North and Sub-Saharan Africa in sectors such as healthcare.
🏧 EG Capital has received signed commitments for over $10 million. EG Capital is a private equity investment firm with a mission to drive sustainable development in high-growth SMEs.
🌍International Finance Corporation (IFC) has announced its investment into AfricInvest’s Small Cap Fund. The fund provides tailored financing for African SMEs in emerging economies in multiple sectors, including healthcare.
News
The leading international science journal, Nature, published a piece on how researchers from the Global South are developing their own generative AI language models. Highlights include the work of Jacaranda Health and Lelapa AI.
Lots of changes are underway at the U.S. Food and Drug Administration (FDA). Massive layoffs have created major bottlenecks in approving medical innovations. At the same time, the FDA also announced the success of a pilot in using generative AI. It intends to continue using such tools to support scientific reviewers by summarizing adverse events, reviewing protocols, and flagging inspection priorities. To this end, the FDA is rebuilding its AI workforce, rehiring key specialists to strengthen its AI and IT strategy. However, the use of AI within the regulatory process itself has raised significant controversy, especially given all the unknowns and biases associated with this technology.
Another significant outcome from WHA in Geneva last week: member states adopted the WHO Pandemic Agreement, a landmark accord aimed at strengthening global preparedness and response to future pandemics. The agreement emphasizes equitable access to vaccines, therapeutics, and diagnostics.
The Ministry of Health in Rwanda seeks to roll out e-Ubuzima, a locally developed digital medical record system, across all 520 public health facilities by December 2025. If successful, this will allow Rwanda to fully phase out paper-based medical records. The system, currently active in 15 districts, enables real-time access to patient data, appointment scheduling, and serves as a communication channel for health updates. Rwanda has also launched the Health Intelligence Center (HIC), a national platform designed to collect, process, and analyze real-time health data to support evidence-based decision-making and improve public health outcomes.
Temi Marcella of the Evercare Health Fund published a piece on the investment opportunity of healthcare in emerging markets. She dives into the opportunity presented by technology-driven solutions, platform-based healthcare delivery, and innovative financing mechanisms to enhance accessibility and efficiency in healthcare delivery, citing the examples of Helium Health, Reliance Health, and M-TIBA.
For the first time, the Global Fund has procured HIV treatment manufactured in Africa. The antiretroviral therapy, known as TLD (tenofovir, lamivudine, and dolutegravir), was produced by a Kenyan pharmaceutical company and delivered to Mozambique, with the supplied volume sufficient to treat over 72,000 people annually. This initiative aims to bolster regional manufacturing capacity in Africa, addressing the significant gap between the high demand for quality-assured health products and their available supply.
Remedial Health, a Nigerian startup streamlining pharmaceutical distribution, ranked third overall and first in healthtech on the Financial Times' 2025 list of Africa’s Fastest-Growing Companies.
Seven companies were recognized by among Africa’s fastest-growing healthcare businesses in 2024, reflecting a mix of digital innovation, infrastructure investment, and specialized care. The list includes players like Lapaire Glasses, Africa Healthcare Network, and Akdital highlighting growth in eye care, dialysis, and hospital services across the continent.
Opportunities
Due June 8: Africa’s Business Heroes (ABH) Prize Competition 2025 offers up to $1.5 million in grant funding to 10 outstanding African entrepreneurs (1st prize is $300K). The competition supports founders across all sectors with training, investor access, and continental exposure. Past winners include Eyone and WellaHealth.
Due June 8: D-Prize Challenge is offering up to $20,000 in startup funding to entrepreneurs who can scale proven poverty solutions in areas like health, education, agriculture, and energy. The focus is on distribution—getting existing interventions to the people who need them most.
Due June 9: TechCrunch Startup Battlefield 200 invites early-stage startups to compete for a $100,000 equity-free prize and global exposure. Selected teams will pitch onstage in San Francisco and gain access to expert coaching, investor meetings, and media coverage.
Due June 13: K-Startup 2025 invites non-Korean startups to apply for a government-backed accelerator program offering up to $633,000 in equity-free funding. The program provides access to top tech companies from Korea.
Due June 15: EY SDG Accelerator for Women Entrepreneurs invites women-led AI ventures in Africa, Latin America, and South/Southeast Asia to apply for a 6-month program supporting solutions aligned with the UN Sustainable Development Goals.
Due June 15: TiE Women invites women-led startups to compete for equity-free cash prizes of 50K USD, mentorship, and global investor exposure.
Due June 15: Pitch2Win 5 by TechCircle offers early-stage, tech-enabled Nigerian startups the chance to win a $10,000 equity-free prize and pitch to over 30 investors at a live event in Lagos on July 30.
Due June 16: Google for Startups Accelerator: AI First (MENA & Turkey) invites Seed to Series A startups building AI-driven solutions to apply for a 10-week, equity-free program. Participants receive up to $350,000 in Google Cloud credits, mentorship from Google experts, and access to technical workshops and networking opportunities.
Due June 24: Cartier Women’s Initiative as part of their regional and thematic awards are recognizing talented impact entrepreneurs who are leveraging business as a force for good.
Due June 27: Meta Llama Impact Accelerator SSA invites startups based in Nigeria, Kenya, Senegal, or South Africa to apply for a 6-week accelerator program focused on building impactful Generative AI solutions using Meta's open-source Llama models. Selected ventures will receive up to $25,000 in equity-free funding, technical training, and mentorship from AI experts.
Due June 30: Kenneth C. Frazier Award for Maternal Health Equity offers a one-time grant of up to $250,000 to a nonprofit organization advancing equitable, respectful, and high-quality maternal health care. Eligible organizations must be nonprofit, led by individuals representative of the communities they serve, and demonstrate measurable impact in maternal health equity.
Due June 30: Kindness in Community Fund 2025 by Born This Way Foundation offers grants of up to $150,000 to youth-led or youth-informed organizations providing free, accessible mental health support. The fund prioritizes nominations from individuals aged 15–24 and supports nonprofits in 21 countries, including South Africa, Brazil, and the United States.
Due June 30: DeveloPPP Ventures is offering the opportunity for startups in South Africa, Ghana, Nigeria, Rwanda, Tanzania and Kenya to scale with funding of €100,000.
Due July 28: Stanford Biodesign Innovation Fellowship 2026–27 is a 10-month, full-time program offering hands-on training in health technology innovation. Open to professionals with advanced degrees or substantial experience in fields like engineering, medicine, business, or design, the fellowship provides a monthly stipend, health benefits, and mentorship from industry experts.
Due July 30: The Big Pitch 2025 – Cape Town Qualifier invites early-stage South African startups to compete for a chance at a $1 million investment.
Due September 7: 2025 Ebbe Nielsen Challenge is calling for innovative tools that leverage biodiversity data to advance open science. Winners will share a prize pool of up to €20,000.
Ongoing: PennPromise Ventures wants to hear from pre-seed and seed-stage startups addressing core challenges in key economic sectors.
Ongoing: The Transform Health Fund is calling healthcare companies in the Southern African Development Community (SADC) to apply for potential investment to support the building of Africa’s healthcare ecosystem. They focus on companies working in healthcare supply chains, care delivery, and digital innovation.
Ongoing: Antler, Nigeria is an 8-week in-person program that offers $100K for 10% in companies that pass the Antler Investment Committee.
Events
June 5-8 in Utah: Sorenson Impact Summit
June 6 in London: Africa Tech Summit London
June 10 in London: Tech in Ghana Conference
June 11-13 in Accra: Africa Impact Summit
June 11-14 in Paris: VivaTech
June 16-18 in Amsterdam: SuperReturn Emerging Markets
June 16-19 in Amsterdam: HLTH Europe
June 19 in Cape Town: SCZA Founder Day 2025
June 24-27 in Cairo: Africa Health ExCon
June 26-28 in New York: NEXUS
July 13-17 in Kiagli: International AIDS Society
July 16-17 in Abuja: Africa Health Business Symposium: Leveraging Innovation to Advance UHC in Africa
August 27-29 in Nairobi: Transforming African MedTech Conference (TAMC)
MedTech innovators wishing to showcase at TAMC must submit applications by June 10.
Sept 2-4 in Cape Town: World Health Expo
Sept 22-25 in Saly, Senegal: The African Forum for Research and Education in Health (AFREhealth)
Sept 29-Oct 1 in Munich: Bits & Pretzels
A Conversation Between Global Health and Venture Capital
Our founder, Rowena Luk, was recently featured on the Global Perspectives on Digital Health podcast, in conversation with Dr Shubs Upadhyay — a primary care physician, global health professional, and former Director at Ada Health. The discussion ranges from the cataclysmic shifts in the healthcare industry unfolding right now, the opportunity to meet the moment in Africa, and the long-term perspective that impact investing can bring to global health. If you have ever wondered what a conversation between global health and venture capital might sound like, this one’s for you.
🎙️Catch the full interview wherever you get your podcasts.
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We’ll be back next month. Thanks for reading!