Investing in Innovation Africa (i3), which has successfully supported 60 startups across two cohorts since its launch in 2022, is becoming more selective in its third cohort. The program will now support only 15 startups, including 10 early-stage ventures and 5 growth-stage companies.
Somto Chloe Keluo-Udeke, Senior Consultant at Salient Advisory, emphasized the need for closer engagement with startups, stating that the program aims to offer more than just risk-free funding, but also customized support to help these businesses secure key partnerships. This approach is made possible by the smaller cohort size.
i3, backed by organizations like the Gates Foundation, MSD, Cencora, and others, provides grant funding, introductions to potential customers, and strategic counsel. Over the past two years, i3 has made 450 introductions to donors, health agencies, and governments, helping portfolio startups secure over $11 million in contracts. Additionally, 49 startups have expanded, creating 942 jobs.
With $2.9 million in grants deployed, i3 has helped startups raise $50 million in additional funding, crucial in a sector where venture capital is often limited. Notable African startups in the program include WellaHealth, Figorr, and Healthtracka.
In 2024, i3 aimed to have 20% of its cohort from Francophone Africa, a target Keluo-Udeke confirmed was met despite regulatory challenges, especially around online pharmacies. i3 is working with policymakers to navigate these obstacles.
Applications for the third cohort are open until February 28, 2025, with early-stage startups eligible for up to $50,000 and growth-stage companies for up to $225,000.
