The syndicate led by Henry Azubuike Ojuor, director of Programs at Startupbootcamp AfriTech, is designed to back the Startupbootcamp Afritech flagship accelerator portfolio of startups and all startups that have been scouted, vetted, and undergone its due diligence framework.

Startups that OnAfrica Investment Syndicate backs are entitled to checks within the range of $100k – $400K, however, the Syndicate aims to do $3 million – $5 million per year in startup deals.

Ojuor, who is the Director of the Syndicate, in a post made on Linkedin, said he is joined in this mission by Jed Ng and Scott Newall, members of the community who are inspired by this vision to grow an Africa-focused investment community that actively provides both capital and operational support.

He said,” Our goal for Angels and the VC community is to open up optimally timed access to exclusive Africa-focused startup deal flow, pre-vetted by our scouting and due diligence frameworks. It’s about time.”

For nearly a decade, Startupbootcamp AfriTech has been at the forefront of innovation acceleration across Africa. The accelerator launched in 2017 has graduated some of the most innovative startups of our time.

According to the accelerator hub, this is the first step in fostering even more meaningful growth in the startup ecosystem. You can participate in the deals emerging from Startupbootcamp AfriTech portfolio companies through the syndicate—properly pre-vetted companies that have gone through the scouting and due diligence frameworks.

“We believe we have built Africa’s most valuable Alumni community with a reputation for graduating valuable startups through our programs and this is the perfect time for members of our communities to participate in the value that they have helped create we couldn’t be more optimistic of the general ecosystem effect of this initiative,” it said in a post by Startupbootcamp AfriTech.

Investing in Innovation Africa (i3), a pan-African initiative for start-ups building the future of healthcare supply chains, has announced its second cohort of 29 companies.

Funded by the Bill & Melinda Gates Foundation and sponsored by Cencora (formerly AmerisourceBergen), Merck Sharpe & Dohme (MSD), Microsoft, and Chemonics, i3 is dedicated to facilitating the commercialization of promising early- and growth-stage companies.

Selected startups receive introductions to leading potential customers in industry, donor agencies and governments, a $50,000 grant, and tailored investment readiness support from leading accelerators Villgro Africa, IMPACT Lab, Startupbootcamp Afritech, and CcHUB.

The 29 start-ups chosen operate in 21 different African countries, delivering digitally-enabled healthcare supply chain solutions. Innovators are building online pharmacies and telemedicine firms, as well as inventory management services for pharmacies, clinics and hospitals, supply chain data analytics, product protection, product visibility and more.

Thirty-eight (38%) of the companies selected are women-led and 17% are conducting operations in Francophone Africa.

The selected companies are, in alphabetical order: Afia Group Limited, Aimcare Health, Bena Care, BioCertica, Chari Pharma, CheckUps Medical, Chefaa, Dawa Mkononi, Drugstore Nigeria, Famasi Limited, Field Intelligence, Inc, GICMED, Grinta, Healthtracka, Kapsule, Medical Diagnostech, Medpharma Alliance International Limited, Octosoft Technologies Limited, Pharmarun, Pharmaserv Health Project Nigeria Limited, Reductiona, SASA Health Limited, Tech Care For All Eastern Africa, Technovera – Pelebox Smart Lockers, Tibu Health, UltraTeb, Waspito, WellaHealth, and Welo.

Innovators selected will benefit from the i3’s annual Access to Markets event in Nairobi, which will be held between 14-15 of November.

The event facilitates dynamic partnership dialogues between industry stakeholders, governments, donors, and large multilateral agencies. Connections are made to drive the commercialization and scale of the start-ups through mutually beneficial contracts, pilot projects, and investments.

The first cohort of 31 companies supported by i3 last year forged 24 contracts, pilots, and strategic partnerships to date.

Kieran Daly, Director, Global Health Agencies and Funds at the Bill and Melinda Gates Foundation, commented: “As countries and global health institutions work to expand access to priority products, we face an urgent need to leverage solutions across the public and private sectors to improve health outcomes and strengthen local health systems. Programs like i3 help us understand, support and engage with technology-driven solutions emerging across Africa, hand-in-hand with our partners.”

Yusuf Rasool, Director, Global Market Access, Sustainable Access Solutions at MSD, noted, “We are excited to have a second cohort of 29 innovative changemakers in African healthcare enter the program. Investing in these companies are a means of delivering lifesaving solutions and empowering communities through the access of critical medicines across the continent.”

Jason Dinger, Senior Vice President of Global Products and Solutions at Cencora

“The range of startups selected for the second cohort reflects the breadth of talent and creativity in the

African entrepreneurial landscape, and we look forward to witnessing the transformative impact of their solutions in the years to come.”

Investing in Innovation Africa (i3) is coordinated by Salient Advisory and SCIDaR and is operationalized by leading technology hubs across the continent: CCHub for West Africa, Startupbootcamp AfriTech for Southern Africa, IMPACT Lab for North and French-speaking Africa, and Villgro Africa for East Africa.

Africa’s vibrant startup ecosystem requires support from multiple fronts to grow exponentially and sustainably. The continent is characterized by impressive growth rates and by the end of July 2022, the continent had recorded an estimated 370 deals valued at more than 3 billion dollars.

The contribution of ecosystem enablers such as Startupbootcamp Afritech is one of the most important factors enabling startups to scale and innovate.  Supporting enablers is also an essential part of the development process.

Through the Ventures Program and MASSIF, the financial inclusion fund FMO manages on behalf of the Dutch government.

FMO invests in inclusive business models and partners with intermediaries to provide the expertise that improves business operations and also supports a more vibrant start-up environment.

The partnership with SBC Afritech illustrates FMO’s commitment to empowering Africa’s tech ecosystem.

Speaking on this, Ventures Program Manager Marieke Roestenberg said, “As part of our entrepreneurial ecosystem building efforts, FMO was keen to support Startupbootcamp AfriTech in expanding their operations into more middle-tier markets. This partnership provides an opportunity to bring more world-class acceleration to entrepreneurs striving to build businesses that create jobs and better livelihoods for their families and communities.”

FMO joins partners such as DER/FJ, AWS, and Google in supporting the ASIP Accelerator program which aims to support the next generation of early-stage African tech startups disrupting key industry verticals that include FinTech, InsureTech, AgriTech, Climate-tech, eCommerce, Digital Health, and CleanTech. Inspired by FMO, SBC AfriTech has also added mobility, micro leasing, and digitizing the informal economy as key focus areas.

“Particularly when it comes to our regional focus, the alignment we share with FMO is a key reason why this partnership is so important. With their assistance, we continue our mandate to empower founders with disruptive solutions,” says Startupbootcamp Afritech co-founder Philip Kiracofe.

Once selected, participants will spend three months undergoing intensive coaching through expert-led masterclasses covering scaling fundamentals -from the business model canvas, and lean methodology, to fundraising. The program will take place in Senegal, culminating in a hybrid Demo Day where startup founders pitch their disruptive solutions to a broad audience of media, investors, corporate partners, and industry stakeholders.

Startups will also have access to SBC’s tailored coaching tool, the Accelerator Squared platform which has a complete library of content, group workshops, 1:1 mentoring, collaborative sessions with Entrepreneurs in Residence, and invite-only discussion forums with founders from around the globe.

This is in addition to customized support from experienced mentors and dedicated Entrepreneurs-In-Residence (EIRs).

The 10 startups in the program will also receive benefits valued at more than $750,000, including credits from AWS, Google Cloud Services, and a cash investment of $18,000.

Cohort 2 kickstarted in April 2022 and saw 11 award-winning African startups such as Neural Labs Africa, Proxalys, Parcsmart and Powerstove undergo the 3-month program, resulting in a successful demo day held on 6 July in Senegal where startups pitched their innovative solutions and business models to a network of key African stakeholders in the tech entrepreneurial ecosystem.   

Successes to date include: raised funds with UNICEF and Lion’s Den Nigeria, partnerships with government organizations, awards won at GITEX North Star Dubai Startup Pitch Competition and more.

Over the last 5 years, 50 African startups have completed the SBC Afritech Accelerator. 90% of the alumni are still operating and scaling, and collectively, SBC portfolio companies have raised more than $110 million in follow-on funding.

This track record makes SBC one of the most successful early-stage programs on the continent and for investors, the fund has performed among the top 5% of Silicon Valley VC funds.

Applications for Cohort 3 have opened on sbcafritech.com. SBC AfriTech will host FastTrack scouting events in more than 10 countries around the continent, including Ivory Coast, Nigeria, Ghana, Kenya, Morocco, Tanzania, and Ethiopia.

It is a reality that across much of Africa, health systems suffer from serious inefficiencies and are widely inaccessible, and this was exasperated by the Covid-19 pandemic.

This led to traditional healthcare providers adopting new tech products such as virtual healthcare platforms, telemedicine, drones, big data analytics, wearables, and information management to improve overall health outcomes. 

More than 40 health-tech start-ups on the continent received series A funding in 2020 alone.

Almost a year ago, the Moroccan consulting firm Southbridge A&I and its Canadian partner Salient Advisory published a joint report on the financing challenges of healthcare delivery companies in Africa.

They proposed two continental mechanisms to better direct international funding to African startups and to provide pooled working capital solutions in Africa.

Recently, Southbridge A&I, Salient Advisory and SCIDaR launched the Investing in Innovation (i3) Program, implementing the first recommendation of this report, which will be headed by Startupbootcamp AfriTech (SBC), as the South African Implementation Partner.

Marketing and Storytelling Lead at Startupbootcamp AfriTech, Jocelyn Nyaguse says: “HealthTech innovations are on the rise in Africa, as the continent is served by only 2%2 of the world’s healthcare professionals.

Entrepreneurs are constantly finding solutions that are aligned with Sustainable Development Goals to empower the lives of Africans, and programs such as the i3 are a perfect fit for scaling these innovative solutions that better the lives of ordinary people.

“Earlier in June, statistics from the Global Startup Awards Africa (GSA) Summit revealed that 11% of all the 2021 GSA winners came from HealthTech. Globally, governments are actively seeking and embracing these new opportunities to improve the quality, reach and efficiency of health. Therefore, we are honoured to be selected as industry enablers that will improve the state of South Africa’s healthcare system,” Nyaguse adds.

As the most experienced, African-based and lead multi-corporate-backed tech accelerator that specializes in unlocking and growing Pan-African tech opportunities, SBC enables platforms to provide mentorship and skills training for startups to ensure they can scale. SBC supports startups across Africa, including entrepreneurs in the HealthTech space.

The i3 program is a $7 million pan-African program designed to support 30 companies per year over two years, specialising in HealthTech and the supply chain in Africa. I3 aims to identify early-stage or growth-stage innovators across the continent that can make a tangible impact on public health, whether in terms of availability, accessibility, quality or transparency of health supply chains.

These companies, selected by four leading accelerators across the continent, will be eligible for a systematic grant of $50,000 as well as a market access program through events organized across the continent. 

This ambitious program is sponsored by partners who will be heavily involved throughout the program.

These include the Bill and Melinda Gates Foundation, the African Union Development Agency, the World Health Organization AFRO, and two major players in the pharmaceutical industry: the Merck Group and AmerisourceBergen.  

Cheikh Oumar Seydi, Director, Africa, at the Bill and Melinda Gates Foundation, commented: “African health innovators have shown increasing capacity to leverage technology to optimize supply chains and advance access to medicines. Such local innovations have the potential to change how supply chains and health systems function – and it is time to support them. We are pleased to be collaborating with strong global and continental partners to jointly strengthen African health systems and accelerate progress towards universal health coverage.” 

Speaking on the launch of the report and i3 program, Remi Adeseun, Director of Salient Advisory, said: “There has been considerable progress over the past year as supply chain innovations work to enhance access to quality medicines. Our report provides investors, donors, and governments with actionable recommendations on engagement strategies to advance companies’ growth and impact. With funding from the Bill and Melinda Gates Foundation, and along with our esteemed partners, we are excited to be launching the Investing in Innovation program to connect promising companies to customers who can power their impact and scale.”

South African HealthTech startups are encouraged to leverage opportunities by applying for the i3 program to receive business support that will enable their businesses to scale.

How to apply:

Applications for the first cohort of 30 companies are now open and will close on August 14.

With the program officially launching on September 19, 2022, start-ups working in health product distribution across Africa are invited to apply here.