Market Update: Pan-African healthcare startup CarePoint raises $10m

Pan-African healthcare startup CarePoint raises $10m

Highlights

• CarePoint, a technology-driven healthcare startup, has raised a $10 million bridge round to accelerate its growth across Africa, as it seeks to make healthcare accessible to the masses.
• The startup recently entered Egypt, its fourth market in Africa, after Kenya, Nigeria, and Ghana. It is now eyeing North and East Africa, to continue its growth which is driven by mergers and acquisitions.
• CarePoint is in the process of setting up telemedicine centers in its facilities and building “micro-tech-enabled-clinics” targeting the masses. This will grow CarePoint‘s, formerly known as Africa Health Holdings, portfolio beyond in-person visits.

Source: TechCrunch

Our Takeaway

With significant venture capital funding pouring into the tech ecosystem, Africa is seeing a boom in the number of startups solving some of the most challenging health problems of the continent. These range from access to medical care, infant and maternal mortality, rapid diagnostics, and genetics. Last year, over $4 billion was invested in African startups; around $379.6 million of those went to 479 healthcare-focused companies, compared to the $90 million 180 companies received in 2020.

---

South African ISP raises $1m led by Bloc

Highlights

• TooMuchWifi, a South African internet service provider (ISP), has raised $1 million in a pre-Series A round led by the BLOC Smart Africa fund with participation from Connectivity Capital, Atreyu Investments and a European Family Office along with existing investors.
• The startup wants to bridge the connectivity gap by bringing fast, uncapped and affordable fibre-backed Internet to under-serviced, densely populated areas of South Africa, like townships.
• The proceeds of the funding will go toward scaling operations to increase presence in the existing markets and expand into new communities.

Source: Ventureburn

Our Takeaway

One of the major causes of the slow rate of digitization in Africa is the lack of affordable internet. As of December 2020, only 29% of Africans had access to the internet, which often comes at a high price and further broadens the existing digital divide between Africa and developed regions. The bulk of Africa’s internet-excluded populations resides

in remote areas. TooMuchWifi’s business model allows the startup effectively capture areas where giant network operators are often reluctant to play.

---

Six African startups named among WEF Technology Pioneers 2022

Highlights

• Six African tech startups have been named by the World Economic Forum (WEF) among its selection of the 100 most promising Technology Pioneers of 2022 – companies that are shaping several industries.
• The list comprises early to growth-stage companies globally that are involved in the use of new technologies and innovation poised to have a significant impact on business and society.
• This year’s cohort includes six from Africa, three of which are from Kenya: Access Afya, Sendy, and Pula. The other startups are Nigerian API fintech startup Okra, Rwandan e-moto platform Ampersand, and Cameroonian fintech Ejara.

Source: Disrupt Africa

Our Takeaway

By joining this community, Technology Pioneers begin a two-year journey where they are part of the World Economic Forum’s initiatives, activities and events, bringing their insight and fresh thinking to critical global discussions. Also, this year’s companies will join an impressive group of alumni that include many household names, such as Airbnb, Google, Kickstarter, Mozilla, Spotify, TransferWise, Twitter and Wikimedia as well as the seven in Africa that made last year’s list; including Kuda (Nigeria), 54gene (Nigeria), Moringa School (Kenya), Sokowatch (Kenya), mPharma (Ghana), FlexFinTx (Zimbabwe), and Cambridge Industries (Ethiopia).