Investors update: $11bn investment commitment at US summit

Africa attracts $11bn investment commitment at US summit

Highlights

• At the US-Africa Business Forum, the United States International Development Finance Corporation (DFC) announced active commitments across Africa totaling more than $11 billion. 
• That includes $369 million of new active commitments announced as part of the US-Africa Leaders Summit.
• In line with the Joe Biden Administration’s commitment to expanding and modernizing the U.S. partnership with Africa, DFC invests with the private sector in projects that support economic growth.

Source: ABC

Our Takeaway

At the US-Africa Leaders Summit, the DFC highlighted a number of active commitments on the continent, spanning energy security, high-quality and affordable healthcare, infrastructure, and agriculture. Despite all its challenges, Africa remains a key geopolitical player with an undeniably huge economic potential that can’t be ignored by the developed world and investors alike. The continent is essential to unlocking the potential of the next couple of decades. It is widely expected to shape the future, not just of its people, but of the world.

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Qualcomm launches program to support African startups

Highlights

• Qualcomm has launched its African Innovation Platform, a suite of mentorship, education, and training programs created to support the development of Africa’s emerging technology ecosystem. 
• The platform is expected to provide resources and support for local universities, small-to-medium-sized startups, and grant participants, exposing them to Qualcomm’s engineers and its capabilities suite for mobile platforms and technologies.
• In addition, Qualcomm representatives plan to engage and collaborate with governments, trade associations, and other key stakeholders throughout the continent, including the African Telecommunications Union (ATU), on the Platform. 

Source: Disrupt Africa

Our Takeaway

As Africa catches up with the developed world in terms of technological progress, accelerators, incubators, and pitch competitions help to bridge this gap by providing crucial access to capital and mentorship to startups. Accelerators, particularly, provide all-around support to early-stage startups, helping them find product-market fit, funding, and access to investors.

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Kenyan e-health startup MyHealth Africa raises $1m seed

Highlights

• Nairobi-based e-health startup MyHealth Africa has raised a $1 million round of seed funding to fuel its expansion across Africa and beyond. 
• Founded in 2017, MyHealth Africa is a full-service integrated healthcare platform, that connects patients with local and international health specialists and hospitals.
• The company plans to use the funds to fuel its expansion across Africa, with new market entries in the Middle East and South Asia also planned for 2023.

Source: TechCabal

Our Takeaway

Across Africa, technology and innovation are having a real impact on the health and wellness of Africans through a number of startups that have emerged over the past few years. These startups are increasingly attracting venture capital funding as well, a good sign for the continent, which continues to face significant challenges with universal healthcare access. My Health’s solution seeks to solve inefficiencies, improve upon sub-standard services, and contribute to the development of patient-centric care in emerging market healthcare systems.