Founders Factory Africa (FFA) has partnered with South African healthcare company Netcare to run an acceleration and incubation program for African health-tech startups. With the program, they will be providing support for 35 health-tech startups across Africa.
A subsidiary of the UK tech hub Founders Factory, Founders Factory Africa was established in October 2018. Partnering with Standard Bank, FFA says it wants to build and help scale over 100 startups in Africa over the next five years.
Both – FFA and Standard Bank, made their first investment in 5 African startups including two Nigerian startups: Accountable and EaszyHire, in April. They all took part in a 6-month accelerator program and received investments between £30,000 and £100,000.
Now in partnership with Netcare, FFA will be offering an health-tech focused accelerator program. The accelerator is targeted at startups that have a Pan-African scope and have begun to generate sales.
The program will accelerate 5 startups and incubate 2 yearly. The accelerated startups will receive a £30k cash investment and £220k in support services from Founders Factory Africa, while health-tech ventures in the incubator will receive £60K cash and £100K in support.
These support include access to FFA’s pool of talent to scale product development, UX/UI, engineering, investment, business development and growth marketing. And in addition, startups will benefit from Netcare’s support network and expertise in the healthcare sector.
Startups will also be open to further investment from Netcare once they get their value propositions proven.
All these will be provided for startups in return for about 5% – 10% equity stake in each startup which will be shared by FFA and Netcare.
We will deliver digitised healthcare solutions and contribute to spearheading Africa’s innovation in healthcare. The time, the opportunity, and the need is now, for driving Africa’s health-tech to improve the lives of millions of people.Roo Rogers, Co-founder and CEO, Founders Factory Africa.
There has been a rise in innovative solutions in the African health-tech sector recently and this accelerator will be a good way for these startups to receive the capital and support they need to scale. Applications for this accelerator program is currently open here till September 6, 2019.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!