Villgro Africa invests over $2 million in African healthcare startups
Villgro Africa has invested over $1.36 million in 36 Kenyan healthcare startups over the last 7 years with plans to launch a Biotech Innovation Hub as part of its regional expansion.
The incubator and impact investor announced these plans as it launched its 2015-2022 Impact Report at the annual 2023 Sankalp Summit.
Wilfred Njagi, CEO and Co-Founder, Villgro Africa said, “Since inception, Villgro Africa has enabled access to healthcare to those at the bottom of the pyramid. In the past seven years, Villgro has steadily invested seed funding in social enterprises with homegrown solutions that are solving Africa’s healthcare and lifestyle dilemmas. To date, these enterprises have generated revenues of over $5.2 million, generated 540 jobs and touched more than 2 million lives.
The Impact Report shows that over the last seven years, Kenyan startups received the lion’s share of Villgro Africa’s investments accounting for $1,317,087 out of the $2,146,401 committed since inception.
“As we continue to scale, we are excited about the launch of a Biotech Innovation Hub that will create shared value by leveraging East Africa’s genetic diversity to accelerate the development of drugs, vaccines, and diagnostics for the control and elimination of poverty-related diseases, rare diseases, neglected tropical diseases and NCDs,” explained Wilfred.
Dr. Robert Karanja, co-founder and Chief Innovation Officer at Villgro Africa said that local manufacturing in the healthcare sector presents an opportunity for startups and investors.
“Going forward, local sources of funding will be needed. Reduced international funding would be an opportunity for African governments, corporates, and others to invest in the start-up ecosystem.”
To make this a reality, Villgro Africa has set its eyes on launching an Incubator-Fund Platform in partnership with Jaza Rift Fund, with a target fund size of $30 million, aimed at supporting startups graduating from the incubator.
