Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • “How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast
  • Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja
  • Tinubu Hails NASENI’s Contributions To National Economy
  • Experts @ABoICT 2025 Warn Of Digital Disaster Risks In Nigeria Without AI Governance
  • NCC Unveils e-Health Project In Akure To Boost Digital Healthcare
  • PalmPay Unveils ‘Passing The Baton’ CSR Initiative To Drive Financial Inclusion In Northern Nigeria
  • Anambra Shines In E-Governance, Ranks Among Top Three States
  • EMOSIM Launches eSIM In Lagos, Heralds New Era Of Global Connectivity And Digital Inclusion
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » African Healthtech Shows Resilience With Mere 2% Decline In Funding- Report
REPORT

African Healthtech Shows Resilience With Mere 2% Decline In Funding- Report

Research Noted that Funding for Women-led Healthtech Grew More Than 2,000%, Going from a Marginal Share of 1% in 2022 to 31% of the total funding in 2023.
DigitalTimesNGBy DigitalTimesNG14 February 2024No Comments3 Mins Read50 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
African Healthtech
Cropped shot of a pharmacist filling a prescription at a chemist
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

Healthcare consulting firm, Salient Advisory has launched its latest Intelligence Report, presenting findings on funding activity, covering grant, equity, and debt investments for African healthtech startups in 2023.

Titled “2023 RoundUp: Investments in African HealthTech”, the report provides analysis of funding trends in African healthtech ecosystems. It provides insights for key stakeholders across governments, investors, donors and global health institutions, and is funded by the Bill & Melinda Gates Foundation.

While investments in African startups plummeted last year, mirroring global trends, healthtech showed resilience, experiencing only a 2% dip compared to a staggering 39% decline in the broader ecosystem.

The number of deals in African healthtech rose by 17% year-over-year (YoY) to 145, with total funding of $167 million and an average ticket size of $1.1 million. In total, 114 innovators received funding in 2023, with 23 receiving multiple investments in the year.

The number of deals for women-led companies remained relatively steady (26 in 2022 vs. 33 in 2023), however, the amount of funding saw a dramatic shift as the gender gaps significantly narrowed: women-led companies secured $52 million in funding –31% of all investments in 2023. This represents a 2000% YoY increase compared to the $2 million (1.4%) they received in 2022.

Online pharmacy solutions attracted the majority of investor capital, capturing 38% ($63 million) of all funding raised, driven by Series B funding rounds by Kenya’s Kasha ($21 million) and MyDAWA ($20 million), alongside Egypt’s Yodawy ($16 million).

Electronic medical records solutions were the second-best funded category, driven by Helium Health’s $30 million Series B funding round. Equity investments accounted for 91% of total funding with an average deal size of $3.2 million.

READ ALSO  West Africa Recorded Highest Cases Of Biometric Fraud In 2024, Smile ID Report Reveals

This significantly outpaced grants, which only contributed 7% of capital with an average ticket size of $168,000.

However, grants continue to play a crucial role in enabling access to early-stage funding for innovators to test and validate their business models. Debt funding remains rare as only one debt-based investment was tracked in 2023.

While still rare, merger and acquisition activity doubled in the past year with four key transactions. The prospect of future funding also appears strong as, despite broader economic headwinds which suggest a slowdown in funding for technology startups, over $600 million in new funding was announced by investors with an interest in African health systems.

Speaking on the launch of the report, Yomi Kazeem, Engagement Manager at Salient Advisory, commented: “The resilience of African healthtech innovations shines through in the findings of this report. Amid difficult headwinds, these innovations continue to demonstrate commercially viable models that have the potential to improve access to healthcare and deliver impact at scale.

“The increased funding for women founders is a high point and, in coming years, investors must prioritise sustaining strategies that ensure equitable funding across founders.”

Dr. Analía Porrás, Deputy Director, Global Health Agencies and Funds, Bill & Melinda Gates Foundation, also said, “African healthtech has proven resilient over the past year, with innovators receiving investments to test, validate and scale solutions that have the potential to transform health systems across the continent.

“We are pleased to be playing a role by providing innovators with risk-tolerant capital through the Investing in Innovation program and hope to see the current resilience translate into increased confidence and funding from investors and donors.”

READ ALSO  Netcare Partner Standard Bank To Launch Africa’s First Sustainability-Linked Bond
#Healthcare #Healthcare Funding #Healthtech #Startups
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleMoniepoint, NITHub Unilag Call For Applications Into HatchDev Programme 
Next Article NDPC Provides Steps On How To Register As Data Controllers, Processors Of Major Importance
DigitalTimesNG
  • X (Twitter)

Related Posts

Report: Nigeria, Cote D’Ivoire, Ghana Emerge Biggest Telecom Markets In West Africa In 2024

25 March 2025

West Africa Recorded Highest Cases Of Biometric Fraud In 2024, Smile ID Report Reveals

30 January 2025

AI Spending In Africa Set To Surge As Region Commits To An AI-Powered Digital Future

21 January 2025

Abuse Of Trusted Applications Surges By 51% In Latest Sophos Adversary Report

17 December 2024

Bobrisky, Betta Edu, Others Top Trending Search In 2024

12 December 2024

NITDA, JICA Launch iHatch Cohort 4, Call For Applications

2 December 2024

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

“How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast

31 May 2025

Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja

30 May 2025

Tinubu Hails NASENI’s Contributions To National Economy

30 May 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG. Designed by Max Excellence LLC.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.