South African private equity firm Innov8 Group Holdings, which provides funding for medtech technologies to the African medical industry, has announced a partnership with an Ireland-based fund and family office.
Innov8 Group Holdings’s portfolio companies include MyPocketHealth, a virtual care platform; Innohealth Clinics, a rapidly digital-first, doctor-lead, affordable primary care company; AI Biologics Africa, an AI biotechnology platform, and Social Medical, a healthcare marketing agency.
According to a statement from Innov8, the partnership valued the company in excess of R250 million (about $14.5 million), with initial seed investors seeing a 60% return on a partial exit, as well as significant capital appreciation.
Speaking on the partnership, Abdul Malick Salie, co-founder of Innov8, stated, “The investment roadmap is defined and we will continue to grow our assets organically, through acquisitions and with strategic partnerships. One such partnership has recently been concluded with a pharmaceutical and medical device group for our ultrasound platform.”
“This partnership sees significant base revenues being generated and this along with our latest capital partnership means we are empowered to execute on our planned roadmap,” he further added.
With Africa’s population projected to reach 2.5 billion by 2050 according to data by Statista, the growing demand for healthcare services presents a market opportunity for innovative startups like the ones in Innov8’s portfolio.