Innov8 Group Holdings, a South African private equity firm that provides finance for medtech products to the African medical industry, has announced a partnership with an Ireland-based fund and family office.
MyPocketHealth, a virtual care platform; Innohealth Clinics, a growing digital-first, doctor-led, inexpensive primary care provider; AI Biologics Africa, an AI biotechnology platform; and Social Medical, a healthcare marketing agency, are among the portfolio companies of Innov8 Group Holdings.
The partnership valued the business at more than R250 million (about $14.5 million), according to a release from Innov8. The initial seed investors received a 60% return on a partial exit and significant capital appreciation.
Abdul Malick Salie, the co-founder of Innov8, said this about the partnership: “The investment roadmap is set, and we will continue to grow our assets through organic growth, acquisitions, and strategic partnerships.”
Recently, we made a deal with a pharmaceutical and medical device group to work together on our ultrasound platform.
This partnership will bring in a lot of base revenue, and that, along with our most recent capital partnership, gives us the power to follow our planned roadmap,” he said.
Statista says that by 2050, Africa will have a population of 2.5 billion people. This means there will be a growing need for healthcare services and a market opportunity for innovative startups like the ones Innov8 works with.