In line with its focus on bridging the gender gaps in education and workforce participation, Gray Matters Capital, a US-based Impact Investment Foundation, has announced its $25o, 000 investment in Ghanian Health Tech startup, Redbird, under its coLABS Portfolio.
Redbird secured the funding from Gray Matters Capital based on its plans to dramatically improve lives by proving a closer to home healthcare services to a large population of people with limited access to healthcare services across Sub-Saharan Africa.
#GMCcoLABS signals ‘It’s time for #Africa‘. We’re announcing our investment in Medical Diagnostics social venture @Redbirdht. Our funding is aimed at reducing the risk of maternal mortality and improving access to diagnostic services for women in #Ghanahttps://t.co/s7kK1QGGa2
— Gray Matters Capital (@GMC_Impact) July 11, 2018
This investment in Redbird is in line with the portfolio’s commitment to investing $5 million over the next 3 years in such enterprises. So far, GMC coLABS has invested in a diverse portfolio of companies across sectors ranging from civic engagement to health, to livelihoods spanning 4 continents. The investment ticket size is up to $250,000 per enterprise.
🇬🇭 @Redbirdht is pitching for the chance to go to Morocco for @DEMOAfrica at #MESTAccra! They’re a team of health experts working to improve the chronic disease health care system. pic.twitter.com/gywoBrV2tB
— MEST Africa (@MESTAfrica) July 6, 2018
In 2017, the portfolio invested in African Renewable Energy Distributor (A.R.E.D), a solar kiosk micro-franchise company in Rwanda and Uganda, that focuses on women and disabled individuals to provide Wi-Fi, mobile phone charging services, and intranet content via solar-powered kiosks.
According to Jennifer Soltis, Portfolio Manager – coLABS, Gray Matters Capital:
We are committed to investing in companies that are positively impacting the lives of women. We’re encouraged by the talent of the African social entrepreneurs we’re meeting who are working on overcoming critical barriers affecting women with their innovative solutions. We look forward to deepening our portfolio’s presence on the continent and will look to allocate a greater percentage of our committed $ 5 million to social enterprises in Africa over the coming three years.
About Gray Matters Capital
Gray Matters Capital (GMC) is an impact investor with a gender lens whose mission is to provide “an education leading to a more purposeful life for 100 million women globally by 2036”. Over the last 10 years, the Atlanta-based foundation has devoted $160 million to microfinance and education initiatives, primarily in South Asia, Africa, and Latin America.
A shout out to all innovative and scalable for-profit enterprises in #Africa with products and services making a difference to lives of women and girls. Get to know more about #GMCcoLABS and how your enterprise can benefit from it by visiting https://t.co/hJAm4Il7ZZ https://t.co/c8DypIABrR
— Gray Matters Capital (@GMC_Impact) July 10, 2018
Redbird Health Tech is changing the way patients interact with the Ghanaian healthcare system to better combat the rising burden of non-communicable and chronic disease. The startup leverages the existing skills and infrastructure of pharmacies and over-the-counter (OTC) chemists to create more convenient health testing options for all patients, especially those with chronic conditions.
Redbird is, in fact, one of three winners at the recent DEMO Africa event in Accra, enables pharmacies and chemists to perform on-site rapid testing for the diagnosis and monitoring of health conditions.
GMC coLABS will be accepting applications from social enterprises in the continent for the next round of funding come September 15. They look to fund six new enterprises every six months and investing up to US$250,000 per enterprise.
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