US impact investor Gray Matters Capital has invested up “to $250 000” in Ghanaian medical diagnostics startup Redbird Health Tech.
Gray Matters Capital announced the investment — which was conducted through its GMC coLABS portfolio — in a statement today (11 July).
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In a phone call with Ventureburn today (11 July) the startup’s co-founder Andrew Quao said he could not disclose the details around how much had been invested, citing an agreement with Gray Matters Capital.
He however said the investment “was in the range” of the $250 000 investment ticket sizes that the GMC coLABS usually invests in startups.
Ghananian startup Redbird Health Tech was founded last year by CEO Patrick Beattie and Andrew Quao
Quao founded the Accra-based startup with Patrick Beattie last year. The company provides pharmacies and chemists with on-site rapid test technology used in diagnosing chronic and acute conditions.
The company was one of three winners selected at last week’s DEMO Africa innovation tour Accra pitch event.
Read more: Here are the three winners of DEMO Africa’s Accra event
The startup, which currently has partnerships with two pharmacies in the Accra region, will use the investment to scale to 30 additional community pharmacies over the next three months.
Added Beattie in statement earlier today: “With the investment from GMC coLABS as well as their expertise in helping organisations like ours to scale-up, we’ll be able to expand our customer base in Accra and beyond”.
Quao added that the investment would also be used to improve the startup’s product offering and IT infrastructure.
Gray Matters Capital said in the same statement that its coLABS portfolio seeks to invest in “innovative and scalable for-profit enterprises that have the potential to dramatically improve the lives of women and girls around the world”.
The firm stated that Redbird’s “potential to reduce the risk of pregnancy complications and maternal mortality, along with improving access to diagnostic services, drove the investment decision”
Gray Matters Capital’s investment into Redbird marks the impact investor’s second investment in Africa. Last year the firm invested in solar kiosk micro-franchise startup African Renewal Energy Distributor (ARED).
Jennifer Soltis, portfolio manager at GMC coLABS, said the firm was “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,” said Soltis.
Featured image: Redbird Health Tech is currently partnering with two pharmacies in the Accra region to provide on-site rapid test technology (Supplied)
