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Report Reveals African Healthtech Showing Resilience with Mere 2% Decline in Funding
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 on 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. 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 commented: “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.”
Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.
He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.
Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.
Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.
“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”
However, Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.
Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
PalmPay, Nigeria’s leading fintech company, has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app.
According to a joint statement by PalmPay and Globacom, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will be eligible to win prizes, including the iPhone 15 Pro, Infinix Hot 40, and other exciting items”.
To participate, interested customers can log onto http://bit.ly/PalmPaySms .
The statement added that all transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes.
Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.
Wayne Ruppel, Head of Billers at PalmPay Limited expressed excitement about the partnership, stating that, “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers.
Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.
Globacom also expressed delight at creating additional value for its subscribers through unique customer-appreciation schemes.
“Our partnership with PalmPay on the “Recharge and Win Bonanza perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”, the company stated.
PalmPay and Glo will collaborate throughout the campaign period to deliver exceptional customer experience, reward loyalty, and reinforce their shared mission to make digital transactions more accessible, rewarding, and secure for millions of Nigerians.
News
UK Reaffirms 99% Duty-Free Access for Nigerian Exports Under Developing Countries Trading Scheme
United Kingdom has reiterated its long-term commitment to strengthening economic ties with Nigeria, confirming that 99% of Nigerian goods will continue to enjoy duty-free access to the UK market under the Developing Countries Trading Scheme (DCTS).
Dr. Richard Montgomery, British High Commissioner to Nigeria
The announcement reinforces the UK’s intention to bolster sustainable trade with Nigeria, boost export competitiveness, and promote inclusive economic growth across both nations. Introduced in June 2023, the DCTS is designed to reduce tariffs and simplify export rules for developing economies. It currently benefits 37 African countries, with Nigeria being a key player.
Nigerian exporters are set to gain substantial advantages from the scheme, which allows over 3,000 products—ranging from cocoa, plantain, and shrimp to processed items like cocoa paste, palm oil, and cotton garments—to enter the UK duty-free or with reduced tariffs. This shift supports value addition in Nigeria’s export ecosystem, encouraging the move from raw to processed exports.
British High Commissioner to Nigeria, Dr. Richard Montgomery, said: > “Nigeria stands at the heart of the UK’s global trade ambitions. This isn’t just about improved market access—it’s about building a fairer, freer global trading system that supports economic growth and job creation, both in developing countries and in the UK.”
He further noted that through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the UK continues to work closely with the Federal Ministry of Industry, Trade and Investment (FMITI) to tackle export challenges and maximise opportunities under the scheme.
The DCTS aligns with broader UK efforts to expand trade relations across the globe, complementing recent agreements with nations such as India and the United States.
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