New fund to accelerate women-led health start-ups in Africa

Two consumer goods companies have announced a new initiative to support female health entrepreneurs in Africa.

Reckitt and the Health Innovation and Investment Exchange (HIEx), in partnership with the Kofi Annan Foundation and the Eco Bank Foundation, have launched the Women in Innovation Fund (WiNFUND) to “champion” the next generation of African entrepreneurs.

The initiative aims to address the lack of healthcare access and investment, as recent data reveals that globally, less than two per cent of venture capital funding goes to women.

The WiNFUND will directly invest in women entrepreneurs who are already implementing home-grown solutions and it will be partly financed through the sale of a series of works of digital art, known as non-fungible tokens (NFTs), designed by Rwandan artist, Christella Bijou.

NFTs certify the existence and the ownership of an item through a data recording on a blockchain. Since the concept emerged in 2016, many artists have experimented with this new digital device to market their creations.

Patricia O’Hayer, global head of external affairs for Reckitt and co-founder of WiNFUND said:”Women­led companies are already achieving amazing things: improving access to healthcare and saving lives.

“WiNFUND is an innovative model that will help entrepreneurs grow by building an engaged, global community that will provide business support and financing through the sale of unique NFTs.

“These entrepreneurs are addressing some of the world’s biggest challenges, and through them, we believe we can transform access to healthcare for the people who need it most.”

Pradeep Kakkattil, founder and CEO of Health Innovation and Investment Exchange and co-founder of WiNFUND, said: “Three out of four healthcare workers globally are women.

“Women on the frontlines of healthcare are innovating and finding solutions to challenges that plague the health system.

“WiNFUND is about enabling equitable access to investments and accelerating women-led health enterprises – it can be transformative. It is a win-win as it impacts healthcare access and builds economic resilience.”

Since applications opened in September, the fund has received more than 300 applications from women entrepreneurs in seven African countries, including Egypt, Ghana, Kenya, Nigeria, Rwanda, South Africa and Uganda.