South African e-health startup Quro Medical has announced that it raised ZAR25 million (USD 1.3 million) in funding from the Mineworkers Investment Company (MIC). Quro Medical was founded in 2018 and has developed a cost-effective and accessible hospital-at-home solution that integrates cutting-edge hardware and software with clinical excellence to manage acutely ill patients in the comfort of their homes.
Building the largest virtual hospital ward in Africa
Quro Medical is currently constructing the largest virtual hospital ward in Africa, aiming to achieve better clinical outcomes than conventional care at a lower cost. Quro Medical’s platform leverages real-time, data-driven clinical interventions to reduce healthcare delivery costs. After announcing the completion of a seven-figure US dollar seed funding round in April 2021, Quro has secured investment from the Johannesburg-based MIC, a 100% Black-owned Investment Company created in 1995 by the Mineworkers Investment Trust (MIT) to establish a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents.
MIC invests in Quro Medical
MIC announced the launch of MIC Khulisani Ventures, a ZAR150 million ($10 million) early-stage investment vehicle focused on investing in black-owned, innovative, and high-growth businesses in South Africa in July 2021. It backed South African rentals marketplace Rentoza with a ZAR20 million ($1.3 million) investment in June of last year and has now made a similar investment in Quro Medical. Quro Medical’s technology-enabled solutions are designed to provide seamless, patient-centric care that puts the patient first, said Dr Vuyane Mhlomi, Quro Medical’s co-founder and CEO.
Scalable service offering
Quro Medical’s service offering presents significant scalability opportunities, said MIC impact investment manager Thato Ntseare. “Quro Medical presents MIC with a new and exciting track for us from an impact investment strategy point of view. While we are focused on businesses that provide technology-based solutions, this is the first health tech business funded through Khulisani Ventures,” he said. Quro Medical launched Hospital at Home in 2020, which provides qualifying patients with clinically appropriate and patient-centric hospital-level care in their homes.
Quro Medical – Growth prospects
Since its launch, over 1,000 patients have successfully received treatment at home with similar or improved levels of clinical outcomes and a better patient experience. With the support of MIC, Quro Medical will expand its reach, improve healthcare outcomes, and reduce costs for patients and providers. “At Quro Medical, we are proud to be the African pioneer and leader of the Hospital at Home program. This innovative solution is the future of healthcare delivery, and we are excited to be at the forefront of this transformational shift. With our clinical-grade real-time monitoring and personalized care, we are improving patient outcomes and reducing the burden on traditional hospital systems,” said Zikho Pali, co-founder and COO of Quro Medical.
Health tech startups across Africa are attempting to address the shortcomings found among healthcare networks in a number of states. In recent months, Kenyan startup TIBU Health closed a Series A round to fund its efforts to provide improved access to urgent care, and Nigerian startup Clafiya continues to deliver virtual medical services.