Mineworkers Investment Company Invests $1.3m in South African e-health Startup Quro Medical
Quro Medical, a South African e-health startup, has received ZAR25 million (US$1.3 million) in funding from the Mineworkers Investment Company (MIC).
Quro Medical, founded in 2018, has created an affordable and accessible hospital-at-home solution that combines cutting-edge hardware and software with clinical excellence to manage acutely ill patients in the comfort of their own homes.
The startup is constructing Africa’s largest virtual hospital ward in order to achieve superior clinical outcomes at a lower cost than conventional care. The Quro Medical platform lowers healthcare delivery costs by leveraging real-time, data-driven clinical interventions.
Quro has now secured investment from the Johannesburg-based MIC, a 100% Black-owned Investment Company established in 1995 by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents. Quro emerged from stealth mode by announcing the closure of a seven-figure US dollar seed funding round in April 2021.
MIC announced the launch of MIC Khulisani Ventures in July 2021, a ZAR150 million (US$10 million) early-stage investment vehicle targeting black-owned innovative, high-growth businesses in South Africa. It invested ZAR20 million (then US$1.3 million) in South African rentals marketplace Rentoza in June of last year, and it has now made a similar investment in Quro Medical.
“Our technology-enabled solutions are designed to provide seamless, patient-centric care that puts the patient first. We’re leveraging cutting-edge technology and evidence-based protocols to monitor patient health proactively, ensuring that every patient receives the best possible care in the comfort of their own home,” said Dr Vuyane Mhlomi, Quro Medical’s co-founder and CEO.
According to MIC impact investment manager Thato Ntseare, Quro Medical’s service offering offers significant scalability opportunities.
“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.
“Remote patient management is a growing trend globally and the business case and deep understanding of the value chain presented by Quro Medical demonstrates similar growth opportunities in South Africa. We are also attracted by the impact this business presents as it has high potential for increasing accessibility to healthcare services.”
Quro Medical launched Hospital at Home in 2020, providing qualifying patients with clinically appropriate and patient-centric hospital-level care in the comfort of their own homes. Since its inception, over 1,000 patients have been successfully treated in their homes, with comparable or improved clinical outcomes and a better patient experience.
Quro Medical will be able to further develop its technology and expand its reach with the help of MIC, improving healthcare outcomes and lowering costs for patients and providers.
“At Quro Medical, we are proud to be the African pioneer and leader of the Hospital at Home programme. 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 personalised care, we are improving patient outcomes and reducing the burden on traditional hospital systems”, said Zikho Pali, co-founder and COO of Quro Medical.