Mineworkers in SA pump in $1.4m in healthtech start-up Quro Medical
The Mineworkers Investment Company (MIC) has picked up a significant stake in healthtech start-up Quro Medical after investing $1.4 million (R25m) in the company.
The MIC announced the investment today, which it says was handled through its venture capital initiative, Khulisani Ventures.
The Quro Medical investment is MIC Khulisani Venture’s first foray into the digital healthcare space, further diversifying its investment portfolio.
MIC Khulisani Ventures is geared towards unlocking the high-growth potential of scalable, innovative, black-owned businesses.
In the case of Quro Medical, the healthtech offers hospital-at-home services to patients and was founded in 2018 by Dr Vuyane Mhlomi and Zikho Pali who promised to hinge on technology in making healthcare more accessible and affordable.
In 2020, Quro Medical launched Hospital at Home, which provides qualifying patients with clinically appropriate and patient-centric hospital-level care in their homes.
Since launching, over 1000 patients have been treated successfully in their homes with similar or improved levels of clinical outcomes and a better patient experience, says MIC.
With its support, MIC says, Quro Medical will be able to further develop its technology and “expand its reach, improving healthcare outcomes and reducing costs for patients and providers.”
The healthtech has since partnered with South Africa’s largest private hospital group, Life Healthcare. .
MIC Impact Investment Manager, Thato Ntseare, explains the rationale of the investment: “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.
“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.”
Dr Vuyane Mhlomi, Quro Medical's co-founder and CEO, comments: "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."
“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 personalised care, we are improving patient outcomes and reducing the burden on traditional hospital systems”, says Zikho Pali, co-founder and COO.