Mineworkers Investment Company led $1.3 M funding raised by e-health startup Quro Medical
The Mineworkers Investment Company (MIC) has provided funding to the South African e-health startup Quro Medical in the amount of ZAR25 million ($1.3 million).
Quro Medical, a company founded in 2018, has created an affordable and accessible hospital-at-home solution that combines cutting-edge hardware and software with top-notch clinical care to manage critically ill patients in the convenience of their own homes.
The startup is creating the biggest virtual hospital ward in Africa with the goal of delivering better clinical results than traditional care at a lower cost. By utilizing in-the-moment, data-driven clinical interventions, Quro Medical’s platform lowers the cost of healthcare delivery.
Quro has now received funding from the Johannesburg-based MIC, a 100 percent Black-owned Investment Company founded in 1995 by the Mineworkers Investment Trust (MIT) to build a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents. Quro came out of stealth mode by announcing the closure of a seven-figure US dollar seed funding round in April 2021.
The launch of MIC Khulisani Ventures, a ZAR150 million (US$10 million) early-stage investment vehicle aimed at black-owned, high-growth businesses in South Africa, was announced by MIC, according to media reports in July 2021. It made a ZAR20 million (then US$1.3 million) investment in South African rental marketplace Rentoza in June of last year, and it has since 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 Thato Ntseare, manager of impact investments at MIC, Quro Medical’s service offering offers significant potential for scaling.
“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 a high potential for increasing accessibility to healthcare services.”
2020 saw the introduction of Hospital at Home by Quro Medical, which offers qualified patients hospital-level care in their homes that is clinically appropriate and patient-focused. Since the program’s launch, over 1,000 patients have received successful home care with comparable or better clinical outcomes and a better patient experience.
Quro Medical will be able to improve healthcare outcomes and lower costs for patients and providers with the assistance of MIC as it develops its technology and broadens its market.
“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.
