OurCrowd launches $200mn global health equity fund

Venture capital firm OurCrowd has teamed up with the World Health Organization Foundation to introduce a $200 million global health equity fund aimed at supporting startups that are revolutionizing healthcare. Jon Medved, CEO of OurCrowd, sat down with CNBC Africa to discuss how this fund will specifically benefit African startups. The fund is designed to ensure that the groundbreaking advancements in healthcare and health technologies that are forthcoming in the coming years are accessible to all, regardless of their location or financial status. Medved emphasized the importance of providing these technologies in an equitable manner to the global population. The partnership with the World Health Organization will oversee the creation of this unique fund, which will not only invest in companies focusing on healthcare solutions worldwide but will also prioritize Africa for its investments. One of the key elements of the fund is a pledge that companies receiving investments will sign, committing to offering equitable access to their technologies. This pledge will ensure that these innovations are made available to everyone around the world. Medved highlighted the diverse range of technologies that the fund will support, including therapeutics, diagnostics, digital health products, vaccines, climate change solutions, energy transition initiatives, food security innovations, and next-generation mobility advancements. He provided examples of companies that are already making a significant impact, such as Blue Green Water Technologies, which is tackling toxic algal blooms in South Africa's reservoirs and lakes with an EPA-approved water cleaning solution. Additionally, companies like MIGVAX are developing oral vaccines for COVID that do not require refrigeration and can be used as both vaccines and boosters, making them highly accessible to rural communities. Another company supported by the fund is working on a nasal spray that effectively kills viruses, including COVID, showcasing the disruptive and transformative potential of these technologies. Medved further elaborated on the equitable access pledge that the companies will sign, emphasizing the importance of providing pricing access, training, and education regarding the technologies they develop. A significant portion of the profits generated by the fund will be donated to the WHO foundation, aligning with the mission to ensure that breakthrough technologies reach those who need them most. The ticket size for investments in companies will range from a few million dollars to up to $10 million per company, targeting early, middle, and late-stage venture-backed companies globally. This inclusive approach extends to investors as well, with institutions and high net worth individuals from 190 countries participating in the fund. The fund's focus on global health equity and its commitment to impact finance sets it apart, as it aims to deliver profits while also contributing to the greater good by supporting global health initiatives. By engaging with the global investor and entrepreneurial communities, the fund seeks to mobilize resources and expertise to address the significant challenges in healthcare innovation and accessibility. The partnership between OurCrowd and the WHO foundation represents a crucial step towards fostering innovation, inclusivity, and sustainability in healthcare, ultimately benefiting African startups and populations around the world.