The South African health sector has once again shown significant progress as Quro Medical makes the news. The e-health start-up has raised ZAR 25 million (US$1.3 million) in funding from the Mineworkers Investment Company (MIC).
With this investment, Quro Medical aims to provide traditional medical aid at a reasonable price with excellent service. The startup is developing what is thought to be the biggest virtual hospital ward in Africa. The healthcare system on the continent, as we know it, could drastically change because of this enormous concept.
With the support of MIC, 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 technology from Quro Medical lowers healthcare delivery costs by utilizing medical procedures that are data-driven in real-time, and provide care for very ill patients in the comfort of their own homes.
According to MIC impact investment manager, Thato Ntseare, Quro Medical’s service offering provides substantial opportunities for scalability. The startup will therefore have a higher chance of realizing its goal of dominating the continent through e-health care services.
“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.
Another statement was issued by the co-founder and COO of Quro Medical, ensuring that the e-health start-up is the future of healthcare delivery for both physical and remote medical services.
Zikho Pali, co-founder and COO of Quro Medical said: “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 personalized care, we are improving patient outcomes and reducing the burden on traditional hospital systems.”
About Quro Medical
In 2018, Quro Medical was established and has since created a service for delivering affordable and accessible home care. which now allows patients to receive high-quality care without leaving their homes. This emerged from the integration of innovative technology and software with top-notch clinical practice.
“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.
2020 saw the introduction of Hospital at Home by Quro Medical, which offers qualified patients hospital-level care in their homes that is clinically relevant and patient-focused. Since the initiative’s launch, over 1,000 patients have received successful home care with comparable or better clinical outcomes and a better patient experience.
According to recent records, MIC is a significant benefactor to Quro Medical. In April 2021, the e-health start-up obtained a seven-figure US seed funding round from MIC. The company became very known to the public right after this deal was announced.
MIC is a Johannesburg-based business that is entirely owned by black people. The Mineworkers Investment Trust (MIT) founded this investment company in 1995. Their goal is to build a solid asset foundation that will benefit mine, energy, and construction workers as well as the people who depend on them.
According to Disrupt Africa, in July 2021, MIC announced the launch of MIC Khulisani Ventures worth ZAR 150 million (then US $10 million). This investment was made through an early-stage investment company with a focus on South African black-owned, high-growth firms.
It supported South African rental marketplace Rentoza in June of last year with a ZAR20 million (at the time, US$1.3 million) investment. Now it has made a similar investment in Quro Medical.
“Remote patient management is a growing trend globally, and the business case and deep understanding of the value chain presented by Quro Medical demonstrate 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,” Thato said.