Kenyan startup Access Afya receives funding from MIT Solve.
Kenyan healthcare startup Access Afya receives from MIT Solve through its new venture vehicle, as part of a US$900,000 bridge funding round.
The Kenyan startup Access Afya is a client-centered organization that offers high-quality health products and services to clients who have poor health options in Kenya.
MIT Solve is an initiative of the Massachusetts Institute of Technology (MIT), which identifies tech-based social entrepreneurs through open innovation challenges at the same time supporting them to drive transformational impact.
MIT which was launched by Solve Innovation Future last year is a philanthropic venture vehicle that uses debt, equity and alternative structures to invest in entrepreneurs driving social and environmental impact.
However, the initiative selects startups annually through its open innovation challenges and backed with funds ranging from $75,000 to US$250,000.
The initiative has made its first three investments, where Nairobi-based Access Afya raised US$90,000 as part of a US$900,000 bridge financing round.
Other startups who received funding were Mexican childcare app, Kinedu, and US-based blockchain commerce platform, Queen of Raw.
Principal at Solve Innovation Future, Casey van der Stricht said, “When we first launched Solve Innovation Future, the world was a very different place. Now more than ever, startups – especially those prioritizing social impact – need risk-tolerant and flexible investment capital to scale. Solve is proud to invest in these incredible solver teams and we look forward to collaborating with other organizations and individuals to unlock much-needed capital for global early-stage social ventures.”
Kenyan startup Access Afya was founded by Melissa Menke in the year 2012. It is an organization transforming healthcare delivery in Kenya by offering an alternative for people living in the slums of Nairobi.
MIT Solve which was founded in 2016, is a marketplace for social impact innovation with a mission to solve world challenges.