Mineworkers Investment Company (MIC), has announced a significant investment in healthcare technology company Quro Medical.
Through its venture capital initiative, Khulisani Ventures, MIC has invested R25-million in the startup. MIC Khulisani Ventures is geared towards unlocking the high-growth potential of scalable, innovative, black-owned businesses.
Quro Medical is a digital healthcare company making premium healthcare solutions accessible and affordable for everyone. The company’s innovative Hospital at Home Program offers patients high-quality medical care from their own homes, while reducing the risk of infection and cutting costs compared to traditional hospital stays.
According to Dr Vuyane Mhlomi, Quro Medical’s co-founder and CEO: “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.”
Quro Medical’s service offering provides substantial opportunities for scalability, says MIC Impact Investment Manager, Thato Ntseare.
“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.”
Quro Medical was established in 2018 by Dr Mhlomi, Zikho Pali and Rob Cornish and has already partnered with South Africa’s largest private hospital group, Life Healthcare. Quro Medical’s services are also reimbursed by most South African medical aid schemes.
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, more than 1 000 patients have been treated successfully in their homes with similar or improved levels of clinical outcomes and a better patient experience.
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.
“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 chief operating officer.
The Quro Medical investment is MIC Khulisani Venture’s first foray into the digital healthcare space, further diversifying its investment portfolio. It is also the first investment from the second funding window for Khulisani.
Black-owned advisory firm Camaku Transaction Advisory assisted in ensuring the deal was closed, while Everdeen was responsible for the technology review.
“We were delighted to work with Camaku and Everdeen in making this deal a reality. Their advice and guidance were instrumental in us arriving at an understanding with Quro Medical. It is always rewarding to be able to work with emerging South African businesses in a manner that empowers them and leverages their expertise and knowledge,” Ntseare says.