South African e-health startup Quro Medical has successfully secured ZAR25 million (equivalent to $1.3 million) in funding from the Mineworkers Investment Company (MIC).

Established in 2018, Quro Medical has developed an affordable and accessible hospital-at-home solution that combines cutting-edge hardware and software with clinical expertise to manage acutely ill patients in the comfort of their own homes.

The startup's vision is to create the largest virtual hospital ward in Africa, aiming to deliver superior clinical outcomes compared to traditional care while reducing costs. Quro Medical's platform leverages real-time, data-driven clinical interventions to streamline healthcare delivery expenses.

After emerging from stealth mode with the announcement of a seven-figure seed funding round in April 2021, Quro has now secured investment from the Johannesburg-based MIC. As a 100% Black-owned Investment Company established in 1995, the MIC was formed by the Mineworkers Investment Trust (MIT) to generate a sustainable asset base for the benefit of mine, energy, and construction workers, as well as their dependents.

The MIC recently launched MIC Khulisani Ventures, a ZAR150 million (approximately $10 million) early-stage investment vehicle targeting innovative, high-growth black-owned businesses in South Africa. Previously, the MIC invested ZAR20 million (then $1.3 million) in the South African rentals marketplace Rentoza in June 2020, and it has now extended a similar investment to Quro Medical.

Dr. Vuyane Mhlomi, co-founder and CEO of Quro Medical, emphasized the company's patient-centric approach and technology-enabled solutions, which prioritize seamless and proactive care. By leveraging cutting-edge technology and evidence-based protocols, Quro Medical strives to monitor patient health and deliver the best possible care in the comfort of patients' homes.

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Thato Ntseare, Impact Investment Manager at the MIC, highlighted the scalability potential of Quro Medical's service offering. He described Quro Medical as a new and exciting track for the MIC's impact investment strategy, combining technology-based solutions with the growing trend of remote patient management. Ntseare expressed confidence in the business case presented by Quro Medical, citing its deep understanding of the healthcare value chain and its potential to increase accessibility to healthcare services.

Since its launch in 2020, Quro Medical's Hospital at Home program has successfully treated over 1,000 patients in their homes, achieving comparable or improved clinical outcomes and enhancing the patient experience. With the support of the MIC, Quro Medical will further develop its technology and expand its reach, ultimately improving healthcare outcomes and reducing costs for both patients and providers.

Zikho Pali, co-founder and COO of Quro Medical expressed pride in being the African pioneer and leader of the Hospital at Home program. Pali emphasized the transformative nature of Quro Medical's innovative solution, which is reshaping healthcare delivery. Through clinical-grade real-time monitoring and personalized care, Quro Medical aims to improve patient outcomes and alleviate the strain on traditional hospital systems.

The funding secured from the MIC will enable Quro Medical to advance its technological advancements and extend its impact, fostering better healthcare outcomes and accessibility for individuals across South Africa.