Amrish Narrandes - Afrikan Heroes

Futuregrowth Makes Exceptional Pre-seed Investment In South African Startup Impulse Biomedical

April 1, 2021

Futuregrowth Development Equity Fund (DEF) has committed for the first time in a startup— Impulse Biomedical — in the pre-seed phase, which does not yet generate income, but whose solutions and services could “revolutionize the technologies of health in South Africa.”

*Amrish Narrandes, Head of Unlisted Asset Transactions at Futuregrowth*

Here Is What You Need To Know

The vehicle managed by South African investment firm Futuregrowth did not disclose the amount invested in Impulse Biomedical, a biomedical engineering platform headquartered in South Africa.

“While we normally focus on late stage venture capital investments, Impulse Biomedical is an exception. We salute its revolutionary technology and products which, together with its founding team, give us confidence that this investment will grow ever larger, ”commented Amrish Narrandes, Head of Unlisted Asset Transactions at Futuregrowth.
Read also:Mauritius Sets Up Committee To Clear Way For Fintech Startups

Healthcare technology is one of the priority areas for investment at Futuregrowth. In a note published earlier this year, the firm said it will target sectors with attractive investment opportunities, such as energy and technology, during 2021.

Impulse Biomedical will bring to market by April 2023, two medical devices that will provide relief to asthma patients and help patients allergic to foreign substances.

With the covid-19 crisis, digital-backed health solutions are increasingly attracting the interest of investors on the continent.

Over the past three months, North Africa has attracted international donors who have funded and acquired significant shares in hospitals and health care centers.

Futuregrowth makes investments from its Futuregrowth Development Equity Fund, a venture capital fund devoted to supporting disruptive businesses and propositions that show strong high growth potential. Futuregrowth just recently, in 2020, invested in SweepSouth.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

South African Startup LifeCheq Raises Funding From VC Firm Futuregrowth

June 13, 2020

South Africa’s Futuregrowth Asset Management through the Futuregrowth Development Equity Fund (DEF) has invested in LifeCheq, a digitised holistic personal finance business that aims to make expert advice accessible to professionals and entrepreneurs who are currently not served well by the existing financial advice industry.

Futuregrowth unlisted equity transactions head Amrish Narrandes. — Futuregrowth unlisted equity transactions head **Amrish Narrandes**.

“What we most liked about LifeCheq is that it has taken something like personal finance, which can be complex and as a result easily avoided, and uses technology to offer a financial service in an attractive way to a far broader market,” says Futuregrowth unlisted equity transactions head Amrish Narrandes.

The business has two target markets, mainly individuals for their personal use; and employers, who are interested in offering their employees a financial wellness programme.

These potential markets give it diverse sources of revenue and expand the reach of the business across a variety of individuals and company employee bases, says the company.

Futuregrowth notes that LifeCheq’s competitive edge is that it tailors and personalises financial advice to suit different individuals with different risk profiles by using data and algorithms to generate solutions.

Narrandes notes that LifeCheq more than met Futuregrowth’s investment requirements.

“We also took comfort from the fact that the business had already built up traction and had proved its credentials and, as a result, we bought into the business vision and proposition,” Narrandes says.

“Most importantly, the business has an impressive management team, with all the credentials and experience to qualify as an A-team. The four co-founders and members of the executive management team have a diverse range of experience from financial services product design to software engineering,” says Futuregrowth investment analyst Kearon Gordon.

LifeCheq aims to become the primary way in which clients engage with their finances and navigate their most important life decisions.