CardinalStone Capital Advisers (CCA), a West African private equity fund manager, has announced a $6 million investment in AfyA Care as part of its Series A capital round.
AfyA Treatment is a Nigerian healthcare business that provides integrated healthcare services such as hospital care, health insurance, and health technology. The investment reflects CCA’s strategy of supporting high-potential growth companies with the ability to positively impact communities while also providing investors with long-term attractive returns.
According to an EY research, Nigeria’s healthcare industry is grossly underserved, with a patient-to-bed ratio of 2,000:1 compared to the peer average of 1,000:1, and a poor health insurance coverage of less than 5%.
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Over the next five years, AfyA Care plans to capitalise on these market potential by first consolidating the Lagos market and then expanding to other locations throughout Nigeria and West Africa. The funds will be used to strengthen its experienced talent pool, expand its hospital brands, and scale its Health Maintenance Organization (HMO) and patented health tech solutions in order to transform healthcare delivery in Nigeria and beyond.
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In response to the investment, Femi Ogunjimi, partner at CardinalStone Capital Advisers, stated, “CCA is always eager to engage with firms that have proved the capacity to disrupt and revolutionise sectors.” Because of the significant gaps in healthcare supply in Nigeria and Sub-Saharan Africa in general, according to Ogunjimi, it is critical to partner with people that truly understand the industry, the urgency and scope of the problem, and are well-equipped to put in the work to deliver the outcomes.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh