AfricInvest and the Health Finance Coalition (HFC) have completed the final round of financing by raising $111m for the pan-African Transform Health Fund (THF).
Transform Health Fund is aimed at bolstering healthcare systems in Africa. The finance fund will scale healthcare models across the continent.
Philips has been a key contributor to this initiative, announced in December 2022.
The Transform Health Fund was announced in Washington, DC, during the US-Africa Leaders Summit.
It unites commercial, government, and donor investments, managed by AfricInvest, a pan-African investment platform specialising in private equity, venture capital, and private debt.
The fund is supported by the Health Finance Coalition, a group of global health funders hosted by Malaria No More.
AfricInvest founding partner Ziad Oueslati said: “Financing companies in Africa’s health sector through innovative financing models such as the Transform Health Fund is critical to address Africa’s health financing and capacity gaps.
“By teaming up with private sector leaders, the Transform Health Fund has become a proven model for scaling locally led healthcare solutions across the continent.”
THF aims to bridge the financing gap for small and medium enterprises (SMEs) in Africa’s healthcare sector.
The closing of the recent funding will allow the initiative to expand its support for health enterprises serving underserved communities, building on its initial close in June 2023.
THF focuses on improving access, affordability, resilience, and healthcare quality in Africa. Its goals align with Philips’ vision of delivering care to more people.
The financing fund will invest in supply chain transformation, new care delivery, and digital solutions, targeting low-income patients.
This includes supporting clinics in remote areas, telehealth services via mobile phones, and companies tackling supply chain challenges to enhance access in underserved communities.
The financing fund has already committed $20m to Africa Healthcare Network (AHN), a dialysis chain across Sub-Saharan Africa, Lapaire Glasses network of optical shops and Insta Products, a producer of ready-to-use therapeutic food.
Philips ESG chief & legal officer Marnix van Ginneken said: “Delivering high quality and affordable care to underserved communities has been the main focus since we shaped this fund.
“The Transform Health Fund has already benefitted many patients through early investment, and we look forward to its continued positive impact.”
