- West African private equity fund manager, CardinalStone Capital Advisers (CCA), has announced a $6 million investment in AfyA Care as part of the company’s Series A capital raise.
AfyA Care is a healthcare group providing integrated healthcare services including hospital care, health insurance and health technology services in Nigeria.
The investment reflects CCA’s strategy of backing high-potential growth businesses with the ability to positively impact communities, and to deliver sustained attractive returns to investors.
The healthcare market in Nigeria is grossly underserved with a patient to bed ratio of 2,000:1 compared to peer average of 1,000:1, and a low health insurance penetration below 5%, according to an EY report.
AfyA Care is positioned to exploit these market opportunities by first consolidating the Lagos market and then expanding to key cities in Nigeria and West Africa over the next five years.
The company will use the funding to improve its experienced talent bench, grow its hospital brands, scale its Health Maintenance Organization (HMO) and proprietary health tech solutions to transform healthcare delivery in Nigeria and beyond.
Founded in 2019, AfyA Care invests in healthcare assets in Nigeria, with a vision to make healthcare more accessible and affordable.
Targeting low-mid and mid-high-end hospitals, health insurance and health tech companies, AfyA Care is building vertically integrated healthcare institutions and optimising delivery models that serve its target market segments through the aggregation of hospital capacity and demand.