AfyA Care’s Series A capital round will include a $6 million investment from CardinalStone Capital Advisers (CCA); a West African private equity fund manager.
According to an EY analysis, the Nigerian healthcare sector is severely underserved, with a patient-to-bed ratio of 2,000:1; as opposed to the peer average of 1,000:1 and a poor health insurance coverage of just 5%.
The firm plans to utilize the capital to expand its hospital brands, hire more experienced staff, scale its Health Maintenance Organization (HMO); and develop its own health tech solutions to revolutionize healthcare in Nigeria and beyond.
AfyA Care was established in 2019 with a mission to improve access to and the cost of healthcare in Nigeria. The fourth investment by CCA from its $64 million CCA Growth Fund (CCAGF), which focuses on growth-stage SMEs in Nigeria and Ghana, was made in AfyA Care.