Medpharm Holdings Africa, an Ethiopian medical diagnostic laboratory company, has been acquired by Ascent Capital, a growth capital private equity fund investing in Eastern Africa with multiple office locations.

The private equity firm effected the $2.5 million (Sh228 million) equity investment in the company through its Ascent Rift Valley Fund arm. It did not, however, disclose the stake acquired.

Medpharm will use the funds to increase the number of tests and services offered to clients including cancer screening.

“Another area of expansion for Medpharm will be in wellness testing which will allow clients to identify areas of concern early through annual health reviews, hence reducing the burden on the government’s health budgets,” said Guy Brennan, a partner at Ascent Capital.

The investment will also fund country and regional expansion. For Ascent Capital and investors in the fund, the deal will offer access to Ethiopia’s healthcare sector that serves the second largest population in Africa.

The private equity firm raised $50 million (Sh4.56 billion) in commitments from international and local investors including the Kenya Power pension fund that committed $4 million (Sh365 million). The electricity pension fund became the first in the country to invest in a PE fund.

Source: AFKInsider


Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Medpharm Holdings Africa, Ethiopia, Ethiopian Medical Diagnostic Laboratory, Ascent Capital, Africa, Eastern Africa, Ascent Rift Valley Fund, Guy Brennan, Kenya Power, Pension Fund.


Startups outside of mainland China will attracted the amount of $316 million in investment from Alibaba Group, a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.

Alibaba said Monday it has earmarked 10 billion New Taiwan dollars (US$316 million) to invest in entrepreneurs from Taiwan who are starting and growing their businesses through Alibaba’s online platforms.

The latest investment comes after Alibaba, in early February, disclosed plans to set aside 1 billion Hong Kong dollars (US$129 million) to invest in Hong Kong startups and help entrepreneurs build businesses via Alibaba platforms.

Chairman Jack Ma unveiled his intention to fund Taiwanese mobile-commerce startups during a forum in Taipei early December. He said that young Taiwanese people are hard working and creative, and he hoped such funds will help kick-start these projects.

Forking out millions of dollars, in the long run, will help speed up Alibaba’s expansion outside the mainland market, as entrepreneurs from Hong Kong and Taiwan know better the taste and demands of customers in their own markets.

The funds could also help turn Taiwanese and Hong Kong startups into long-term Alibaba customers. Alibaba’s business model relies heavily on entrepreneurs who sell products on Alibaba’s shopping sites. Alibaba’s cloud-computing arm, AliCloud, charges businesses that use its data centers and other computing resources.

Source: Wall Street Journal


Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, China, Startup, Taiwan, Alibaba Group, Alibaba, E-Commerce, Hong Kong, Jack Ma, Taipei, AliCloud.


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