AfyA Care snaps $6 million investment from CardinalStone Capital Advisers

Nigerian health-tech company, AfyA Care, has received a $6 million investment from CardinalStone Capital Advisers (CCA), a West African private equity fund manager as part of its Series A capital raise.

• Founded in 2019, AfyA Care invests in healthcare assets in Nigeria, with a vision to make healthcare more accessible and affordable.
• The company has a portfolio of hospitals with 215 beds under the R-Jolad Hospital brand to serve its low-to-mid market consumers. It is also developing a 140-bed hospital under its proposed Oakwood Medical Centre brand to cater to the mid-high-end market.
• AfyA Care will use the funding to consolidate its presence in the Lagos market and then expand to key cities in Nigeria and West Africa over the next five years.
• This investment reflects CCA’s strategy of backing high-potential growth businesses with the ability to positively impact communities and deliver sustained attractive returns to investors.
• This investment in AfyA Care is the fourth by CCA from its $64 million CCA Growth Fund (CCAGF), which targets growth-stage SMEs in Nigeria and Ghana. Other companies in its portfolio include i-Fitness, Appzone and Quality Foods Africa.