ILARA Health, the healthtech company digitising and consolidating highly fragmented primary care in Kenya, has announced the close of a $4.2 million pre-series A round of equity and debt.
Led by DOB Equity, the round also sees follow-on equity investment from AAIC Investment, Angaza Capital, Black Pearl Investments, Perivoli Innovations, as well as debt investment from Alphamundi and Kiva Capital. New to the round are Philips Foundation and Boehringer Ingelheim. The new partners are strategic healthcare investors that bring their deep experience working with and investing in companies in the global healthcare industry.
Ilara Health will use the latest capital injection to scale its tech-enabled primary care model across Kenya before expanding to other regions. With this latest funding, the company’s total investment to date reaches $11.7 million, encompassing various funding rounds, such as a $3.75 million seed round in 2020, along with multiple grants, including two grants totaling $1.6 million from the Bill & Melinda Gates Foundation.
Founded in 2019 by Emilian Popa, Maximilian Mancini and Sameer Afzal Farooqi, Ilara Health launched to deliver affordable and accessible quality healthcare in the peri-urban areas of Kenya.
Speaking on the round, Emilian Popa, CEO and co-founder of Ilara Health, said; “Ilara Health came about with one common goal; to improve the quality of healthcare for Africans. We passionately believe healthcare should be affordable and accessible to all and I’m therefore proud of the measurable impact we have achieved in such a short space of time. There’s still so much more to be done, which is why we are thrilled to be joined by prominent global investors who share our core vision for Kenya and ultimately all of Africa.
This fundraise will build on our continued growth and we look forward to driving standardised quality healthcare on the continent.”
Margot Cooijmans, Director of Philips Foundation Impact Investments said, “Supporting Ilara Health reflects Philips Foundation’s effort to improve healthcare access through innovation, aligning with our goal to make quality healthcare available for all. This investment is a practical step towards bridging the healthcare gap, focusing on solutions that can be implemented in communities that need them the most.”
Bahaa Eddine Sarroukh, Impact Investment Lead at Philips Foundation said, “Ilara Health represents a significant stride forward in healthcare innovation, blending technology and finance in a manner that is both pioneering and profoundly impactful. Their approach goes beyond mere access; it’s about empowering the healthcare providers at the grassroots level with the tools and financial models they need to thrive. This blend is not just unique—it’s a critical enabler for expanding quality healthcare to those who need it most, setting a new standard for what’s possible in healthcare delivery across Africa.”
Hayo Afman, Managing Director at DOB Equity said, “Having supported Ilara Health and its founders since the beginning, we are enthusiastic about the progress and the notable improvement of patient outcomes thus far. We look forward to collaborating with our new partners to support the team in redefining the standard of medical care in Africa.”
Christian Bausch, at Boehringer Ingelheim, said, “Ilara Health’s plan to decentralise financing for primary care clinics captured our hearts. We value companies and entrepreneurs that create innovative solutions that push the envelope and are proud to support Ilara Health as they address an unmet demand of clinics in Kenya and Sub-Saharan Africa.
Hiroki Ishida, Director at AAIC Partners Africa, said, “Primary care represents one of the most challenging areas for business model development. Nevertheless, it serves as the foundation of the healthcare sector. As a healthcare-focused fund in Africa, I have confidence in the team’s capabilities, and I anticipate their role as innovators on this continent.”
Ilqara Health intends to use its innovative tech infrastructure to bridge the estimated $66 billion financing gap and outdated processes affecting healthcare delivery across the African continent as a whole.
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