Ruai Family Hospital, trading as RFH Healthcare, has entered into an agreement with pan-African asset management platform, AfricInvest, through its debt vehicle, AfricInvest Private Credit (APC).
APC’s funding of RFH Healthcare represents the first time AfricInvest has directly partnered with a hospital in Kenya, highlighting the growth potential of digitising origination. The hospital group comprises eight facilities providing services from primary outpatient care to specialised and critical care services, and will use the financing to expand its reach to other locations.
In the last 1 year, Asoko has fed 55 opportunities to APC, representing a total pipeline of close to Ksh. 35 billion (USD 312 million). At 29% of completed submissions to the platform, the digital solution boasts higher conversion rates to qualified deals compared to working offline. Having assessed opportunities against pre-set qualification criteria on the platform, timelines for the investment parties can be shortened.
Commenting on the latest deal with RFH Healthcare, Rob Withagen, Asoko’s co-founder and CEO said, “We’re excited to see our hypothesis that digitisation supports more effective deal-making validated by the successful closure of this deal, which directs much-needed capital into Kenya’s health sector at this crucial time. Momentum is building on our Digital Engagement platform, which is increasingly recognised as creating efficiencies in the origination process and opening access to financing for a wider segment of Africa’s high-growth firms.”
Asoko’s Digital Engagement platform is utilised by a range of international stakeholders looking to connect with African companies. Partners include AfricInvest, UNDP, Afreximbank, Africa Merchant Capital, Trade and Development Bank and USAID-WATIH.