The fund targets enterprises that are raising at least Sh10.1 million a year in revenue. FILE PHOTO | NMG
American multinational pharmaceutical firm Johnson & Johnson
has announced a Sh1.51 billion ($15 million) fund for social
enterprises in health sector to expand their businesses.
The
fund targets enterprises that are raising at least Sh10.1 million a
year in revenue and are looking for a minimum of 50.5 million ($500,
000) in financing.
“The $15 million fund has been
allocated from our foundation Johnson&Johnson is aimed at funding
businesses in health that are looking to scale their models or their
innovation,” said Anthony Gitau, the Johnson & Johnson Director for
Global Community Impact sub-Saharan Africa.
He made the
remarks at this year’s Sankalp Africa Summit that highlighted the slow
progress by Africa towards realisation of the United Nations’
Sustainable Development Goals (SDGs).
Under the SDGs,
improving healthcare service and access to education are cited as the
key to social inclusion that can end poverty and inequality by 2030.
“This fund is meant to leverage the private sector and
businesses that have come up with very good solutions to improve
healthcare but are lacking funding,” said Mr Gitau.
Announcement
of the fund comes barely months after Johnson & Johnson teamed up
with private equity firms Inqo Investments of South Africa’s and
London-based Sumerian Partners to buy out Naivasha-based South Lake
Medical Centre in a deal valued at nearly Sh100 million.
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