Fusion Capital Limited Group Chief Executive Officer Luke Kinoti (left) with former Assistant Minister for Industrialization Ndiritu Muriithi (right) during the Fusion Capital Business Club Launch at the National Museum on September 19, 2012. Photo/Diana Ngila
Kenyan-based venture capital fund, Fanisi Capital, has bought stake in a Rwandan pharmaceutical firm, Sophar Limited.
The investment in the Kigali-based company, which imports branded drugs, mostly from Europe and sells in Rwanda, represents a key milestone for the $50 million (Sh4.35 billion) equity fund as it is the first investment outside the country.
Though Fanisi did not disclose the amount invested, citing non-disclosure agreements with the drugs wholesaler, the fund usually make investments with initial values of between $1 and $3 million (approximately Sh87m and Sh261m).
Announcing the investment in Nairobi, the co-Managing Partner of Fanisi Capital, Ayisi Makatiani, said the funding, which was achieved through a mix of equity and debt, will be used to build a drugs warehouse in Kigali.
He said that the new investment would significantly expand the company product range from 900 to 3,000 products within a few years, and set up distribution centres for enhanced access and improve supply chain.
“A key benefit is that the investment will allow better access to drugs, especially for the neediest sections of the population,” stressed Makatiani.
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