Africure secures $15m deal to provide pharmaceutical goods in Africa
Africure, a manufacturer and distributor of essential generic pharmaceutical products, has secured $15 million from BluePeak Private Capital’s $200 million targeted impact-linked fund.
The new funding is expected to provide a vital capital boost to Africure and supports the company’s plan to strengthen its working capital and increase demand for pharmaceutical goods across over 10 African markets.
The funding is also expected to help Africure to realise its growth ambitions to develop a range of innovative affordable Africure brands that target chronic disease profiles such as cardiac and diabetes conditions.
He said, “Africure is a trusted manufacturing and distribution partner that has developed one of the most impactful pharmaceutical businesses across Africa. We are delighted to support the company’s growth trajectory as strengthening health systems plays a critical role in Africa’s recovery from the pandemic. Our partnership will boost access where there is an urgent need to provide quality and affordable treatment to consumers that need it the most.”
Also commenting on the newly received funding, Sinhue Noronha, Founder and CEO of Africure said, “BluePeak’s investment is transformative for our business. This will act as an impetus to our growth trajectory & we are sure this will take us to a critical size. We have built a highly competitive pan-African manufacturing capability over the past five years. This investment will enable us to scale up significantly the number of customers we serve, as well as the number of patients we can reach with affordable, reliable treatments for communicable, infectious, and chronic diseases and conditions.
“I am sure that our existing capacities and those under creation will positively impact the wellbeing and quality of life of millions of Africans in need. With more than 90% of our employees being Africans, we believe that we are creating a positive impact on job creation, and technology dissemination, resulting in a better standard of living.”
Africure was founded in 2017 and the startup claims it has a portfolio of nearly 300 products that spans several therapeutic areas ranging from anti-infectives, analgesics, antiparasitic and respiratory treatments to generic drugs providing critical care for non-communicable diseases, increasingly prevalent in countries across the continent.
“BluePeak Private Capital Fund SCSp (the Fund) is an impact-driven private capital fund which reached its first close at $116.5 million in September 2021. The fund is backed by African development finance institutions including CDC Group, EIB, DFC, FMO, and Caisse des Dépôts et Consignations, CDC Tunisia.”
