AAIC Investment has announced new backing for its Africa Healthcare Fund 2 (AHF2), taking the total size of its two funds to US$87 million.
Established in 2013 and headquartered in Singapore, AAIC Investment is the fund management arm of AAIC Holdings. It began supporting the activities of corporate venture capital (CVC) arms of Japanese corporations in 2014, before establishing the first Africa-focused Japanese fund – the Africa Healthcare Fund 1 (AHF1) in 2017.
In 2022, it launched the AHF2, which reached its first close at the end of March 2022. Now, it has announced that the Development Bank of Japan (DBJ), QR Investment, TOPPAN Holdings, and others have invested in the fund, taking the combined size of the two funds to US$87 million. AAIC Investment has invested in 45 companies through AHF1 and AHF2.
“We will continue to invest in and support the growth of innovative companies in Africa that achieve sustainable economic growth and solve social issues,” the firm said.
“The new investors will leverage its solutions and customer network to work with Japanese companies with AHF2’s investments and to create co-investment opportunities with AHF2 and businesses in Africa.”
“Recently, both startups and venture capital have been facing challenging circumstances in terms of fundraising. In light of these conditions, it is indeed an honour for AAIC to have successfully reached the second close of our Fund II. The enthusiasm for investing in Africa from Japan remains strong. I believe that the increased involvement of corporate entities, such as the LP in this case, will lead to a growth in exit opportunities, addressing a key current challenge for African VC,” said Hiroki Ishida, director at AAIC’s Kenya office.
