Investor Profile: AAIC Investment — Thesis, Cheque Size & How to Apply

AAIC Investment funding is specialist capital for African health care, and founders learning how to get funding from AAIC Investment should start from its distinctive position: it is the fund management arm of AAIC Holdings, a Singapore-headquartered group, and it runs the first Africa-focused Japanese health care funds. Established in 2013 and headquartered in Singapore, AAIC Investment invests in innovative startups across Africa, with health care at the centre.

Thesis and investment focus

AAIC Investment seeks to create a sustainable growth model that combines Japan's strengths with emerging-country growth, joining people, funds, knowledge and information to mutual benefit. Its funds target medical and health care companies and technology-driven companies in other social infrastructure fields, including finance, insurance and logistics, with a geographic focus on Kenya, Nigeria, South Africa and Egypt. The firm also supports Japanese corporations' venture activity in Africa, giving portfolio companies a bridge to Japanese partners.

Sectors, stages and cheque size

AAIC Investment invests at Series A and Series B stage through its Africa funds, with ticket sizes of $200,000 to $5 million. That makes it a growth-stage health investor rather than a pre-seed fund: founders should approach it once they have a working product and early traction in an African health market.

Fund size and track record

AAIC Investment established the Africa Healthcare Fund (AHF1) in 2017, the first Africa-focused Japanese fund, and launched the Africa Innovation and Healthcare Fund (AHF2) in 2022, which reached its first close at the end of March 2022 and its second close in October 2023. The combined size of AHF1 and AHF2 is $87 million, according to an AAIC group announcement. AAIC Investment had invested in more than 50 companies through AHF1 and AHF2 as of September 2024.

Notable portfolio

AAIC Investment has backed LifeQ, the health technology company, through a partnership aimed at improving health care in Africa; Milvik (BIMA), the health tech platform, through AHF2; Africa Healthcare Network (AHN), the dialysis services provider, which raised $20 million in a round led by Africa50 and AfricInvest and from which AAIC Investment took a partial exit; and The Baobab Network, the African accelerator and investor. Its portfolio spans more than 40 technology companies across 14 countries, according to group disclosures.

Partners and programmes

AAIC Investment is led by Chief Executive Susumu Tsubaki, and its Kenya office representative and Egypt office director is Hiroki Ishida. Its partnership activity includes a memorandum of understanding with OurCrowd on behalf of the Global Health Equity Fund (GHEF), launched by OurCrowd and the WHO Foundation, to share knowledge and deals and help portfolio companies scale in low- and middle-income African countries.

How to apply for funding from AAIC Investment

Founders can contact AAIC Investment through its official website, aaicinvestment.com, and its press releases list investment enquiry contacts for its Kenya and Egypt offices. A strong approach is a Series A or B health company with African traction and a clear case for Japanese partnership. Lead with clinical or commercial outcomes and your regulatory path, and frame the round inside its $200,000 to $5 million ticket range.