About This Fund
AAIC Africa Healthcare Fund (AHF1) is a venture capital fund managed by AAIC Investment Pte. Ltd., the Singapore-headquartered fund management arm of AAIC Holdings (Asia Africa Investment & Consulting). Established in 2017, AHF1 was the first Africa-focused Japanese institutional investment fund, created to bridge Japanese capital with high-growth startup opportunities across sub-Saharan and North Africa. The fund targets technology-driven companies addressing healthcare, financial inclusion, and social infrastructure challenges in rapidly urbanizing African markets.
AHF1 focuses on innovation-led startups operating at the intersection of healthcare, financial services, and logistics across Africa's most dynamic ecosystems—primarily Kenya, Nigeria, South Africa, and Egypt. The fund makes equity investments in early- to growth-stage companies and seeks to support portfolio companies with both capital and AAIC's network of Japanese strategic partners and co-investors. Investments target companies typically at the Series A stage with the potential to scale across the continent.
AHF1 reached a final close of approximately USD 47 million and has invested in more than 30 startups since its inception. Among its most notable portfolio companies is Chipper Cash, a pan-African fintech platform that achieved unicorn status (USD 1 billion+ valuation) in 2021, alongside a portfolio of digital health, telemedicine, and pharmacy modernization companies. The fund's successor vehicle, Africa Innovation & Healthcare Fund (AHF2), launched in 2022 with a target of USD 150 million, building on AHF1's track record of supporting scalable African technology companies.