AAIC Investment Pte. Ltd. announced a significant investment in Milvik Singapore Pte. Ltd., commonly known as BIMA, through its Africa Innovation and Healthcare Fund (AHF2). This investment marks a strategic move aimed at revolutionizing healthcare accessibility and affordability in emerging markets across Africa.

About Milvik (BIMA)

Founded in Ghana, BIMA is a health tech platform dedicated to providing affordable health insurance and digital health services tailored specifically for underserved populations in emerging markets. The company has made notable strides in the healthcare sector by leveraging telemedicine and integrating with local healthcare ecosystems. This approach is designed to mitigate the high out-of-pocket healthcare costs that often plunge households into poverty.

BIMA has distinguished itself as the first licensed telemedicine provider in Ghana and has since expanded its operations to Tanzania, where it is recognized as a leading micro-insurance provider. The company has also made inroads into Pakistan, Bangladesh, Sri Lanka, and Cambodia, now serving over 6 million active users across these six markets.

In early 2024, BIMA achieved group-level profitability, showcasing its sustainable growth model. The investment from AHF2 is expected to accelerate BIMA's growth in existing markets and support its expansion initiatives throughout Africa by utilizing AAIC's extensive network and expertise.

The Investment's Strategic Importance

The strategic investment from AAIC Investment will not only bolster BIMA’s operations in its current markets but also facilitate the company’s expansion into new regions. More than 2 billion people in emerging markets currently lack adequate insurance coverage, and BIMA is steadfast in its mission to provide quality healthcare access to these underserved communities.

Susumu Tsubaki, CEO of AAIC Investment, expressed his enthusiasm for the collaboration, stating, "Healthcare in emerging markets faces significant challenges, particularly accessibility and affordability, which hinder outcomes. We are excited to join BIMA in revolutionizing healthcare through sustainable, affordable insurance products. We believe BIMA’s approach will positively impact communities and improve overall healthcare outcomes."

Gustaf Agartson, the Founder and CEO of BIMA, also commented on the partnership, saying, "We are grateful to have AAIC join us on this journey. Their expertise in health tech will be an asset as we continue to expand our healthcare ecosystem and make insurance more affordable for people in emerging markets."

Suramya Gupta, Managing Partner of CapitalSG, BIMA's controlling shareholder, highlighted the significance of AAIC's involvement, stating, "We are delighted to have AAIC join LeapFrog Investments and CapitalSG in our endeavor to develop BIMA as the leading affordable healthcare player across global emerging markets. AAIC’s unique understanding of the African healthcare sector will be invaluable in helping us scale BIMA’s African operations."

Overview of AAIC Investment

AAIC Investment, established in 2013 and headquartered in Singapore, is the fund management arm of AAIC Holdings. The firm initially supported Corporate Venture Capital (CVC) activities of Japanese corporations and later established the first Africa-focused Japanese fund, the Africa Healthcare Fund (AHF1), in 2017. The launch of the Africa Innovation and Healthcare Fund (AHF2) in 2022 marked a significant milestone for the firm, which has invested in over 50 companies as of September 2024.

The Broader Impact

The healthcare landscape in emerging markets is often fraught with challenges, including inadequate access to quality medical services and a lack of affordable insurance options. BIMA’s innovative model not only aims to address these gaps but also seeks to improve healthcare outcomes for millions of individuals. By offering affordable insurance products and integrating digital health services, BIMA is creating a comprehensive healthcare ecosystem that caters to the needs of low-income populations.

The investment from AAIC is expected to enhance BIMA's capabilities to expand its reach and strengthen its position as a key player in the health tech sector across Africa and beyond. As healthcare accessibility continues to be a pressing issue in many developing regions, partnerships like this are critical in creating sustainable solutions that can bring lasting change.

AAIC Investment’s partnership with Milvik (BIMA) represents a significant step toward transforming healthcare access in emerging markets. With a focus on affordability and sustainability, this investment not only supports BIMA’s mission to deliver essential health services but also underscores AAIC’s commitment to enhancing healthcare outcomes across Africa. As the healthcare sector evolves, collaborations like this will play a vital role in ensuring that quality care is accessible to all, ultimately contributing to improved health and well-being for underserved populations worldwide.