In a significant move aimed at improving access to optical care across Africa, AfricInvest and Proparco have approved a combined financing package for Lapaire Glasses SA, a pioneering optical retail chain. This investment of USD 2.5 million from AfricInvest and EUR 450,000 from Proparco is poised to enhance the availability of affordable eyewear in countries such as Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda.

Funding Details

The funding comes at a crucial time, as the World Health Organization estimates that approximately 80% of individuals with visual impairments in Africa do not receive adequate care. The financial backing from AfricInvest and Proparco will empower Lapaire to expand its territorial coverage in existing markets while also entering new ones, including Senegal, the Democratic Republic of the Congo, and Tanzania.

Lapaire, founded in 2018 in Kenya by Jérôme Lapaire, has made a name for itself by offering high-quality eyewear at competitive prices. The company operates over 80 optical shops, providing free eye tests to customers to identify their corrective needs. With a fair pricing strategy and an installment payment plan, Lapaire has successfully enabled many individuals—70% of whom are purchasing their first pair of glasses—to gain access to essential optical care.

Impact on Healthcare Access

The investment is more than just a financial transaction; it is a step toward improving healthcare access across the continent. Jérôme Lapaire, CEO of Lapaire, expressed his enthusiasm for the partnership, stating that the financial and technical support from Proparco and AfricInvest is crucial for expanding their optical care network. His vision is clear: to improve the lives of one million people by 2026 through enhanced access to eyewear and eye care services.

Proparco's Regional Director, Sadio Dicko, also underscored the importance of this investment. He highlighted Lapaire’s commitment to providing affordable optical care to underserved communities and noted that the company's transparent pricing policy and free eye tests are designed to enable individuals with limited financial means to take better care of their health.

Faisal Jiwa, a Senior Partner at AfricInvest, reinforced the fund's commitment to supporting companies like Lapaire. He emphasized the transformative potential of the Transform Health Fund in making healthcare services accessible and affordable for low- and middle-income patients, who often remain underserved.

Strategic Expansion Plans

The financing will facilitate not only the enhancement of Lapaire's current operations but also its geographical expansion. With the growing demand for quality eyewear in Africa, the company's planned entry into new markets is timely. By broadening its reach, Lapaire aims to create a larger impact on public health and promote better eye care practices across the region.

This initiative is especially pertinent given the existing challenges in healthcare delivery in various African nations. As the COVID-19 pandemic exposed vulnerabilities in health systems worldwide, the need for accessible healthcare solutions has become even more pressing. Lapaire's approach combines affordability with quality, making it a model worth emulating in other sectors of healthcare.

Collaborative Efforts

The collaboration between AfricInvest, Proparco, and Lapaire reflects a broader commitment to sustainable development in Africa. Both investment firms have a rich history of supporting initiatives that drive economic growth while addressing social challenges. Their partnership with Lapaire illustrates their dedication to enhancing healthcare access, which is vital for overall community well-being.

Proparco, a subsidiary of the Agence Française de Développement, has been at the forefront of promoting sustainable development through private-sector collaboration for over 45 years. With a robust international presence, Proparco aims to create impactful solutions that address social and environmental challenges. Similarly, AfricInvest has invested over $2 billion in more than 200 companies across Africa, aiming to deliver positive economic and social returns.

The financing secured by Lapaire from AfricInvest and Proparco marks a critical step toward making optical care accessible and affordable across Africa. By improving territorial coverage and expanding its network, Lapaire is poised to make a significant impact on the lives of countless individuals who currently lack access to essential eye care services. With a shared vision among the partners to create a sustainable future, this initiative underscores the importance of collaboration in addressing healthcare disparities on the continent. As Lapaire embarks on this journey, it stands as a beacon of hope for improved health outcomes in Africa.