Press Releases
eha Impact Ventures (EIV), a gender-lens impact investing venture, secured $50,000 from a USA Donor-Advised Fund (DAF) to support women entrepreneurs in Africa. This milestone marks the second funding received through a Donor-Advised Fund, a philanthropic vehicle that allows individuals, families, and organisations to make charitable contributions and recommend grants from the fund to specific charitable organisations.
This approach represents a new era in philanthropy, where donations are used to invest in socially impactful companies via vehicles like eha Impact Ventures. The returns from these investments are then reinvested into other impactful ventures, amplifying the impact of the initial donations through continuous reinvestment in various businesses.
eha Impact Ventures, renowned for its commitment to fostering female entrepreneurship in Africa, has long championed innovative financial avenues for social empowerment. This funding will support improved health outcomes for women, notably preventing the growing rate of cervical pre-cancer in African women.
Evelyn Castle, Co-Founder/CEO of EIV, commented on the significance of this donation and stressed that it is a more sustainable option than the traditional charity model. She adds, “It is pertinent that we use our creativity and local knowledge to grow impact and build better economic conditions in Africa”. “This generous contribution through the DAF method underscores a commitment to fostering inclusive prosperity and unlocking the full potential of women-led enterprises.”
This innovative funding approach exemplifies the evolving landscape of philanthropy and emphasises the power of strategic partnerships in driving meaningful change. By harnessing the DAF mechanism, EIV and its donors are pioneering a model of giving that transcends traditional boundaries, amplifying impact and increasing opportunities for women’s economic empowerment.
Abuja, Nigeria – April 29, 2024
eha Impact Ventures (EIV), a leading impact investment firm, has converted $3 million in debt financing into equity for EHA Clinics, a prominent network of primary care facilities in Nigeria. By transitioning debt into equity, EIV aims to bolster EHA Clinics’ financial position ahead of its Series A funding round, facilitating access to additional capital for business expansion and operational scaling.
Since its inception in 2018, EHA Clinics has rapidly expanded its footprint in Nigeria’s healthcare landscape, distinguishing itself through innovative technology integration, commitment to quality care, and accessible pricing. EIV’s initial debt financing was pivotal in supporting EHA Clinics during its formative years, enabling the company to establish a solid foundation in Nigeria.
Evelyn Castle, CEO of eha Impact Ventures, says, “This conversion represents a strategic investment in EHA Clinics’ future. We believe in the company’s mission to enhance healthcare accessibility in Nigeria and are committed to supporting its growth through this financing initiative.”
EHA Clinics’ CEO, Adam Thompson, remarked, “We are grateful for EIV’s continued partnership and support. Converting debt to equity strengthens our financial standing and reflects our investors’ confidence in our long-term success. This strategic move will enable us to fortify our operations, enhance our service offerings, and accelerate our mission to deliver quality healthcare to Nigerians.”
Ifunanya Ilodibe, EHA Clinics’ Chief Medical Officer (CMO), added, “The conversion will greatly benefit our AI-driven health management suite, EHACare, enhancing quality healthcare delivery. It will strengthen our REACH Program, enabling continued provision of high-quality, low-cost healthcare in underserved communities. It will also support our growing impact-focused research strategy to expand the delivery of high-performing primary care and community health”.
The conversion of debt into equity offers several benefits to EHA Clinics, including enhanced capital-raising capabilities, expanded operational capacity, strengthened asset protection, improved cash flow management, and increased attractiveness to potential investors.
eha Impact Ventures remains committed to supporting EHA Clinics’ mission. This milestone marks a significant step in its effort to enhance healthcare outcomes and positively impact lives across Nigeria.
About eha Impact Ventures
eha Impact Ventures (EIV) is a philanthropic impact investing enterprise that supports early-stage, high-impact, women-led businesses in Africa. Unlike traditional business financing, EIV offers flexible and innovative funding options paired with high-quality, local, shared business resources to ensure business growth and success. Learn more at www.eha.ventures.
Media Contact: Sumayyah Ibrahim | Email: sumayyah.ibrahim@eha.ventures
Investor Contact: Evelyn Castle | Email: evelyn@eha.ventures
About EHA Clinics:
EHA Clinics is a world-class comprehensive healthcare service provider in Nigeria, dedicated to bridging the gap between patients and healthcare services. Through its network of modern primary care facilities, it integrates innovative technology and mobile solutions to deliver high-quality, affordable care.
For more information, visit https://www.eha.ng/
Project Report
Establishment of a Two-story Primary Health Care Clinic in Gyadi-Gyadi, Taurani, Kano State, Nigeria
Executive Summary
- Support the set-up of a REACH community health clinic in Kano.
- Hire a dedicated training coordinator.
- Support the development of additional training resources and materials.
Key Metrics
Funding Summary
Acknowledgements
We would like to thank the Family DAF for making the establishment of this clinic possible as well as the entire EHA REACH team for their tireless efforts in getting the clinic up and running.
At the 2023 virtual Krutham Africa Impact Investment Award ceremony, EIV received the Project Developer of the Year award, recognising the organisation’s ability to initiate projects and create an opportunity to accelerate social impact.
The award was given to EIV for their innovative financing technique that helped EHA Clinics secure a $300,000 loan from Stanbic Investment Banking and Trust Company Limited (IBTC) last year. The loan is to expand the Clinic to two more locations in Abuja and Lagos, serving an additional 6,000 people annually.
Adam Thompson, EIV Co-Founder, received the award. He stated that the recognition commends the team’s effort to ensure social and environmental impact from investments.
During his speech, Dr. Graunt Kruger, the Managing Director of Krutham, expressed that award recipients represent financing opportunities for smaller social enterprises despite the significant financing gap in the region. “Our award winners showcase a new world of possibilities for facilitating greater access to capital, particularly for smaller social enterprises.”
We are grateful for this award and look forward to advancing social investments across Africa.
Read more on the award here:
We are delighted to share that we joined the African Venture Philanthropy Alliance (AVPA) on July 12, 2023.
AVPA is a network that unites social investors across Africa to increase financial flow into social ventures. Its mission is to ensure that human, financial and intellectual capital are deployed optimally and innovatively to achieve maximum social impact.
As a member of AVPA, we will partner with member organisations to support women founders by offering investment opportunities and innovative business model support and promoting impact investing.
Our Founder and CEO, Evelyn Castle, has expressed that the decision to join AVPA is both an honour and a significant milestone for our firm. According to her, “We firmly believe that by collaborating to mobilise and deploy capital for maximum social impact, we can further enhance the meaningful work we do within Nigeria and across Africa, while also establishing our influence.”
In June 2023, eha Impact Ventures (EIV) earned a 2023 Platinum Transparency Seal on Candid, a platform of comprehensive data and insights about the social sector for people who wish to support social impact.
The Platinum Transparency Seal is the highest level of recognition offered by the Candid- GuideStar platform, indicating that we publicly share information about the difference we make in the world.
We are excited to be among the less than 1% of all non-profit organisations in the US that are awarded this recognition. To learn more about how you can support us and make a positive impact, please visit our profile at https://www.guidestar.org/profile/86-2911430.
Abuja, Nigeria – June 15, 2023
eha Impact Ventures (EIV), a philanthropic impact investment enterprise, facilitated a $25,000 grant from a USA Family Donor-Advised Fund (DAF). The grant is a recognition of its portfolio company, EHA Clinics’, impact in increasing accessible community healthcare in Nigeria.
EIV has implemented an innovative funding method that enables philanthropic donations to support impact-driven businesses. The $25,000 grant will develop a new primary healthcare hub for the Reaching Everyone with Accessible Community Health (REACH) Programme in Gyadi-Gyadi,Taurani, Kano, to serve an additional 2,000 people yearly.
The primary healthcare hub comprises six health posts and community pharmacies to provide primary health care, childbirth & maternal care, home care, telemedicine, and pharmacy services to the community and its environs.
The CEO and Co-Founder of eha Impact Ventures, Evelyn Castle, commented, “Getting the DAF grant demonstrates our commitment and effectiveness in acquiring catalytic capital for our portfolio companies and our drive to support much-needed global healthcare initiatives across Africa.”
Since 2019, REACH has served over 7,000 families and will impact 20,000 families by 2024. “We are grateful for the recognition of our work and the opportunity to make a difference in the lives of Gyadi-Gyadi residents,” said Paul Hogan, VP/Chief Operating Officer at EHA Clinics.
He added, “We recognise and appreciate our investor company, eha Impact Ventures (EIV), for their crucial role in facilitating this grant, and our local stakeholders, the Kano Emirates Council Committee on Health, who ensured that the services fit the unique needs and concerns of the Gyadi-Gyadi community. With their assistance, we secured a central location for our clinic with access to public transportation and a well-developed road network, making services accessible to residents.”
About eha Impact Ventures
eha Impact Ventures (EIV) is a philanthropic impact investing enterprise that supports early-stage, high-impact, women-led businesses in Africa. Unlike traditional business financing, EIV offers flexible and innovative financing paired with high-quality, local, shared business resources to ensure business growth and success. Learn more – eha.ventures
Media Contact: Sumayyah Ibrahim | Email: sumayyah.ibrahim@eha.ventures
Investor Contact: Evelyn Castle | Email: evelyn.castle@eha.ventures
About REACH:
REACH is EHA Clinics’ community-based intervention program designed to improve access and utilisation of quality healthcare through innovative interventions on both the demand and supply side, using a collaborative community approach to increase healthcare access and reduce poverty.
Since its inception in 2019, REACH has served over 7000+ families in Kano state, undertaken over 17,000+ homecare visits, and trained over 50+ community health workers to deliver quality and affordable healthcare.
PRESS RELEASE
eha Impact Ventures announced its collaboration with Stanbic IBTC to de-risk a $300,000 loan to EHA Clinics, a world-class primary healthcare provider in Nigeria.
Stanbic IBTC’s loan will fund EHA Clinics’ expansion to two new locations: Lekki, Lagos, and Lugbe, Abuja. With the loan, the clinics will be outfitted with high-quality medical equipment to provide quality care to EHA Clinics’ customers. To facilitate the loan, eha Impact Ventures, the majority shareholder of EHA Clinics, provided Letters of Credit to Stanbic IBTC to secure the loan.
“Improving access to quality healthcare in Nigeria is one of eha Impact Ventures’ major goals,” said Evelyn Castle, eha Impact Ventures CEO. “To achieve the Sustainable Development Goals (SDGs), trillions of dollars of investment are needed. Philanthropy and impact investors alone are not going to be enough. Partnerships with progressive banks like Stanbic IBTC to develop and implement these innovative financial solutions will get us closer to closing the SDG funding gap.”
Unlike many healthcare companies in Nigeria, EHA Clinics is focused on providing affordable care packages to people at all levels of the economy. Their innovative community-based program, REACH, provides quality, evidence-based care and affordable medication to low-income urban populations. Additionally, they have developed an innovative technology backbone that allows for seamless integration between clinic facilities and their “HealthMate” app, providing customers direct access to EHA Clinics’ services, resources, and support.
The new facilities in Abuja and Lagos are estimated to provide quality care to an additional 60,000 people annually. “We are grateful for the partnership between EHA Impact Ventures and Stanbic IBTC, which facilitated this loan opportunity. In addition to the financial support, EHA Clinics is now able to build our credit history with the bank, which will allow for easier loan facilitation in the future,” commented Adam Thompson, EHA Clinics CEO.
Speaking on the strategic partnership with eha Impact Ventures, Jane Ike-Okoli, Head Specialized Sectors, Stanbic IBTC Bank, noted that, “the bank’s support is in line with our commitment to drive positive change and improve access to healthcare finance.”
‘’As a growth partner, it is collaborations like these that allow us to demonstrate our support for the healthcare businesses in Nigeria by delivering flexible, innovative solutions through our strategic partnerships while fostering affordable quality healthcare service,” she stated.
Babatunde Akindele, Head, Commercial Clients Coverage, Stanbic IBTC Bank, also stated that “healthcare is a basic need that everyone should access easily.”
“Stanbic IBTC is willing to support strategic partnerships such as this to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians,” he said.
About eha Impact Ventures
eha Impact Ventures (EIV) is a philanthropic impact investing enterprise that supports early-stage, high-impact, women-led businesses in Africa. Unlike traditional business financing, EIV offers flexible and innovative financing paired with high-quality, local, shared business resources to ensure business growth and success. Learn more – eha.ventures
Media Contact: Sumayyah Ibrahim | Email: sumayyah.ibrahim@eha.ventures
Investor Contact: Evelyn Castle | Email: evelyn.castle@eha.ventures
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PRESS RELEASE
eha Impact Ventures (EIV) invests $25,000 in Ananya Health via a Simple Agreement for Future Equity (SAFE) instrument to build its portable cryoablation device.
The device provides primary care clinics with affordable cervical cancer prevention treatments to women in low and middle-income countries. The device freezes abnormal cells before they evolve into cervical cancer and does not rely on consumable cryogen gas, making the procedure ten times cheaper than traditional cryotherapy costs.
Evelyn Castle, CEO and Co-Founder of eha Impact Ventures noted that “each year, over 300,000 women die from cancer globally, despite 99.7% of the disease being preventable. We are using this opportunity to support solutions that reduce this death percentile and save women’s lives.” Evelyn mentioned that the investment aligns with EIV’s goals of supporting high-impact women-owned businesses and contributing to women’s overall well-being.
Expressing her appreciation for the investment, Anu Parvatiyar, the CEO of Ananya Health, stated, “We are excited to have eha Impact Ventures supporting our technology to reduce the number of women affected by cervical cancer worldwide, and particularly in high-burden emerging markets. With this investment, Ananya Health will strive to impact the lives of more women in more places.”
About eha Impact Ventures
eha Impact Ventures (EIV) is a philanthropic impact investing enterprise that supports early-stage, high-impact, women-led businesses in Africa. Unlike traditional business financing, EIV offers flexible and innovative financing paired with high-quality, local, shared business resources to ensure business growth and success. Learn more – eha.ventures
Media Contact: Sumayyah Ibrahim | Email: sumayyah.ibrahim@eha.ventures
Investor Contact: Evelyn Castle | Email: evelyn.castle@eha.ventures