AAIC Investment Pte. Ltd., a Singapore-based investment firm, has announced a significant investment in Milvik Singapore Pte. Ltd. (BIMA), a leading health tech platform providing affordable health insurance and digital healthcare services across emerging markets. The investment was made through AAIC’s Africa Innovation and Healthcare Fund (AHF2), a fund dedicated to investing in Africa’s healthcare sector.
BIMA, founded in Ghana, offers health insurance solutions at an affordable cost of around $2–3 per month, targeting underserved populations. The platform integrates digital healthcare services with traditional healthcare ecosystems, including hospitals and pharmacies, to lower medical costs and make healthcare more accessible. BIMA was the first licensed telemedicine provider in Ghana and has since expanded into other emerging markets such as Tanzania, Pakistan, Bangladesh, Sri Lanka, and Cambodia, serving over six million users across these regions.
The company’s innovative approach begins with telemedicine consultations, allowing users to access remote healthcare before being referred to local medical facilities. This model helps to reduce healthcare costs while providing coverage to people in markets where traditional health insurance penetration is low.
AAIC’s investment in BIMA comes at a crucial time as the health tech company aims to accelerate its growth in Africa. BIMA’s mission is to bridge the gap in health insurance for the estimated two billion uninsured people in developing countries, many of whom reside in Africa. By leveraging AAIC’s network and expertise in the African healthcare sector, BIMA plans to scale its operations in existing markets and expand into new African territories.
“We are excited to partner with BIMA to address the fundamental challenge of inadequate health insurance coverage in developing countries,” said Susumu Tsubaki, CEO of AAIC Investment. “BIMA’s innovative approach, combining digital health services with traditional healthcare, holds great potential to improve healthcare access across Africa.”
BIMA is focused on sustainable growth and aims to achieve group-level profitability by 2024. The strategic investment from AHF2 will support the company’s expansion plans while refining its business model for continued growth.
Gustaf Agartson, BIMA’s CEO, emphasized the importance of this partnership: “AAIC’s expertise in health tech, particularly in Africa, will be invaluable as we continue to build our healthcare ecosystem. We are grateful for their support and look forward to working together to improve access to quality healthcare.”
AAIC’s Africa Innovation and Healthcare Fund (AHF2) was launched in 2022 to invest in innovative healthcare solutions across the continent. This fund follows the success of AAIC’s Africa Healthcare Fund (AHF №1), which has invested in more than 50 companies since its inception in 2017. With a focus on improving healthcare infrastructure, AAIC’s investments have been instrumental in expanding access to medical services and health insurance across Africa.
BIMA’s expansion into Africa aligns with AAIC’s broader mission of transforming healthcare on the continent by investing in scalable, tech-driven solutions. The partnership between AAIC and BIMA reflects a growing trend of global investors looking to capitalize on the opportunities in Africa’s fast-evolving healthcare sector, where digital innovation is seen as a critical driver of change.
CapitalSG, a major shareholder in BIMA, also expressed enthusiasm for the partnership. “We are thrilled to have AAIC join us in developing BIMA alongside LeapFrog Investments,” said Suramya Gupta, Managing Partner at CapitalSG. “AAIC’s understanding of the African healthcare market will be crucial as BIMA continues to grow its footprint on the continent.”
BIMA, headquartered in Singapore, provides comprehensive health insurance and digital healthcare services to underserved populations in emerging markets. By combining insurance with telemedicine, BIMA helps reduce medical costs and improve healthcare access for millions of people. The company operates in six countries, including Ghana and Tanzania, and has over six million active users globally.
AAIC Investment, established in Singapore in 2013, manages funds focused on healthcare investments in Africa. The firm has been at the forefront of healthcare innovation on the continent, investing in companies that are addressing critical healthcare challenges through technology and scalable solutions. With its Africa Innovation and Healthcare Fund, AAIC continues to drive meaningful change in Africa’s healthcare landscape.
As BIMA looks to the future, the partnership with AAIC marks a significant step towards achieving its goal of providing affordable healthcare to millions more in Africa and other emerging markets.