By Harry Awurumibe, Editor, Abuja Bureau
A leading impact investment firm, eha Impact Ventures (EIV), 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, said a statement issued by the firm.
Prompt News reports that 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.
Chief Executive Officer (CEO) of eha Impact Ventures, Evelyn Castle, explained in the statement that “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 that “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”. READ ALSO:
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“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.
“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.
“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”, the statement concluded.
