Fanisi Capital Invests in SOPHAR-Rwanda

Fanisi Capital has announced that it has invested in SOPHAR Limited, one of the leading pharmaceutical wholesalers in Rwanda.

A young company created in 2008 and which has shown phenomenal growth in the intervening years, SOPHAR imports branded drugs, mostly from Europe, and markets them across Rwanda.

Announcing the investment in Nairobi, Ayisi Makatiani, and the co-Managing Partner of Fanisi Capital explained that the funding, achieved through a mix of equity and debt, will be used to build a WHO-certified warehouse in Kigali.

Ayisi added that the investment will significantly expand the company product range from 900 to 3000 products within a few years, set up distribution centers for enhanced access and improve supply chain.

A key benefit, as stressed by Mr Makatiani is that the investment will allow better access to drugs, especially for the neediest sections of the population.

Setting itself apart in a competitive market, SOPHAR focuses heavily on maintaining price stability and a constancy of supply of these pharmaceutical drugs.

SOPHAR is unique in its semi-cooperative structure – it was created in 2008 by 58 pharmacists under the leadership of Mr. Leon Fundira, then Chairman of the Association of Pharmacists in Rwanda.

Since its inception, SOPHAR has developed a very successful business model, whereby shareholders are also customers.

The investment sets the foundation for SOPHAR to expand not only in Rwanda but in other countries of the region.

Leon Fundira, SOPHAR’s Executive Chairman, reiterated that the company’s priority is to improve the quality, affordability and availability of drugs in Rwanda.

Fanisi Venture Capital Fund is a USD50 million equity fund that makes investments―with initial values of between US1 – 3 million―into fast growing, small and medium enterprises in East Africa that have the ability to scale up innovative business models sustainably across the Region and beyond.

Fanisi’s investors include World Bank Group’s IFC, Norfund Proparco, Finnfund, Soros Economic Development Fund (SEDF), the Segal Family Foundation, Sarona Capital and Lundin for Africa Foundation.