Impact venture fund HERi Africa has co-invested $13m in Madagascar based Bionexx, a company producing the active ingredients of a new generation anti-malaria medicine.
HERi Africa It is the lead investor alongside two further investors including the Mauritius and Madagascar branch of MCB Bank. The investment comes in the form of equity, quasi equity and debt, after HERi worked with Bionexx on restructuring and refinancing its operations.
Bionexx S.A., founded in 2005, cultivates, and purifies Artemisia Annua, an active ingredient for an anti-malaria drug. Alongside this activity, Bionexx runs contract farming with local producers. By purchasing the Artemisia directly from the smallholder farmers, it contributes to a 30% additional yearly income of 10.000 rural families in Madagascar. In the upcoming three years, the farmer bases will grow with another 10.000 farmers.
HERi Africa and Bionexx are also currently exploring the launch of a Social Impact Bond. To find out more, get in touch with EVPA Member Junte Wassman.
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