ABA Life, the healthcare company of Moroccan technology group ABA Technology, has signed a $40 million investment agreement with Admaius Capital Partners, a pan-African private equity firm. The deal was announced on 29 October, Wamda reports.
The deal is not closed yet. It is subject to customary closing conditions and to clearance by Morocco's Competition Council, whose public consultation on the transaction runs until 9 November, according to Launch Base Africa.
What ABA Life does
ABA Life was founded in 2021 as the health arm of ABA Technology, which Mohamed Benouda founded and chairs. It combines medical devices, connected health infrastructure, telemedicine and care operations, and runs Mediot AI, its clinical AI platform. ABA Technology, based at the Casablanca Technopark, employs about 1,200 people, more than 725 of them engineers and technicians, Launch Base Africa reports.
The company says the money will go to three things: its "AI for Sovereign Health" programme, wider deployment of its health technology and services, and expansion into international markets. It has not named the markets or said how the money will be split.
"This funding marks the start of a new phase: acceleration and internationalisation," Benouda said in the announcement.
Related · StartupsOpenAI Cuts Its Funding Target From $30B to $20BThe ChatGPT maker has scaled back its round and its valuation to about $1.25 trillion as investors grow wary of AI spending, the FT and WSJ report.How the deal works
Admaius is putting in new money through capital increases reserved for it, rather than buying out existing shareholders, according to Launch Base Africa. The shares will be held by Virunga Genesis Ltd, a Rwandan vehicle indirectly controlled by a fund Admaius advises, and ABA Technology and that vehicle will share joint control of ABA Life. Neither side has disclosed the stake or the valuation; Dealroom estimates the stake at about 12% to 14%.
- Investor: Admaius Capital Partners, based in Kigali with offices including Casablanca, Nairobi, Johannesburg and Cairo
- Deal type: growth equity through reserved capital increases
- Control: joint, between ABA Technology and the Admaius-advised vehicle
- Pending: closing conditions and Competition Council clearance (consultation to 9 November)
