- Lapaire, an African eyewear startup, has secured funding from AfricInvest and Proparco to expand its network.
- AfricInvest will provide $2.5 million in financing, while Proparco will contribute EUR 450,000 ($490,278) through its Bridge by Digital Africa facility. This funding aims to enhance optical care access across Africa, where the World Health Organization estimates that 80% of visually impaired individuals do not receive adequate treatment.
- The funding will enable Lapaire to improve its presence in the countries where it operates and expand its network into Senegal, the Democratic Republic of Congo, and Tanzania.
This development comes nine months after the startup raised $3 million to drive expansion across the continent.
Founded in 2018 by Jérôme Lapaire, a Swiss national who moved to Kenya in 2015, Lapaire is an optical retail chain providing quality eyewear across West and East Africa in countries like Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda.
The startup operates over 80 optical shops and offers free eye tests to assess customers' vision needs. With its fair pricing strategy and instalment payment options, the company helps make essential eye care more accessible to its target population.
According to the WHO, one in every six blind people globally resides in Africa, alongside 26 million others facing varying degrees of visual impairment. Despite this challenge, only 14% of people who need cataract surgery receive it, while more than 80% of people with shortsightedness receive no treatment.
The report also highlighted that only 12% of people in Africa who need glasses or surgical interventions to address blurred vision will receive the necessary care, at significant economic cost to countries.
Jérôme Lapaire emphasised the importance of financial and technical support from Proparco and AfricInvest in developing the startup's optical care network on the continent, to improve 1 million lives by 2026.
Faisal Jiwa, Senior Partner at AfricInvest, expressed pride in supporting the Lapaire team through the Transform Health Fund. He emphasised his commitment to making eye care more accessible and affordable for low- and middle-income patients frequently underserved on the continent.
Africinvest is an investment and financial services company. Its Transform Health Fund provides tailored financial solutions to scale innovative business models, ensuring affordable healthcare for Africa's underserved populations. AfricInvest manages the fund in partnership with the Health Finance Coalition.
In October 2024, the Transform Health Fund raised $111 million to support enterprises that deliver proven healthcare solutions, particularly those serving vulnerable populations.
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