Toyota Tsusho establishes VC vehicle focused on healthcare in Africa

Toyota Tsusho Corporation has announced that its affiliate CFAO has established Health54, a corporate venture capital company specialising in start-up investment in the rapidly growing field of health technology in Africa. In addition, the company invested in Lifestores, a healthcare start-up in Nigeria as its first investment project.

Following the launch of a chain of retail pharmacies in Nigeria in 2017, Lifestores has developed technologies to improve pharmacy operations, secure and strengthen procurement processes, and manage the health of patients who suffer from chronic diseases.

Lifestores launched OGApharmacy, an online pharmaceutical marketplace for hospitals and pharmacies, in 2020 with the goal of providing mass access to affordable and reliable pharmaceuticals in Nigeria. OGApharmacy enables small retailers to access products from leading manufacturers without having to go through multiple players in the value chain by aggregating their purchasing needs, and offers up to 20% off traditional selling prices. Lifestores also has a fintech component and can offer customised financing solutions and credit terms to its customers.

With this investment in Lifestores, Toyota Tsusho will work to build a supply chain in the pharmaceutical retail field in Africa, while striving to provide high-quality pharmaceuticals and medical services to as many people as possible.