AfricInvest and Proparco together approved financing for Panafrican Eyewear brand Lapaire, an optical retail chain offering quality eyewear at a fair price in West and East Africa (Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda).
USD 2.5M(around UGX 9,172,918,325 ) in financing will be made available from AfricInvest and EUR 450k( around UGX 1,798,650,000) from Proparco, through its Bridge by Digital Africa facility, to support the improvement of optical care coverage on a continent where the WHO estimates that 80% of visually impaired people do not receive proper care.
Created in 2018 in Kenya by Jérôme Lapaire, the optical company offers solutions that meet the highest standards at optimized prices. Throughout its network of 80+ optical shops, Lapaire offers free eye tests to determine the required correction to its customers. Thanks to a fair price policy and a payment installment system, Lapaire contributes to providing access to essential care to its target population, with 70% of their clients buying their first pair of glasses.
AfricInvest and Proparco’s financing will enable Lapaire to improve its territorial coverage in the countries where it currently operates while ensuring the expansion of its network in Senegal, the D.R. of Congo, and Tanzania. Jérôme Lapaire, CEO of Lapaire, said, “The financial and technical support of Proparco and AfricInvest is crucial to the development of our network of optical care on the continent and enables us to reach our objective of improving 1 million lives by 2026.”
Sadio Dicko, Regional Director of Proparco, added, “Proparco is thrilled to support a committed company such as Lapaire, which provides better access to optical care for those with limited financial means. With its affordable price policy and free eye tests, Lapaire has a clear objective to create positive impact and to enable everyone to take care of their health.”
Faisal Jiwa, Senior Partner of AfricInvest, added, “AfricInvest is proud to support the Lapaire team through its Transform Health Fund and to contribute to making eye care more accessible and affordable to low- and middle-income patients, so often underserved across the continent. AfricInvest prides itself on helping African companies to expand their geographical reach, so we are excited that our financing will also enable patients in new countries to benefit from Lapaire’s model.”
AfricInvest and Proparco have approved financing for Lapaire Glasses SA, an optical retail chain offering quality eyewear at a fair price in West and East Africa (Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda). The financing package includes USD 2.5M from AfricInvest and EUR 450K from Proparco, through its Bridge by Digital Africa facility, to support improved optical care coverage across the continent, where the WHO estimates that 80% of visually impaired people do not receive proper care.
About Proparco
Proparco, a subsidiary of the Agence Française de Développement Group, has been working with the private sector for over 45 years to foster a more just and sustainable world. With an international network of 23 local offices, Proparco partners with organizations to build sustainable solutions that address environmental and social challenges in Africa, the Middle East, Asia, and Latin America. Proparco offers sector-based expertise and a wide range of financial solutions tailored to different stages of business development, notably through its Digital Africa subsidiary and its Propulse technical assistance platform. Under its “Acting together for greater impact” Strategy 2023–2027, Proparco aims to enhance its support to partners and scale the impact of its initiatives.
About AfricInvest and the Transform Health Fund
AfricInvest is a leading pan-African investment platform with expertise across multiple alternative asset classes, including private equity, venture capital, private credit, blended finance, and listed equities. Over the past three decades, AfricInvest has raised over $2bn to finance more than 200 companies, delivering both value and impact to its investors, portfolio companies, and communities. The Transform Health Fund, managed by AfricInvest in partnership with the Health Finance Coalition, focuses on scaling innovative business models that create access to affordable, quality healthcare for underserved populations across Africa.
Founded in Kenya in 2018 by Jérôme Lapaire, the optical company Lapaire Glasses offers solutions that meet the highest standards at optimized prices through a network of over 80 optical shops. Lapaire provides free eye tests to assess customers’ visual needs and follows a fair price policy, along with payment installment options, which allow 70% of their clients to purchase their first pair of glasses. This financing will enable Lapaire to expand its network in its current markets and new ones such as Senegal, the Democratic Republic of Congo, and Tanzania.
Jérôme Lapaire, CEO of Lapaire, remarked, “The financial and technical support from Proparco and AfricInvest is essential to developing our network and achieving our goal of improving the lives of 1 million people by 2026.”
Sadio Dicko, Regional Director of Proparco, added, “Proparco is thrilled to support Lapaire in providing better access to optical care for people with limited financial means. Through affordable pricing and free eye tests, Lapaire is making a tangible impact on healthcare in Africa.”
Faisal Jiwa, Senior Partner of AfricInvest, highlighted, “AfricInvest is proud to support Lapaire through the Transform Health Fund. Our investment will help make eye care more accessible and affordable for low- and middle-income patients, many of whom are underserved across Africa. We are also excited to help Lapaire expand into new countries, bringing their affordable optical care model to more people.”