African Venture Philanthropy Alliance (AVPA)

Board Member (West Africa)

HealthCap Africa

Health Capital Africa, trading as Healthcap, invests in two asset classes: infrastructure and venture capital. The infrastructure investing arm focuses on healthcare, clean energy and social infrastructure projects such as clean water specializing in public-private partnerships whilst its venture capital  arm invests in pre-Series A startups in fintech and healthtech. Healthcap has invested in about thirty startups in fintech and healthtech and has a pipeline of almost $800m in healthcare, clean energy and clean water infrastructure projects  across the continent.

Founder

Learning Officer

Flying Doctors Nigeria

A a tech-enabled urgent care services marketplace focused on emergency services, virtual patient care and medical equipment

managment of emergency presentations to a variety of district general and teaching hospitals across the UK

DR (A+E)

Jikei University Hospital Japan

Clinical Research Fellow

Healthcap is a venture capital firm that invests in pre-Series A startups in fintech and  healthtech. 

Healthcap has invested in about 18 startups in fintech and healthtech
 

Read my full profile here: https://medium.com/@drola/my-official-profile-bc53e23c64d3

The Economist recently called entrepreneurship in Africa “unemployment in disguise.”

For countries to grow, a critical number of small companies must become big companies.

Big companies:

1. Buy from small businesses
2. Pay taxes that fund social spending
3. List on stock exchanges and share profits with the public
4. Employ people

Venture capital helps small companies scale into big ones — and that’s how it drives real economic growth.

Watch my video in the comments to learn more about how VC drives growth.

Ola Brown

Founder/GP at Healthcap Africa

Reflective Post – Aruwa Capital Management  Emerging Manager Report

Last week, I attended Aruwa Capital & Mastercard Foundation Africa ’s event in Lagos for the launch of their new report on first-time fund managers in Africa, and I moderated the roundtable discussion on misperception vs reality in fundraising.


The report provides a needed data-driven perspective. Instead of focusing on assumptions, it looks at actual performance, strategy, and structural constraints facing emerging managers on the continent.

A few insights stood out:

1. Emerging managers are often delivering strong performance, particularly at the early stage.Their proximity to founders and on-the-ground operating realities enables faster learning cycles and earlier identification of product-market fit.

2. They are highly resource-efficient.With smaller management fees and leaner teams, emerging managers tend to be deeply operational, hands-on, and disciplined in portfolio construction. Their incentive alignment is high because there is less room for inefficiency.

3. They are learning from the industry’s history.Many emerging managers have worked within or alongside earlier private equity and venture funds. They have seen what worked, what didn’t, and are now designing fund vehicles that are more suited to local market scale

4. As a result, they are introducing more flexible capital solutions.

This evolution builds on the foundation they created  track record, governance norms, founder expectations, and the professionalisation of the investment landscape.What is happening now is a broadening of approach informed by experience, shaped by context, and driven by long-term alignment.

The next step is ensuring that capital allocators (DFIs, pension funds, institutions, family offices) recognise these strengths and are willing to back emerging managers earlier in their journey, not only after third or fourth funds.

Because well-structured, well-supported emerging managers are not just investing in companies they are contributing to the development of entire markets.

Thank you to the Aruwa Capital team for convening a thoughtful, evidence-based conversation.

#AruwaCapital #EmergingManagers #AfricaPrivateCapital #EcosystemBuilding #HealthCapAfrica

Fintech passport: Why a Ghana license now works in Rwanda — and vice versa.

The new bilateral licensing deal between Accra and Kigali could quietly reshape how fintechs scale across Africa. For the first time, two regulators are formally recognising each other’s frameworks — creating a regulatory corridor that lowers market entry costs, simplifies compliance, and accelerates financial inclusion.

At HealthCap Africa, this kind of innovation in cross-border policy is exactly what we advocate for: building the connective tissue that lets capital, innovation, and regulation move more seamlessly across African markets. Whether it’s fintech or healthtech, the future depends on regional cooperation — not fragmented ecosystems.

A promising sign of what African integration could look like in practice. 🌍

One major point I make in my article on Aliko Dangote is that second-time founders are extremely rare. 

Around the world, most entrepreneurs build just one truly successful company in their lifetime.

In “Aliko Dangote: King of African Entrepreneurship,”I explore his background, mindset, and the remarkable trajectory that shaped him into one of the most enduring business leaders of our time.

I hope it inspires you & challenges you to think bigger about what’s possible.

Every year I record a short video predicting the year ahead. As I prep my Global Economic Outlook 2026, I’d love your feedback on last year’s call.

👉 Watch the 2025 Outlook (https://lnkd.in/euAf83nP), then tell me:

a.What I got right
b.What I missed
c. What you want covered in the 2026 edition

Topics I’m considering:

* Inflation & interest rates path
* Dollar strength, FX in emerging markets
* Energy & commodities (oil, gas, critical minerals)
* AI/productivity & capex cycles
* Geopolitics, supply chains & nearshoring
* Public markets vs. private credit dynamics

Drop thoughts in the comments or DM.


 I’ll incorporate the best challenges and questions into the 2026 video.

The 5 Founder Archetypes and Their Biggest Blind Spots

"That person is so smart why did their business fail?” I hear this all the time.

But here’s the truth: intelligence doesn’t protect you from blind spots. If you’re thinking about starting a company or advising someone who is this is worth remembering. A PhD in geology doesn’t need help understanding rocks. A former PwC Partner doesn’t need lessons on audit. But both might need help building a business.

A founder transitioning from a prestigious corporate career for example, in investment banking may require personal guidance to navigate the significant “lifestyle downgrade” that often accompanies entrepreneurship. 

Despite being highly skilled in finance and accustomed to financial stability, structured environments, and certain lifestyle comforts, they may find it challenging to adapt to the uncertainty, lean budgets, and personal sacrifices that come with building a startup. This adjustment often extends beyond financial changes, impacting their mindset, social identity, and daily routines.

Every founder no matter how brilliant has blind spots. Some are technical geniuses who struggle with storytelling or sales. Some are finance wizards who underestimate culture or product. Others are operators who don’t know when to step back and hire leaders.

This carousel breaks down the most common founder archetypes and the blind spots that trip them up.

If you’re a founder or advisor, read this before your next big decision.

Praise Alli-Johnson

Great to be at the African Venture Philanthropy Alliance (AVPA) Conference in Nairobi this year!

As a proud member of the AVPA Board, I’m truly inspired by the incredible work our organization is doing to build Africa’s impact investing ecosystem.

At registration, we were asked to write the name of an inspiring African.


Guess which one I wrote? 😊

Great to be at African Venture Philanthropy Alliance (AVPA) Day 2 here in Nairobi, Kenya; wearing two hats today: as a Director on the AVPA Board and as Managing Partner at HealthCap Africa.

In a few minutes, I’ll be moderating our panel discussion on “From Global Finance to Grounded Impact: Designing Capital That Works for Africa’s Future.”

If you’re around, please join us for what promises to be a thought-provoking conversation on the future of capital on the continent.

The future of work in Africa depends on the future of investment in Africa.

Last week, I had the privilege of moderating a panel at the UNDP Jubilee Fellows Flag-Off in Abuja, where we discussed how blended finance, economic growth, and employment can reinforce one another to create sustainable prosperity.

💼 Hon STELLA OKOTETE – Executive Director, NEXIM Bank
🏦 Bolaji Balogun – CEO, Chapel Hill Denham
🌍 Dr Dr. Vanessa Phala-Moyo – Country Director, International Labour Organization (ILO)

Each year, Nigerian universities produce over five hundred thousands graduates. Yet job creation has not kept pace. For opportunity to match ambition, the economy must grow faster and more productively.

The GDP equation identifies four drivers of growth: Consumption, Government Spending, Investment, and Exports.

Since the first two are difficult to expand exponentially, the emphasis must shift toward Investment and Exports,the levers that build capacity, attract foreign exchange, and create long-term employment.

Warren Buffett once said there are businesses where you only have to be smart once, and others where you have to stay smart every day. He was talking about investing, not management.

Some companies have built-in advantages, like strong brands, predictable demand, or structural moats that protect profits over time. You only need to make one good decision: to own them.

Others are exposed to constant change, regulation, competition, and shifting consumer behavior. They might look good this year, but they require constant vigilance and reinvention.

Safaricom’s decision to launch M-Pesa is a perfect example of being smart once. That single insight using mobile phones for payments created a moat so wide that it still defines Kenya’s digital economy today. The trust, convenience, and scale that grew from that idea keep compounding.

The truth is, every company eventually loses its advantage. Markets evolve, new players emerge, and moats dry up. The goal isn’t to last forever; it’s to have a great run while your advantage holds, and to compound as much as possible before the cycle turns.

In investing, being smart once isn’t about being perfect. It’s about recognizing when the odds are in your favor, and riding that wave for as long as it lasts.

Had a great time with the Siemens Healthineers team in Dubai today, discussing how our HealthCap Africa portfolio companies are driving healthcare innovation and impact across Africa.

From diagnostics to digital health and hospital infrastructure, Siemens’ deep expertise in medical technology complements the work we’re doing to scale sustainable, patient-centered solutions across the continent. 

Exciting to explore how the potential of  partnerships to help close Africa’s healthcare access gap and build stronger systems for the future.

Africa is the most efficient unicorn-producing market in the world; no other region creates billion-dollar tech companies with so little capital. 

That tells us something fundamental: Africa has both a comparative and competitive advantage in technology and entrepreneurship. 

Excited to join the Africa Digital Economy Conference in Johannesburg on the sidelines of the G20 to discuss how we can translate that advantage into inclusive, large-scale growth.

Speaker Announcement:  Dr Ola Brown — Founding Partner, HealthCap Africa Africa

Session: Healthcare and Investment: Shaping Africa’s Digital Future
19th November 2025 | UNISA Graduate School of Business Leadership, Midrand, South Africa
#AfriDES2025 #TheDavosOfAfrica

We are thrilled to announce  Dr Ola Brown  as one of our distinguished speakers at the Africa Digital Economy Summit (AfriDES)-G20 Edition .

Dr. Ola Brown is a medical doctor, economist, and investor whose work sits at the intersection of healthcare, finance, and technology. She studied Medicine and Surgery at the Hull York Medical School (UK) and later earned a Master’s degree in Finance and Economic Policy from the University of London, with specializations in Microeconomics, Financial Markets, Capital Markets, and Economic Policy.

As the Founding Partner of Healthcap, a pan-African investment company, Dr. Brown is driving impact through two powerful arms:

 Infrastructure Investing — focused on healthcare, clean energy, and social infrastructure.

Venture Capital — investing in high-potential pre-Series A startups in fintech and healthtech across Africa.

Her mission is simple yet transformative — to create a healthier, more equitable, and economically vibrant Africa through innovation and strategic investment.

Join Dr. Ola Brown for the Healthcare Transformation and Investment for Digital Africa sessions — from healthcare innovation to impact investing.

Don’t miss this powerful conversation.

Grab your ticket now and be part of the conversation:www.afrides.org

Let’s position Africa as a global digital powerhouse! 
#AfriDESG20Edition #TheDavosofAfrica #DigitalEconomy #Innovation #AfricaRising #IgniteAfrica

Yesterday at African Venture Philanthropy Alliance (AVPA) Day 2 in Nairobi, I had the privilege of moderating our session on From Global Finance to Grounded Impact: Designing Capital That Works for Africa’s Future.

I opened the conversation by grounding it in a simple economic development reality:

-Every country starts with many small companies.
-A critical mass of those companies must grow into large companies.
- And it is large companies that employ at scale, list on stock exchanges, pay meaningful taxes, become customers to smaller firms, and produce founders who reinvest in the next generation.

This is how economic flywheels form.

So the central question was: Why hasn’t this happened at scale in Africa?
And more importantly,what would it take?

We explored that question from multiple angles:

Shruti Chandrasekhar (IFC)highlighted that for small firms to become large firms, functioning capital markets/credible exit pathways must exist. She also made a great point about founders needing to raise the right type of capital.

William Nyaoke (Norfund), emphasised the foundational role of local currency and local capital pools.

David Albertani (Catalytic Finance Foundation) reminded us that no single type of capital solves all problems. We need patient capital, especially in the early years when returns are slow and volatility is high.

Guillaume Bonnel (SDG Impact Finance Initiative) reinforced the importance of developing a  full capital stack, not just equity. Working capital, trade finance, guarantees, and blended mechanisms must align if we want firms to survive the messy middle between startup and scale.

Thank you to AVPA for convening this space, and to everyone who contributed with honesty and ambition.

The work continues collaboratively, technically, and with courage.

#AVPA #CapitalMarkets #BlendedFinance #LocalCapital #PatientCapital #AfricaInvesting

35% of Private Equity exits were achieved through a continuation fund in H1 2025, according to Stepstone

Learn why this is happening, what it means for private equity/venture capital and the challenges it could create for our asset class in my article : What Burna Boy can teach us about secondaries, Continuation Funds, and the Evolution of Private Markets for equity
https://lnkd.in/dEyB5PBy

I’ll be in Nairobi next week for the AVPA Conference, representing HealthCap Africa. 

We’ll be engaging with investors, development partners, and ecosystem leaders who are shaping the future of impact investing across the continent.

If you’ll also be attending, I’d love to connect and exchange ideas on innovative financing models for healthcare and financial inclusion in Africa.

When you look at Elon Musk as basically a PE manager with a concentrated portfolio and intense operational engagement, rather than just a tech founder, the lessons for fund managers become clearer. 

And these lessons are highly relevant in Africa, where value is created through proximity, not passive capital. I explore this in more detail in the article below👇

Who’s in Johannesburg for the G20 from November 15–22? 

I’ll be attending a number of events on the sidelines and would love to connect with fellow investors, policymakers, and ecosystem leaders while there.

Honoured to be speaking  at the Qatar–Africa Forum on the sidelines of the G20 in Johannesburg. 

The discussion on healthcare investment across Africa resonates strongly with our mission at HealthCap Africa—to unlock scalable, sustainable healthcare solutions by connecting global investors with transformative opportunities on the continent.

A few years ago, I recorded a video called The Future of Venture Capital, where I suggested that for the asset class to become truly institutional, it needed more liquidity and predictable returns.

That would mean rethinking the power law, grounding valuations in fundamentals, and introducing new liquidity mechanisms like dividends and revenue-sharing that make venture capital more sustainable over time.

Reading Aunnie Patton Power’s Adventure Finance recently reaffirmed many of those ideas. 

Both the video and a link to the book are in the comments.

23andMe: Lessons in Innovation, Growth, and Resilience


https://lnkd.in/dCMiDr86

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