XSML, the fund manager active in Central & East Africa, has announced its fifth investment in Uganda in Ecopharm Ltd. 

Jarl Heijstee, Managing Partner at XSML said: “Ecopharm is one of the leading pharmacy chains in Uganda. The healthcare market is growing rapidly but there is a lack of affordable, high quality pharmacies. With this financing Ecopharm will be able to reach out with additional pharmacies in new neighborhoods in Kampala.”

Ecopharm has a network of eight pharmacies in Kampala, through which it provides branded pharmaceuticals, branded generic medicines as well as locally produced pharmaceuticals. 

In addition, Ecopharm sells over-the-counter medicines and personal care products. Ecopharm was started in 2008 by Idd Iwumbwe, a qualified pharmacist with over 19 years’ experience in running chain pharmacy businesses. 

Ecopharm’s pharmacies are strategically located on major roads in Kampala to enable easy access. 

Ecopharm targets affluent customers and distinguishes itself through quality, a broad range of products and personal service from a resident pharmacist at each outlet. This has led to a loyal customer base.

Idd Iwumbwe, CEO of Ecopharm: “With the financing from XSML we are able to significantly increase our footprint across Kampala as well as increase our overall stock levels, providing a better offering to our clients.” 

“Through this long-term financing we are able to serve thousands of additional new customers with high quality pharmaceuticals. We are excited to have a new long-term partner that is also assisting us in implementing a new IT system to more efficiently manage our operations while we expand further.”
 
The African Rivers Fund (ARF) targets growing, well-managed small and medium-sized enterprises (SMEs) in the Central & East African region covering Uganda, Democratic Republic of Congo (DRC) and Republic of Congo as well as - over time - Burundi. 

ARF has made 18 investments to date, deploying over 50% of capital.