About the fund
The Multiply Health Fund is a pilot-phase blended finance fund co-developed by BillionScale Health — a nonprofit blended finance organization for global health founded in May 2026 by former Malaria No More CEO Martin Edlund — and Villgro Africa, a Nairobi-based healthcare incubator and impact investor. The fund addresses a well-documented structural gap: private healthcare SMEs deliver approximately half of sub-Saharan Africa's healthcare services, yet most stall at the growth stage due to a chronic shortage of patient capital between early grant funding and commercial investment. BillionScale Health leads capital structuring, deployment, and investor relations, while Villgro Africa contributes its venture-building expertise and healthcare ecosystem network; the William Davidson Institute (University of Michigan) serves as the fund's Learning and Impact Partner. The fund is structured as a blended finance vehicle combining a catalytic tranche (higher-risk, lower-return capital from grants, foundations, and DFIs) with a commercial tranche (return-seeking investors), using risk-sharing instruments, flexible capital, and investment-oriented technical assistance to crowd in private investors. In its pilot phase, the fund targets $3.5M in catalytic capital to unlock $8.5M in commercial capital — a 2.4x leverage ratio. If successful, the pilot is intended as proof of concept for a larger fundraise, consistent with BillionScale Health's broader "capital stack" model, which historically converts every $1 in catalytic capital into $10 across country commitments, concessional loans, consumer spending, and commercial investment.
