XSML invests in TMR Hospital in Kampala

Today, XSML, the fund manager active in Central & East Africa, announced its seventh investment in Uganda with TMR International Hospital (TMR).

Kampala, Republic of Uganda, 09 July 2018

TMR is a general hospital that specializes in maternity healthcare, emergency relief and Ears, Nose and Throat. TMR started offering healthcare services in 2016 in Naalya, a rapidly growing urban area of the city of Kampala. TMR hospital offers healthcare on both an outpatient and inpatient basis, including a pharmacy, operating theatre, ICU, maternity ward and a laboratory. TMR operates 24/7 with permanent healthcare staff on site at all times. TMR has a total of 14 rooms for patient admission, of which two ICU beds, two maternity rooms, two semi-private rooms and eight individual self-contained private rooms.

With support from African Rivers Fund, TMR will be able to onboard a number of insurance companies as well as corporate clients, extending the reach of healthcare services offered to a wider population. In addition, the funding will be used to acquire some essential medical equipment to provide a better range of services.

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. The fund is named after the two most powerful rivers in Africa, the Congo and Nile Rivers, which embody the potential of the Central & East African region. ARF has made 19 investments to date, deploying some 60% of capital.

Jarl Heijstee, Managing Partner at XSML says: “TMR is a leading healthcare provider in Uganda. There is growing demand for private healthcare services in Uganda. Due to TMR’s location in a populous neighbourhood, we are bringing essential healthcare services to people’s doorstep. Although TMR is a young company, it has already achieved great things as recently TMR did one of the first cochlear transplants in Uganda, restoring hearing in previously deaf children.”

Dr. Daniel Talemwa, CEO and founder of TMR: “With the financing from XSML we are able to expand into the insurance market, offering our services to a broader group of clients. We are also using the funds to purchase some medical equipment, that will enable us to perform certain essential medical procedures that we are currently unable to offer. As we are a young but ambitious company, we are happy to have been able to find a long-term partner as XSML that shares our vision and ambition.”

Recently, XSML won the Private Equity Africa’s special recognition Award for Exceptional Investor in Africa. XSML is honoured to have received this award and it is a testimony to XSML’s work in frontier markets like Congo, DRC. TMR Hospital is the seventh investment in Uganda and the twentieth investment for the African Rivers Fund. ARF is now 72% committed.

XSML believes that sustainable economic development in fast growing markets as the DRC and Uganda can be achieved by encouraging local entrepreneurship. By stimulating entrepreneurship, jobs and income are created. The African Rivers Fund continues CASF’s strategy with investments in between USD 100,000 and USD 5 million. Between the two funds XSML has provided technical assistance to over 35 companies to help them improve their operations and skills. All three investors in CASF (IFC, FMO and Lundin) were joined by Bio, CDC, DGGF, and Proparco for ARF.

About TMR International Hospital

TMR International Hospital is one of the leading healthcare providers in Uganda. TMR is based in Naalya, Kampala offering general healthcare services including emergency relief and maternity care. The Hospital is proud to be the first Private Hospital in Uganda to perform successful cochlear implants surgeries. TMR International Hospital was started in 2016 by Dr. Daniel Talemwa.


About XSML

XSML, eXtra Small Medium Large, founded in 2008, bridges this gap by investing in small businesses to help them grow into medium and large enterprises.  XSML manages two funds with a focus on frontier markets in Central and East Africa: the Central Africa SME Fund and the African Rivers Fund. Our local teams of 14 investment and operating professionals have experience in emerging and frontier markets in private equity, corporate and development banking and corporate restructuring with offices in Kinshasa (DRC) and Kampala (Uganda).

For further information please contact:
T: +31 (0) 85 273 6029