Singapore-headquartered investment firm Conifer Capital has invested $7 million in Nephro Plus Consultancy Inc (Nephro Plus), a dialysis provider in the Philippines, according to an announcement.
Nephro Plus, founded by US-trained nurse Donna Gatus Mangulabnan, operates a growing network of dialysis centres in the Philippines, particularly in the country’s Calabarzon region.
The investment from Conifer Capital will help Nephro Plus further develop its network of public-private partnership clinics to better address the country’s dialysis shortage, the companies said.
“Every new clinic we open means thousands more patients receive the care they need to live fuller, healthier lives. This is more than business; it’s a commitment to creating a healthier future for the Philippines,” said Mangulabnan.
Data released by Conifer Capital and Nephro Plus showed that the Philippines faces a shortage of approximately 8,000 dialysis stations, with over 100,000 patients urgently requiring treatment.
The market is further propelled by government healthcare reforms, with dialysis subsidies from the Philippine Health Insurance Corporation (PhilHealth) projected to surge to $1.3 billion by 2025, up from $300 million in 2022.
“Our partnership positions Nephro Plus to lead the transformation of renal care in the Philippines, one of Asia’s most underserved yet fastest-growing dialysis markets,” said Jimmy Quach, managing partner of Conifer Capital.
Rocket Equities, a Southeast Asia-focused M&A advisory firm, acted as the exclusive financial advisor to Nephro Plus for the transaction.
The funding for Nepthro comes as overall startup fundraising in Southeast Asia plunged by nearly 61% month-on-month to a low of $97.5 million in March, according to DealStreetAsia’s proprietary data.
There were 43 equity transactions during the month, compared to 32 equity deals in February that raised $247 million. The Philippines saw seven deals but only two transactions disclosed funding figures, raising around $4 million in total.
