Dear Impacc-Friends,

Our Annual Report 2025 is out. I promise not to make you read it (unless you want to, of course). Instead, here are the things that actually stuck with me: a hospital opening, a startup that finally cracked its model, a long-overdue promotion, and a small but satisfying exit. Oh, and a number that surprised even me. Let‘s go.

2025: The Year in Numbers

Here are the headlines:

Our portfolio grew its revenue by 30.6% to €3.54 million. More than half of our ventures are profitable or on their way there. Together, they created a whopping 16,818 jobs — direct and indirect — in some of the most underserved communities in Sub-Saharan Africa. And 77 cents of every euro we received went directly to our ventures. Not to overhead, not to admin, not to consultants. To founders. I am proud of these numbers. But numbers don‘t really tell the story. People do.

Lorraine’s Story - and Why Malaica Is One to Watch

Let me tell you about Lorraine Muluka. Lorraine lost her cousin in the eighth month of pregnancy. A tragedy that, in many parts of Africa, is terrifyingly common. Maternal mortality is high, care is scarce, and the system that should protect mothers often fails them before they even reach a clinic.

Lorraine didn’t want that to happen to anyone ever again. And so she founded Malaica, a maternal health company in Kenya that combines digital tools with physical care to keep mothers and babies safe through pregnancy and beyond. In 2025, Malaica grew its revenue by 261%. And in Q2 2026, Lorraine and her team are opening the Malaica Hospital, a full maternity facility that will bring her vision to life at a scale she once only dreamed of.

This is what I mean when I say entrepreneurial solutions change lives. Not emergency financing. Not a one-off donation. A founder with a mission, a model that works, and capital that keeps the engine running.

With Malaica CEO Lorraine Muluka

Tibu Health: When a Startup Finds Its Model

I was in Nairobi recently, sitting with Jason-Louis Carmichael, the founder of Tibu Health. You could feel the energy in the room.

Tibu’s model is almost disarmingly simple: mini clinics inside pharmacies. When you’re sick in Kenya, you go to a pharmacy first — not a doctor, because doctors are rare, but pharmacies are everywhere. Tibu brings the checkup to where you’d go anyway. They’ve signed deals with two major pharmacy chains, built their own lab for tests, and are on the verge of profitability.

After years of pivoting and testing, they cracked it. And when I asked Jason what he needed next, the answer was clear: more capital to scale.

So we said yes. We’re doubling down and increasing our investment to back the next phase of Tibu’s growth. Because when a founder finds their model, the worst thing you can do is hesitate.

With Jason Carmicheal at Tibu’s Main Clinic

A Well-Deserved Promotion

Some news from inside the Impacc team: Shiela Birungi has been promoted to Chief Investment Officer.

Shiela now leads our entire investment and portfolio management process — from sourcing and deal flow, to venture building and advisory for our founders across Africa. She has been the quiet engine behind much of what you just read: the models evaluated, the founders backed, the businesses that are now creating thousands of jobs across the continent.

Shiela, it is truly an honour to work with you. Congratulations, and thank you for everything you bring, and for being who you are.

The ACT Exit: How Development Aid Should Work

One more 2025 story worth sharing: the exit from Africa Collect Textiles — one of our earliest investments.

ACT found new investors and we negotiated our exit. The result: a 22% return on investment, 705 jobs created, and 411 tonnes of CO2 diverted from landfill. The capital is already back in the Impacc ecosystem, being invested in the next generation of founders.

No money sitting idle. No bureaucratic delay. That’s how development aid should work: as a machine that keeps turning, not a tap that runs dry.

Our CIO Shiela Birungi and Irrihub CEO Eric Bosire

What’s Coming in 2026

We are not standing still. Our ambitions for 2026 are significant:

• €3 million to be raised and deployed

• 7 new ventures added to the portfolio

• A target of 54,000 new jobs created across Sub-Saharan Africa

• Venture spending rising to above 80% of total costs — because every euro you give us should work as hard as possible

And underneath all of this, a goal that Kristian Munsche — our new tech consultant — is helping us chase: to become the most productive nonprofit on the planet. Less paperwork. More action. Fewer overhead costs. More jobs.

I’ll keep reporting on the wins and the mistakes. 

Thank you for being part of this. What you see in these numbers, in Lorraine’s hospital, in Jason’s clinics, in Shiela’s portfolio: it all started with your trust. And that means the world to me.

All the best from all of us at Impacc,

Till