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Strictly private and confidential |For discussion only
1
Investment Proposal
Maia
13 March 2026
Deal Lead: Christian Muneza, Sharon Batamuriza, James Fraser
Recommendation
Key Deal Informa.on
Industry Health Founders
• Frank Langevin,
CEO; Gerard
Niyondiko, General
Manager
Sub-Industry Consumer Health HQ Burkina Faso
Stage Pre-seed Key Operational
Metrics
• 1 million jars sold
• 1600+ distribu3on
outlets
• 500+ community agents
• 2025 Revenue: $792K
• 2025 Gross Margin:
44%
• 2025 EBITDA Margin:
31%
• CAGR: 73.5%
Fundraising Target $2,000,000 Key Impact Metrics
• 41,000 displaced
people served
• 350 women trained
as distribution
agents
Pre-Money Valuation $5,000,000 Key Investors
• I&P, Grand
Challenges Canada,
Caritas Foundation
Instrument (s) Grant, Debt, Equity Fundraised to date $1,000,000
Madiro Fitness:
Maia
Burkina Faso
Strictly private and confidential |For discussion only
2
With 95% of global malaria morbidity occurring in Africa, children representing 75% of malaria deaths, and
Africa being o\rack from the achieving the 2030 WHO targets of reducing malaria by at least 90%, Maia
solution fits squarely within Madiro’s mandate to support solutions that are tackling Africa’s largest health
burdens.
Key Risks:
• High Upfront Market Entry Costs: Launching in new markets will require initial awareness campaigns,
discounts, and se`ng up logistics and distribution channels before revenue ramps up.
• Regulatory heterogeneity: Approval processes vary significantly by country, both in duration and
classification, and beyond affecting 5me to market, it has distribution implications such as whether a
product can be sold only in pharmacies and has economic implications such as whether a product is
VAT or certain taxes exempted. For example, the product is VAT exempted in Ivory Coast while it’s not
in Burkina Faso.
• Working Capital: Scaling requires financing inventory, manufacturing runs, and logistics ahead of cash
collection, particularly during high-transmission seasons.
• Operational and Supply Chain Complexity: Maia operates a decentralized, asset-light model. While
this is great for keeping CAPEX low, it introduces massive orchestration risks. The Company doesn’t
own the machines, the trucks, or the warehouses; it owns the relationships and the data. The
Company works by aligning four independent parties: (1) raw material suppliers: sourcing shea and
active ingredients, (2) Contract Manufacturing Organizations (CMOs): securing production slots in
factories that serve other clients, (3) Logistics Providers: moving heavy bulk across fragmented
infrastructure (ports, borders, rural roads), (4) Distribution Partners: ensuring last-mile kiosks are
always stocked. A mismanagement of one stage of the supply chain can have a domino effect on the
entire structure.
The Company is mi5ga5ng the high market entry costs and working capital needs by using a blended
finance approach. For example, grants are being used to finance discounts, validation studies, and market
awareness campaigns, and debt are being used for working capital financing. We anticipate the regulatory
risk to be quite mitigated given the track record of patents that the Company has already secured and its
existing market approvals in Sahel. There is a growing trend towards mutual recognition across African
countries, and ins5tu5ons such as the Africa Medicines Agency has been set up to accelerate the
harmonization of approval processes. On operational and supply chain complexity, the regional hub and
spoke model provides a geographic hedge. Supply chain digi5za5on would also be very helpful here as it
would ensure real 5me visibility and planning. For example, once the Company is able to accurately predict
demand, they can pre-book raw materials, production slots, and warehouse spaces.
Madiro Value Crea6on
• Evidence Generation and Impact Validation: Robust impact validation studies will be crucial to ensure
the Company moves from a commercial cosmetic product to an officially recommended tool within
National Malaria Control Programs.
• Synergies with PorNolio & Last-Mile Networks: For the Company’s expansion in Nigeria and East
Africa, Madiro can facilitate collaboration with its porjolio that have last-mile experience and
distribution network in these markets.
Strictly private and confidential |For discussion only
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• Digi7za7on: Support in implementing ERP and supply chain tools to manage inventory, batch tracking,
and sales data across the multiple countries the Company plans to expand to.
Due Diligence Summary
Problem
In 2015, the World Health Assembly (WHA), which is the general assembly and the governing body of the
World Health Organization (WHO), adopted the Global Technical Strategy for Malaria 2016-2030
(Strategy). The Strategy is the leading framework to guide malaria-endemic countries in reducing malaria
incidence and mortality rates by at least 90% and preventing its re-establishment, all by 2030. Below is a
snapshot how Africa and the Sahel (Company’s primary market) have fared 10 years aker the adoption of
the Strategy.
Indicator 2015 Baseline 2023 Level Vs The Strategy’s 2025 Target
Africa Sahel Africa Sahel Africa Sahel
Cases per
1,000
240 354 227 353 A 5% reduction vs
a 75% reduction
target
Barely moved
from the 2015
baseline
Total Case
Volume
212 million 24.5
million
246 million 31.36
million
Case volume
increased by
13.8% rather than
decreasing
Case volume
increased by
28% rather
than decreasing
Mortality per
100,000
62 88 52 72 A 16% reduction
vs a 75%
reduction target
An 18%
reduction vs a
75% reduction
target
Source: WHO World Malaria Report 2024
Africa and the Sahel region have been off track due to the following reasons:
• Mosquitoes Resistance and Adaptation (Residual Malaria transmission): Mosquitoes
resistance to insecticides used in standard Insecticide Treated Nets (ITNs) has been confirmed
in 55 of 64 malaria-endemic countries. Mosquitoes have also adapted to biting earlier in the
evening and outdoors. In fact, 66% of infectious bites happen outdoor and during early-
evening.
• Inconsistent Usage: ITNs usage among high-risk groups, young children and pregnant women,
is estimated at 59% in Sub Saharan Africa.
• Funding Gaps: Global investments against malaria stand at $4bn, less than half of the $8.3bn
required to meet the targets.
• Severe Impact on High-Risk Demographics: Malaria is a leading killer of the most vulnerable,
with children under five representing approximately 76% of all malaria deaths in the African
region. Rural and poor communities also have a high incidence of malaria, further straining
their finances through out-of-pocket spending and productivity losses.
• A Massive and geographically Concentrated Burden: In 2024, malaria caused an estimated
282 million cases and 610,000 deaths globally, with the WHO African Region bearing 95% of
Strictly private and confidential |For discussion only
4
that mortality. The crisis is highly concerned; just four countries: Nigeria (30.9%), DRC (11.3%),
Niger (5.9%) and Tanzania (4.3%) account for over half of all global malaria deaths.
Solu+on
The company has developed Maia, the first patented, 2-in-1 moisturizing and mosquito-repellent
ointment designed specifically for daily use in malaria-endemic regions. It is a shea-based formulation that
provides at least 8 to 9 hours of complete protection against Anopheles mosquitoes. By replacing the
standard petroleum jelly or shea products that 80% of African households already apply to their children
in the evening, Maia integrates malaria protection into an existing cultural habit. Rather than attempting
to change user behavior as with bed nets, Maia embeds protection into a behavioral daily skincare routine.
IP & Patent
Maia’s ointment is not just another generic off-the-shelf mosquito repellent, but an innovative product
with patent protection for its unique formulation which integrates long-lasting protection and a pleasant
skin feel with existing users’ behavior.
Below are a breakdown of Maia’s patent statuses and their strategic importance:
Category Note
Patent Title “Long protection mosquito repellent ointment”
(Primary Innovation)
Core Technology A unique monophasic ointment (petrolatum/shea
butter/cotton seed oil base) containing 15% DEET.
It is specifically formulated for extended efficacy
(> 7hours) and skin tolerance for infants/children.
International Status by Patent Cooperation Treaty
which comprises 158 states.
PCT/IB2019/060888 (Filed Dec 17, 2019). This
placeholder filing allows the company to secure a
global priority date while pursuing individual
national/regional grants.
This means that the Company owns the rights to
the invention as of the filing date across all the
member states, and no one who came after them
can legally claim it, nor can any subsequent
industry developments be used to strip them of
their patent.
Granted: Nigeria Patent No: NG/PT/PCT/2022/6154 (Granted June
14, 2022). Nigeria is not only Africa's largest
market but also has the highest incidence of
malaria in the world. This grant provides a strong
legal monopoly in a critical high-malaria region.
Granted: African Intellectual Property
Organization which comprises 17 primarily French-
speaking states in West and Central Africa.
Patent No: 20756 (Granted Jan 11, 2023). Patent
protection across 17 countries including Burkina
Faso, Ivory Coast, Senegal, and Cameroon. This
Strictly private and confidential |For discussion only
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creates protection in the home and neighboring
markets.
Pending: The African Regional Intellectual
Property Organization (Organization Africaine de
la Propriete Intellectuelle-OAPI) which comprises
22 English-speaking states, primarily in South and
East Africa.
App No: AP/P/2022/014182. Pursuing protection
in key markets like Kenya, Tanzania, Rwanda, and
Uganda.
Estimated Grant Year: 2026-2027
Pending: USA & Europe US App No: 17/785,228 and EP App No:
19842615.7. Entry into these phases indicates a
roadmap for global commercialization
(travel/outdoor markets).
Estimated Grant Year: 2026-2027
Ownership (Chain of Title) Clean Assignment. Official documents confirm the
full transfer of rights from the individual inventors
(G. Niyondiko & F. Langevin) to the Company
Maintenance & Compliance Active. Records show consistent payment of
annuities/renewal fees in Nigeria and OAPI,
indicating a well-managed legal lifecycle.
Strategic Importance and Moat of the Patent:
• Geographic Coverage: By securing OAPI and Nigeria first, the company has effectively fenced off the
regions with the highest malaria burden. Any competitor attempting to launch a similar long-lasting
ointment in West Africa would face immediate patent infringement risks.
• Defensive Barrier on the formulation: The patent protects the specific ratio of fats and waxes that
prevents DEET from evaporating or being absorbed too quickly, which makes it hard for competitors
to design around. As in, for competitors not to infringe on the patent, they would have to come up
with a formulation that is not a mix of Maia’s same ratios of petrolatum, shea buver, covon seed oil,
and beeswax. They would need to necessarily make a trade-off between what is long lasting or what
feels good on the skin.
Product Efficacy and Scien3fic Valida3on
Beyond patent protection, The Company has also procured for independent studies on the product’s
efficacy and appeal to users.
Maia’s efficacy has been rigorously tested by the Centre Nationale de Recherche et de Formation sur le
Paludisme (CNRFP), Burkina Faso’s centre for research against malaria, and Tanzania’s Ifakara Health
Institute, among others. Below is a summary of the finding:
• Protection Duration (Complete Protection Time- CPT): The studies measured the "Complete
Protection Time," defined as the interval between application and the first mosquito landing.
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o Malaria Vectors (Anopheles): In field and semi-field tests, Maia provided a median protection
of 8 to 9 hours. This is significantly higher than the 6-hour threshold recommended for ideal
repellents.
o Dengue Vectors (Aedes aegypti): The ointment offers a median protection of 4 to 7 hours
against dengue-carrying mosquitoes.
o Comparison to Gold Standard: Across all studies, Maia (15% DEET) demonstrated protective
efficacy statistically similar to the international gold standard of 20% DEET in ethanol.
• Performance in High-Pressure Environments: The product was tested in environments with high
mosquito densities.
o Outdoor vs. Indoor Biting: Maia proved equally effective for both indoor and outdoor use.
This is critical as standard interventions like bed nets do not protect individuals while they are
active outdoors in the early evening.
o Repellency Rate: During the first 6 hours post-application, the ointment maintained a 90% to
100% repellency rate against malaria vectors.
• User Acceptability and Compliance: Efficacy is driven by how consistently a product is used.
o Cosmetic Appeal: Volunteers in the Tanzania study unanimously preferred Maia over
standard 20% DEET solutions because it felt better on the skin and lacked the unpleasant
greasy feel typical of other DEET products.
o Habit Integration: The ointment is designed to fit into existing daily routines in West Africa,
where 80% of children are moisturized with skin butters every evening after bathing. By
replacing a standard cosmetic with a protective one, Maia leverages existing habits to ensure
high compliance.
• Post-Distribution Monitoring: Post-distribution monitoring conducted shows:
o 98% of users apply Maia more than four times
o 96% of users recommend Maia to others
o 86% of users rate Maia as very effective
Manufacturing
The Company works with Contract Manufacturing Organizations (CMO) to ensure it maintains an asset-
light model and can scale quickly with CAPEX constrains. Its current CMOs are the following:
• Dream Cosmetics for West Africa production: The Ivory Coast-based CMO is the largest cosmetics
manufacturer in Francophone West Africa. The have produced hundreds of Maia Jars since 2019. They
handle large-scale production, packaging, and batch release under strict cosmetic-grade quality
standards.
• Wispro for East Africa Production: The Uganda-based CMO is the first cosmetics manufacturer
established in Uganda with over 30 years of operation.
Distribu3on
The Company utilizes a mul5-channel strategy to maximize reach:
o Retail (Urban/Semi-Urban): Uses outlets including pharmacies, supermarkets, and kiosks.
Currently has a network of 1600+ outlets.
o Community Agents (Rural): Selects and trains agents to provide last mile access and education
in villages. Currently has around 500 trained agents, 70% of whom are women.
Strictly private and confidential |For discussion only
7
o NGOs (Vulnerable Populations): Bulk partnerships with organizations like UNICEF and Action
Contre la Faim for distribution in refugee camps and humanitarian zones. Wispro will serve as
the manufacturing hub for East Africa, supporting regional production, quality control, and
future capacity expansion for markets like Tanzania and DR Congo.
Competition
While the mosquito-repellent space is crowded, the Company occupies a unique positioning that gives it
an edge above other repellent products. Below is a breakdown of how the Company is differentiated
from other products on the market:
Competitor Category Key Brands Protection
Duration
Maia Differen7a7on
Commodity Chemicals Odomos, Goodknight,
generic DEET sprays
2-4 hrs Formulation Gap: These are typically
water-based or alcohol-based. They
provide immediate protection, but
they evaporate quickly, requiring
repeat applications to keep efficacy.
Natural/Herbal Uganics (Soap),
Citronella balms,
Lemongrass oils
<2 Hours Efficacy Gap: While habit-synced
(like soap), natural oils are highly
volatile. Studies show they lose >50%
efficacy within 90 minutes. They are
not reliable for all-night protection.
Global Premium SC Johnson (OFF!),
Sawyer
(Picaridin/Controlled-
Release)
8–12
Hours
Access Gap: These high-performance
products exist but are priced for
Western tourists or high-income
urbanites. They are rarely available in
rural kiosks and do not match the
shea butter cultural skin-feel
required for local adoption.
Maia has solved a specific Technical-Behavioral Conflict that competitors have not addressed.
• The Controlled-Release Advantage: While Sawyer or 3M produce controlled release DEET, but
they use expensive synthetic polymers (micro-encapsulation) to slow the release. Maia’s
innovation is achieving that same 8-hour slow-release using local, low-cost ingredients (shea
butter, cottonseed oil, beeswax). This allows them to provide a Premium-level performance at an
affordable price point. For reference, at a price point of ~$2, Maia provides the same technical
performance as global premium brands which are priced between $8-12.
• The Behavioral Integration: Many companies make repellents, and many companies make
moisturizers. Maia is unique in creating a Regulatory-Approved Biocide that functions as a high-
quality cosmetic that is long-lasting. For example, while the soap competitor (Uganics) has the
behavioral advantage, the repellent (citronella) is largely washed off during the rinse, and while
the ointment competitor (Odomos) is effective, it feels clinical and greasy/sticky and it is marketed
as a medicine, not a daily skin-care product. Maia’s patent on the specific ratio of local oils allows
it to claim the Beauty + Health space exclusively.
Strictly private and confidential |For discussion only
8
• The Patent and Scientific Vetting Moat: Because Maia has already secured grants in Nigeria and
OAPI (17 countries), any competitor who tries to mix DEET into shea butter to achieve similar 8-
hour results would be legally blocked. Further to this, Mia has already conducted studies and lab
trials and has been published in leading journals, all giving it credibility among critical health
stakeholders. Any copycat company would have the product but not the clinical data and
reputation needed to win government or NGO contracts.
In conclusion, Maia is differentiated because it occupies a middle ground of efficiency:
• It is more effective than traditional local commodities (which last only 2-4 hours).
• It is more stable than natural repellents (which are too volatile).
• It is more affordable than global premium brands (which are too expensive and "clinical").
All these are emboldened by the fact that it has sold more than 1 million jars since launch and has a 96%
recommendation rate.
Impact
Impact and Theory of Change (Toc)
Maia seeks to reduce malaria morbidity and mortality in endemic countries, with a focus on rural
communities, women, and children, population that are most vulnerable to malaria.
Since launch, Maia has distributed 1 million jars of repellent, provided repellents to 41,000 refugees and
displaced people, and trained 500 agents, 70% of whom are women.
Impact at scale and trackable metrics:
• Number of households protected
• Estimated infectious mosquito bites averted
• Estimated malaria cases averted
• Estimated malaria deaths averted (using WHO case-fatality ratios)
• Number of jars distributed
• Usage frequency and repeat-purchase rates
• Strengthened local economies via women-led last-mile distribution.
• Improved household economic resilience through fewer illness-related shocks, a single
malaria episode can cause a family on wage income to lose 25-30% of their monthly
income.
• Create 1,500+ jobs direct jobs across its distribution networks by 2030
• Long-term ambition of preventing 2+ million cases and saving 5,000+ lives by 2030, in
alignment with WHO malaria elimination objectives.
.
Market
Strictly private and confidential |For discussion only
9
• Market Sizing:
o The Addressable Volume: The company targets 13 high-burden countries with 90 million
households, 4 of which (Nigeria, DR Congo, Niger, and Tanzania) account for 50% of global
malaria incidence.
o The Revenue Opportunity: University of Paris Dauphine conducted a willingness-to-pay
(WTP) study at a $1.20 price point and found the annual addressable market to be at
$79M.
• Economic and Behavioral Tailwinds:
o The Donor Ceiling & Private Expenditure Shift: Global funding for traditional tools (nets
and spraying) has plateaued. As international aid becomes less reliable, African
households are increasingly taking on out-of-pocket (OOP) expenses for health. Maia is
perfectly positioned to capture this shift toward private domestic health expenditure.
o FMCG Resilience: As a Fast-Moving Consumer Good (FMCG), Maia’s ointment is a survival
staple. Unlike luxury items or expensive medical devices, basic skincare and protection
products show remarkable resilience during currency devaluations and economic
downturns in West Africa.
o The Cultural Habit: Traditional interventions suffer from a "usability gap" (people find bed
nets hot or restrictive). Maia hijacks a daily ritual, achieving a 98% usage rate in trials.
This behavioral tailwind lowers Customer Acquisition Cost (CAC) and drives a 65% long-
term retention rate. Across Africa, where almost everyone moisturizes daily, Maia is not
creating a new market; it is performing a product swap in an existing multi-million-dollar
traditional skincare market.
• Regulatory Tailwinds
o The WHO 2030 Target Pressure: Most African nations are nowhere near the 2030 Global
Technical Strategy targets. National Malaria Control Programs (NMCPs) are under intense
pressure to adopt innovative tools that address residual transmission. Maia is the only
product in its category with the scientific pedigree to fit this innovation mandate.
o The Regulatory Moat: Maia has a very large geographic patent protection and is the only
African-made product authorized by the Comité Sahélien des Pesticides (CSP). This
certification acts as a massive barrier to entry for global competitors who would face a 3–
5-year regulatory lag to legally claim malaria protection on their labels in these countries.
Universite Paris-Dauphine
The University of Paris-Dauphine in partnerships with Innovations for Poverty Action conducted a
large-scale randomized control trial that comprised over 3,100 households to analyze market
demand, price sensitivity, and long-term behavioral impact of the ointment. The study observed the
following:
• High Adoption and Increasing Take-up: the study observed a significant positive behavioral shift
among beneficiary households.
o Rapid Adoption: Reported use of the ointment increased from 57% one month after
launch to 73% by the end of the rainy season.
o Consistent Usage: In households receiving the product for free, usage reached nearly
100% four months into the intervention, compared to 47% among those paying full
market price.
Strictly private and confidential |For discussion only
10
• Pricing and Subsidiary Effects: The demand for the ointment is sensitive to price, suggesting that
strategic subsidies can maximize public health impact.
o Subsidies as a catalyst: Households receiving a 50% subsidy used the product twice as
much as those paying full price, while those receiving it for free used it three times more.
o No Waste at Zero Cost: Free access did not lead to waste; approximately 90% of
households that received the product for free actually utilized it.
• Behavioral learning by doing and long-term use: Initial exposure through subsidies creates a
durable habit
o Ongoing Demand: One year after the trial ended, 60% of households that initially received
the product for free continued to use it, compared to only 20% in the full-price or partial-
subsidy groups.
o Protective Prioritization: When faced with financial constraints, households consistently
prioritized using the ointment on vulnerable individuals, specifically young children.
• Displacement of Hazardous Alternatives: The study confirmed that the ointment effectively
replaces less safe traditional repellent methods.
o Substitution Effect: While it was used alongside treated bed nets (maintaining a 75%
usage rate), it led to a significant decrease in the use of mosquito-repellent coils and
spirals, which are often criticized for their respiratory health risks.
Team
Franck Langevin
Co-founder, CEO
Franck is a Franco-burkinabè entrepreneur who has made Africa his home for the
past 10 years. With 15+ years of experience in marketing and product development
in the high-tech industry, he brings a sharp strategic mind to MAÏA Africa. He has a
background in innovation and has even organized TEDx conferences, reflecting his
passion for transformative ideas.
Franck holds business degrees from Stanford University, Dublin City University, and
NEOMA Business School. As CEO, he drives MAÏA’s vision, fundraising, and global
partnerships, while leveraging his marketing expertise to shape the brand and go-
to-market strategy.
Gerard Niyondiko
Co-founder, Managing
Director
Gérard is a Burundian scientist and social innovator who has been based in Burkina
Faso for over a decade. With a Master’s in Water and Sanitation and experience as
both a chemistry professor and a technical director in industry, Gérard bridges the
technical and operational realms. His scientific rigor ensures product’s efficacy and
safety. Gérard also has grassroots experience, having worked on community
projects and in NGO settings. As Managing Director, he oversees R&D, and product
supply, ensuring that the execution aligns with our scientific claims and quality
standards.
Strictly private and confidential |For discussion only
11
Augustin Gnoumou
CFO
Dofimité Augustin Gnoumou is a financial expert with extensive experience in
corporate accounting and management. As Financial and Accounting Director at
COGEA International SA, he oversees financial strategy, compliance, and
negotiations with financial institutions. He previously served as Chief Accountant at
the same company and founded AFISCOM, a consulting firm supporting over 20
businesses.
He holds a Master’s in Accounting, Audit, and Control from Aube Nouvelle
University and a Master’s in Economics and Management from the University of
Ouagadougou. Proficient in Sage Accounting, Sage Payroll, and Microsoft Office
Suite, he brings strong financial expertise to Maïa Africa.
Management is supported by a core team of 13 members distributed across Burkina Faso (7), Mali (4),
Ivory Coast (1), and Uganda (1).
Board
Maia has a board that comprises of experts in public health and malaria control, consumer health and
FMCG scaling, finance and investment, human resources and organizational development, and
entrepreneurship and governance. The Board, whose formal structuring is underway, has the 7 following
members:
• Christian Arend (Laulie Santé): Ex-CEO Groupe Urgo.
• Ousmane Abdoulaye Diop: Financial expert.
• Anne Dousset: Ex-HRD Danone.
• Michel Hussherr (Financière Cajuba): Business angel.
• Dr. Jérôme Ntarima: ICRC medical doctor
• Bruno Renier (Enerxia): Ex-entrepreneur.
• Lisa Tietiembou (La Fabrique): Incubator founder / director.
Financials
Strictly private and confidential |For discussion only
12
Maia has had an impressive growth, exhibiting an average annual growth rate of 100% since launch. Gross
margins are healthy in 40% and the Company is EBITDA positive, with average EBITDA margin in 20%.
Growth projections are based phased market expansion in Gulf of Guinea and East African regions, and
further scale into the Sahel region. Strengthening logistic capacities and distribution channels and ensuring
repeat purchases will be essential for this. From a manufacturing perspective, the Company has what it
takes to build towards this growth given the large size of its CMOs, and the Company has proven the
capacity to build strong distribution channels across outlets, agents, and B2B partnerships. Study findings
on customer sa5sfac5on and users’ behaviors conducted by third parties also reveal a high likelihood for
repeat purchases.
Funding
Strictly private and confidential |For discussion only
13
Maïa Africa has raised approximately USD 1.07 million since inception through a mix of non-dilutive
grants, loans, equity, prizes, and crowdfunding.
Funding sources include:
• Grants & prizes (US$ 599,949) from international foundations and public donors (e.g. Cooperation of
Monaco, Grand Challenges Canada, Roddenberry Foundation, Veolia Foundation, Caritas
Foundation).
• Equity (US$ 92,650) from a group of business angels in France, UK and Canada.
• Loans (US$ 205,584) from development-oriented financial institutions and business associates (e.g.
Investisseurs & Partenaires, Coris Bank).
• Crowdfunding & donations (US$ 125,363) used primarily for R&D and humanitarian distribution to
displaced and vulnerable populations.
Current Fundraise
Strictly private and confidential |For discussion only
14
The current round target is $2 million across grant, debt, and equity. The use of mixed instruments is to
allow the Company to maintain affordability for end users, and align each type of capital with the most
appropriate use.
Use of Funds:
• Market entry and launch campaigns in new high-burden malaria countries adoption
• Buy-One-Get-One (BOGO) promotions to accelerate first-time Community engagement and training
of community-based sales agents
• Regulatory submissions and approvals
• Awareness campaigns targeting high-risk populations
• Preparation for large-scale impact studies and WHO-aligned evaluations
• Working capital for inventory and production cycles
• Supply chain, cross-border logistics, and warehousing
• Initial team setup and operational costs in new country offices
Exit
A 5 years NPV and IRR calculation based on the Company’s financial model, a $200K investment amount,
and a 15% discount rate provides a $1.26M NPV and a 75% IRR.
Most likely exit opportunities include a trade sale by a consumer health or FMCG Company, a secondary
buyout to a late-stage fund, and potentially dividends.
Due Diligence Questionnaire
Maïa Africa
Note to the organization:
This questionnaire and the information contained within are for discussion only and will be for the exclusive use of
Madiro and Maïa Africa. No part of this document will be copied, photocopied or duplicated in any form by any
means, or redistributed without the prior written consent of Madiro and Maïa Africa. Information contained in this
document is not all-inclusive, and no one other than Madiro should use this information or place any reliance on
this document for any purpose.
Summary
Information on the organization
Summary of organization
Maïa Africa is a B-Corp certified African social enterprise dedicated to
reducing malaria transmission through innovative, high-compliance
prevention tools. Its flagship product, MAÏA®, is a patented, shea-based
mosquito-repellent ointment designed to integrate seamlessly into
existing daily skincare routines. By leveraging established habits rather
than changing behavior, Maïa Africa provides effective protection during
peak mosquito biting hours, complementing bed nets and other malaria
control tools.
Headquarters
Ouagadougou, Burkina Faso
Type of innovation, technology or
social enterprise
Social enterprise developing a preventative health product (mosquito
repellent ointment).
Information on geography
Country(ies) of registration
Burkina Faso, Mali, Côte d’Ivoire, Uganda
Current country/region/city of
operation
Burkina Faso, Mali, Côte d’Ivoire
Planned country/region/city for
expansion
Between 2026 and 2030, Maïa Africa plans to expand into 13 high-burden
malaria countries, structured around three regional hubs:
● Sahel: Burkina Faso, Mali, Niger
Strictly private and confidential |For discussion only
● Gulf of Guinea: Côte d’Ivoire, Benin, Guinea, Liberia, Sierra
Leone, Togo, Nigeria
● East Africa & Central Africa: Uganda, Tanzania, Democratic
Republic of Congo
Country prioritization is based on malaria mortality burden, regulatory
feasibility, market size, logistics, and operational readiness.
What is your approach towards
localizing day-to-day operations
and decision making on the
continent?
Our day-to-day operations and decision making are only on the African
continent.
Information on finance & funding
Total funding raised / available and
source of funding (personal,
friends, family, angels, investors)
Maïa Africa has raised approximately USD 1.07 million since inception
through a mix of non-dilutive grants, loans, equity, prizes, and
crowdfunding.
Funding sources include:
● Grants & prizes (US$ 599,949) from international foundations
and public donors (e.g. Cooperation of Monaco, Grand
Challenges Canada, Roddenberry Foundation, Veolia Foundation,
Caritas Foundation).
● Equity (US$ 92,650) from a group of mission-aligned business
angels in France, UK and Canada.
● Loans (US$ 205,584) from development-oriented financial
institutions and business associates (e.g. Investisseurs &
Partenaires, Coris Bank).
● Crowdfunding & donations (US$ 125,363) used primarily for
R&D and humanitarian distribution to displaced and vulnerable
populations.
Funding requirements (12-18
months)
US$ 2,000,000
Use of the funding required
Grant funding (US$ 1.5 million) will be used to finance high-impact,
non-revenue-generating activities essential for scale:
● Market entry and launch campaigns in new high-burden malaria
countries
● Buy-One-Get-One (BOGO) promotions to accelerate first-time
adoption
Strictly private and confidential |For discussion only
● Community engagement and training of community-based sales
agents
● Regulatory submissions and approvals
● Awareness campaigns targeting high-risk populations
● Preparation for large-scale impact studies and WHO-aligned
evaluations
Debt financing (US$ 0.5 million) will be used to support
revenue-generating operations:
● Working capital for inventory and production cycles
● Supply chain, cross-border logistics, and warehousing
● Initial team setup and operational costs in new country offices
This blended financing strategy allows Maïa Africa to maintain
affordability for end users, and align each type of capital with the most
appropriate use.
Human Resources
Information on the organization
Company headcount by
location/function/department
13 core team members, distributed as follows:
● 7 in Burkina Faso (HQ & Sahel hub)
○ Operations & supply chain
○ Community agent programs
○ Sales & field supervision
○ Administration & finance
● 4 in Mali (HQ & Sahel hub)
○ Sales & field supervision
● 1 in Côte d’Ivoire (Gulf of Guinea hub)
○ Commercial partnerships
○ Regulatory follow-up
● 1 in Uganda (East Africa hub – setup phase)
○ Market entry coordination
○ Manufacturing & quality oversight
○ Regulatory engagement
Headcount growth over time
Maïa Africa follows a disciplined and scalable staffing strategy, aligned
with its multi-country expansion plan.
● 2023–2024: Lean core team of 8–9 employees, focused on
product validation and early commercial traction.
Strictly private and confidential |For discussion only
● 2025: Expansion to 18 employees to support the transition to
scale and multi-country operations.
● 2026: Step-change to 51 employees, driven primarily by Sales &
Marketing (27 FTEs) and G&A (22 FTEs) to support rapid
geographic expansion; 2 R&D FTEs added for product extensions.
● 2027–2030: Headcount stabilizes at ~59 employees, reflecting a
hub-and-spoke model and continued reliance on partners rather
than internal headcount growth.
Board makeup (highlight relevant
skillsets)
Maïa Africa is currently supported by a group of experienced
mission-aligned shareholders, with formal board structuring underway
and planned for H1 2026.
● Christian Arend (Laulie Santé): Ex-CEO Groupe Urgo.
● Ousmane Abdoulaye Diop: Financial expert.
● Anne Dousset: Ex-HRD Danone.
● Michel Hussherr (Financière Cajuba): Business angel.
● Dr. Jérôme Ntarima: ICRC medical doctor
● Bruno Renier (Enerxia): Ex-entrepreneur.
● Lisa Tietiembou (La Fabrique): Incubator founder / director.
Board-level competencies include:
● Public health and malaria control
● Consumer health and FMCG scaling
● Finance and investment
● Human resources and organizational development
● Entrepreneurship and governance
The future board is designed to balance impact, commercial discipline,
and African market expertise.
Advisors (highlight relevant
skillsets)
Maïa Africa works with a network of technical, scientific, and impact
advisors in public health, epidemiology, regulatory affairs, and consumer
health scaling, mobilized on a needs-based basis.
Diversity makeup of the team
Diversity and inclusion are core to Maïa Africa’s mission and operations:
● All staff and leadership based in Africa
● Strong gender balance, particularly in community agent networks
(70% women)
● Multidisciplinary backgrounds (public health, chemistry,
marketing, operations, finance)
Strictly private and confidential |For discussion only
Management team
Only include team members with key management functions. Include as many as you need.
Team member 1: Franck Langevin
Role Co-founder / Chief Executive Officer
Tenure Since inception
Full time/part
time/contractor/other
Full-time
Highlight relevant experience and
background
Franck is a Franco-burkinabè entrepreneur who has made Africa his home
for the past 10 years. With 15+ years of experience in marketing and
product development in the high-tech industry, he brings a sharp strategic
mind to MAÏA Africa. He has a background in innovation and has even
organized TEDx conferences, reflecting his passion for transformative
ideas.
Franck holds business degrees from Stanford University, Dublin City
University, and NEOMA Business School. As CEO, he drives MAÏA’s vision,
fundraising, and global partnerships, while leveraging his marketing
expertise to shape the brand and go-to-market strategy.
Team member 2: Gérard Niyondiko
Role Co-founder / Managing Director
Tenure Since inception
Strictly private and confidential |For discussion only
Full time/part
time/contractor/other
Full-time
Highlight relevant experience and
background
Gérard is a Burundian scientist and social innovator who has been based
in Burkina Faso for over a decade. With a Master’s in Water and Sanitation
(from the internationally renowned 2iE Institute in Burkina Faso) and
experience as both a chemistry professor and a technical director in
industry, Gérard bridges the technical and operational realms.
His scientific rigor ensures our product’s efficacy and safety. Gérard also
has grassroots experience, having worked on community projects and in
NGO settings. As Managing Director, he oversees R&D, and product
supply, ensuring that the execution aligns with our scientific claims and
quality standards.
Team member 3: Augustin Gnoumou
Role Chief Financial Officer
Tenure 2024
Full time/part
time/contractor/other
Full-time
Highlight relevant experience and
background
Dofimité Augustin Gnoumou is a financial expert with extensive
experience in corporate accounting and management. As Financial and
Accounting Director at COGEA International SA, he oversees financial
strategy, compliance, and negotiations with financial institutions. He
previously served as Chief Accountant at the same company and founded
AFISCOM, a consulting firm supporting over 20 businesses.
He holds a Master’s in Accounting, Audit, and Control from Aube Nouvelle
University and a Master’s in Economics and Management from the
University of Ouagadougou. Proficient in Sage Accounting, Sage Payroll,
and Microsoft Office Suite, he brings strong financial expertise to Maïa
Africa.
Strictly private and confidential |For discussion only
The problem
What is the problem you are trying to solve? How severe is the problem? What are the adverse effects of this
problem not being solved?
Maïa Africa addresses a specific and growing gap in malaria prevention: early-evening and outdoor exposure, when
households are not yet protected by bed nets and where “residual transmission” persists despite high coverage of
conventional tools.
Severity of the malaria burden
● In 2024, malaria caused an estimated 282 million cases and 610,000 deaths globally.
● The WHO African Region accounted for ~94% of global cases and ~95% of global deaths in 2023.
● In the WHO African Region, ~76% of malaria deaths in 2023 were among children under 5.
Density of malaria deaths in 2022 (Source : Malaria Atlas)
Why current tools leave a protection gap
● Insecticide resistance: resistance to pyrethroids (the most common insecticide class used on standard
ITNs) was confirmed in 55 of 64 malaria-endemic countries (global evidence base).
● Shifts in mosquito biting behavior / residual outdoor & early-evening exposure: in field settings,
malaria-infected vectors have been documented biting outdoors in the early evening (18:00–21:00)—i.e.,
before typical sleeping hours.
● Even with nets, exposure can remain high: a recent multi-setting analysis estimated that the proportion
of bites not averted by using a net can be substantial (estimated ~66% in that analysis), consistent with the
concept of residual transmission.
● Real-world usage is imperfect: even where ITNs are widely distributed, use is not universal, leaving many
people unprotected on a given night (e.g., a 2023 estimate cited in malaria prevention summaries reports
Strictly private and confidential |For discussion only
~59% ITN use among young children and pregnant women in sub-Saharan Africa).
Adverse effects if the gap is not addressed
● Without protection during these early-evening/outdoor hours, families—especially children under five and
pregnant women—remain exposed to infectious bites, which contributes to preventable infections, severe
disease, and death. The burden is heavily concentrated in Africa and among young children.
● Malaria also creates a poverty trap through direct and indirect costs (treatment costs, lost income, lost
schooling). Systematic reviews document substantial economic burden via healthcare spending and
productivity losses.
How many people are affected by the targeted health issue each year in the region where you operate (or plan to
operate)? What are the consequences for these people?
Maïa Africa plans to scale across 13 priority high-burden countries (Sahel, Gulf of Guinea, East Africa) representing
a very large at-risk population and a disproportionate share of malaria mortality.
Scale of the region we target
● Our 13 priority markets represent an at-risk population of 450+ million people and about ~90 million
households (internal market sizing used for strategy and planning).
● Mortality is similarly concentrated: in 2023, just 4 countries accounted for just over half of global malaria
deaths: Nigeria (30.9%), DRC (11.3%), Niger (5.9%), Tanzania (4.3%).
Consequences
● High incidence translates into l...
