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For investors
Maternal mortality is 100 times higher in Sub-Saharan Africa than in Europe. Malaica has developed a pregnancy program that delivers significantly better health outcomes
while reducing costs by 30%. The company is driven by a female-led team of doctors, midwives, engineers and serial entrepreneurs, and sees strong traction in Kenya.
Further information can be found here.
For donors
Maternal mortality is 100 times higher in Sub-Saharan Africa than in Europe. Malaica has developed a midwife-led program that delivers significantly better maternal health
outcomes while reducing pregnancy-related cost by 30%. The program has proven to work also in low-income and rural settings. Malaica is driven by a team of doctors,
midwives, engineers and entrepreneurs. Further information can be found here.
German
Die Müttersterblichkeitsrate ist 100 mal höher in Sub-Saharan Afrika als in der EU. Malaica hat ein Schwangerschaftsprogramm entwickelt, das deutlich bessere Ergebnisse
erzielt und dabei die Gesamtkosten um 30% senkt. Das Programm läuft erfolgreich in Kenia, mit hohen Wachstumsraten. Weitere Informationen finden sich hier.
For investors (incl. mentioning of Seed investors)
Maternal mortality in Sub-Saharan Africa is 100x higher than in high-income countries. Malaica is tackling this crisis with a pregnancy program that delivers strongly
improved health outcomes while reducing cost for payers by 30%.
Malaica is seeing rapid adoption in Kenya, with 10x revenue growth in 2024. To accelerate this trajectory and reach break-even, Malaica is raising a $2.5m Seed Round,
co-led by Livelihood Impact Fund and Kapor Capital.
More details can be found in the attached deck.
April 2026 | Strictly Confidential
Making the
pregnancy journey
safe and affordable
for millions
Problem
Pregnancy care in Kenya is broken
Poor outcomes
Fragmented care
Pharmacies, doctors,
hospitals and labs maximize
short-term revenue
Maternal mortality is 100x
higher
1
than in Europe
High cost
Costly short-term interventions
rather than prevention
1
E.g., while the Maternal Mortality Ratio (MMR) is ~5 per 100k in the EU, it is ~500 in Sub-Saharan Africa. See 2024 WHO data here. Reducing this is one of the prominent Sustainable Development Goals of the UN (SDG Target 3.1).
A maternity platform to transform care for millions
Solution
“Maternity OS”
- Reference center
- End-to-end software
- AI maternity agents
- 24/7 helpline
Leading
providers
Business
model
innovation
Leading
payers
Kenya’s
largest
parenting
community
Experts
- OBGYNs
- Midwives
- Doulas
- Psychologists
- Nutritionists
- Yoga teachers
- ...
Value-based rather than
fee-for-service
Our program is showing impact
Kenya average
Malaica average
Outcomes
Duration of prenatal care
40 weeks
0 weeks
8
0
Number of prenatal touch points
0
Number of postnatal care touch points
Delivery with skilled health personnel at a hospital
100%
0%
0%
Postnatal family planning discussed
4
100%
Note: An in-depth impact dashboard with dozens of other indicators is available on request. With increasing statistical power we expect to be able to prove lower maternal and neonatal mortality.
●Value proposition for payers:
○Better medical outcomes
○Cost reduced by 31%
1
○Happier clients: 4.9 stars on Google Reviews
2
●Current status: Partnerships with 5 leading Kenyan insurers
signed
Payers pay less for better outcomes
Business Model
31%
reduction
2
Detailed data available on request
3
This is significantly higher than the review of any other maternity hospital
Total cost of pregnancy for a
Kenyan health insurer
●Strong revenue growth - with payments from
insurers accelerating
●Objectives going forward
○$1m revenue by Q4 2026
○$10m revenue by the end of 2028
○$100m revenue by 2031/32
Fast growth, high ambition
Financials
Annualized revenue
1
1
Annualized revenue = 4 * revenue reached in a specific quarter
A detailed growth plan how to get to 10m / 100m revenue is available on request
Massive opportunity to grow along the customer journey
Market
Pregnancy (Market size Kenya: ~$0.6bn
1
)
time
1
The total Kenyan healthcare market is ~$6bn (~5% of GDP). 40% of this comes from public insurance, 40% out of pocket, 20% via private insurance. Maternal care makes up ~10% of the
total healthcare budget (~1.5m pregnancies @ average cost of $400), pediatrics ~20%, other gynecology incl. fertility ~15%. Additional countries will be added over time.
Pediatrics (Market size Kenya: ~$1.2bn
1
)
Other gynecology and fertility
(Market size Kenya: ~$0.9bn
1
)
Malaica earns its trust at the crucial moment of pregnancy, then adds new services to existing customers at zero CAC
Market size Kenya
Annual growth rate: 9%
$2.7bn
Pascal Koenig (Co-Founder, CFO
and Chair)
Ex McKinsey, built 3 startups:
Last: women’s health company
Ava with 8-digit USD revenue
Dr. Lorraine Muluka (Co-Founder
and CEO)
Gynecologist, built a successful
private practice, 10+ years
experience with tech startups
Pauline Broccard (CPO)
Social scientist and journalist, 5+
years of experience driving
femtech product innovation
Dr. Lisa Ochola (Medical Director)
Gynecologist, 10 years at some of
Kenya’s leading hospitals (Aga
Khan, Nairobi Hospital)
Sharon Warinda (COO)
MA in science, telecom and
innovation, vast experience in
digital health and operations
Victor Ndegwa (Co-Founder / CTO)
Computer Science (University of
Nairobi), Co-Founder of several
successful tech companies
Isis Nyong’o (Co-Founder)
Biology Stanford, Harvard MBA,
former exec @Google, board
member Nairobi Stock
Exchange / LGT Venture
Philanthropy
Board
Markus Gemuend
Former MD of Roche
Sub-Saharan Africa, former
C-level at Genentech, business
angel and entrepreneur
+ Lorraine / Pascal (see left)
Priscilla Muhiu
Group COO of myDawa
(East Africa’s leading
ePharmacy). Former exec at
Glovo, Sendy and other tech
scaleups
Jane Gaty (Marketing Director)
Marketing expert with profound
healthcare and insurance
expertise. Formerly at MP Shah
A woman-led team of serial entrepreneurs
Team
Gone Omuga (Biz Dev Manager)
BA in Commerce, successfully
built partnerships in two other
healthcare organizations
We are combining equity and grants to finance our growth
Blended finance
Grants
2022 (foundation)
Equity
Pre-Seed Round ($1m)
Seed Round ($2.5m) - in final closing
Business angels
Appendix
Financial Insights
Expansion to 5 facilities needed to get to $10m revenue in Nairobi
●Besides our current outpatient clinic we will
add 4 more facilities in Nairobi by 2027.
●The exclusive focus remains on pregnancies.
●The average revenue per clinic will be ~$2m.
This comes from a combination of private
payers (10% market share by 2027) and
out-of-pocket payments.
●Time to break-even of a new clinic is ~12
months.
$10m ARR
Ngong Road (covers
Kilimani / Nairobi West) -
existing
Lavington (covers
Kileleshwa)
Gigiri (covers Runda /
Muthaiga / Kiambu)
Langata/Karen
(covers Rongai)
Westlands
(covers
Parklands /
Loresho)
15 facilities are needed to get to $100m revenue in Kenya
Greater Nairobi (initial focus 2025-2028)
*
1. Ngong Road (covers Kilimani / Nairobi West)
2. Westlands (covers Parklands / Loresho)
3. Gigiri (covers Runda / Muthaiga / Kiambu)
4. Lavington (covers Kileleshwa)
5. Mombasa Road (covers Embakasi / Kitengela)
6. Langata/Karen (covers Rongai)
7. Ruiru (covers Thika)
8. Eastleigh (we see traction with Somali population)
Rest of Kenya (2028/29)
*
9. Mombasa South (covers Diani)
10. Mombasa North
11. Kisumu
12. Nakuru
13. Naivasha
14. Eldoret
Plus one centralized fertility clinic
(Westlands/Nairobi)
●We will grow from 5 to 15 facilities (see below)
●The scope will expand from maternity to pediatrics, general gynaecology and fertility.
●The average size per facility will grow from 6 to 12 consultation rooms.
●Average revenue per facility $6m. Combination of private payers (10% market share in OBGYN/pediatrics) and
out-of-pocket payments.
$100m ARR
Note: Exact locations to be fine-tuned over the coming years, also based on discussion with health insurers
●~70% of the margin is in the deliveries (see
table on the right).
●The online program and ANC/PNC
consultations are the “workhorses” of our
program. But they are not generating any
significant margins.
●Lab/pharmacy/ultrasound are high margin
in % (but not super high in USD).
●We do see that our negotiation power with
hospitals is increasing. However, it will
take a few more years until (the best)
Nairobi hospitals will share ~50% of their
margin with us.
© Malaica | Strictly Confidential | Page 16
The margin is in the deliveries
P&L
The contribution margin per client keeps improving strongly
Unit economics
*
Details incl. key improvement areas can be found in the folder “unit economics” in our data room
September 2025September 2026
Growing along the customer journey gets us to $100m revenue
Revenue
Note: Details can be found in folder 6-2 in Malaica’s data room
●Gross margin expansion from -41% in 2025 to 51% in 2027, driven by stronger verticalization,
economies of scale and constant process improvements.
●EBITDA break-even in FY2027.
Malaica is on track to reach healthy margin structures
P&L
Note: Details can be found in folder 6-2 in Malaica’s data room
Join us to reduce maternal mortality and build a social unicorn!
Financing
Seed Round
$2.5m
Milestones to be reached:
●Reach $3m+ revenue
●Core business profitable
●De-risked plan for 10x growth
Pre-Seed Round
$1m
Use of proceeds
✓$100k revenue
✓Positive unit economics
✓B2B model understood
1
MVP = Minimum Viable Product
Founders
$100k
Use of proceeds
✓MVP
1
developed
✓Pilot study done
✓100 paying Mums
2022Today
Appendix
Impact Insights
Community building
Content development
Recruitment of health providers
Mums enrolled
Ante, peri- and postnatal
contacts with Mums
Team of well-trained / well-
resourced providers in place
Communities built
Improved access to care
Improved quality of care
Improved health behaviors
Financial sustainability
Recruitment of Mums
Partnership developmentPartnerships established
Educational messages accessed
by Mums / supporters
Improved maternal outcomes
Platform development
High-quality jobs / improved
family incomes
Reduced climate
footprint
Jobs createdImproved neonatal outcomes
Growth of African tech
ecosystem
ActivitiesOutputsOutcomesImpact
Theory of Change
Continuously strengthening evidence of our impact
Note: We monitor all relevant KPIs in our “Result Dashboard”
The best
insurance for
happy families*
Service bundles
Like an airline: Everybody arrives safely, with three service levels
Upper income
Monthly income >$500
Middle income
Monthly income $200-500
Lower income
Monthly income <$200
Who pays for
pregnancy?
Private health insurance
(~80%), cash payments
from parents (~20%)
Public health system (~50%),
cash payments from parents
(~50%)
Public health system (~30%), donors
via church etc (~30%), cash
payments from parents (~40%)
Primary caregiverOBGYNReproductive health clinicianMidwife
Delivery of the
baby
Single room at a premium
hospital
Double room at a nice
mid-range hospital
General ward at a well-run hospital
in a low-income setting
ANC/PNCGenetic testing, premium
supplements, psychologist,
premium offline events
Standard
testing/supplements, solid
PNC, standard offline events
“Centering pregnancy”, basic testing,
WHO supplements, basic offline
events
Price (all in)$1,500$450$165
Margin Malaica~50%~20%~10%
Note: We have successfully tested our program in all different income groups. While “First class” gets us to break-even fastest, we plan to offer all three service classes by 2030.
●Despite the fact that African countries are
under-proportionate emitters of CO
2
, they strongly
suffer from climate change.
●Family planning and education are crucial tools not
only from a health perspective, but also to reduce
CO
2
.
1
●Malaica invests heavily into post-natal family planning
and spacing. While this is done to improve health
outcomes, it has a great impact on CO
2
reduction.
Family planning and education are key to reduce CO
2
Climate change
1
Details: https://drawdown.org/solutions/family-planning-and-education
Experience of Malaica in low income settings
Access
Pilot setup
●Garissa: Pilot done with 20 mums (financed by Happel / SDC)
●Kibera: Pilot done with 300 mums (financed by Britam Foundation)
Learnings
●Strong health outcomes
●Great feedback from Mums, close to 100% retention
●Surprisingly little issues with tech (phones, coverage, etc)
●Garissa: Stronger involvement of husband crucial
●Kibera: Organization of physical events has made a big difference
Outlook
●Make program economically feasible while keeping up great outcomes
Appendix
Insights B2B / Competition
Kenyan private insurers spend
$130m on maternal health
●Medical insurance gross premium in Kenya
in 1HY 2025 was KES 55bn (see illustration
on the right)
●Annualized: KES 110bn (= $850m)
●~15% (=$130m) is spent on maternal health
●The market is growing at ~19% p.a.
B2B2C
Strong B2B growth after 3 years
of hard work
Traction
●Initial discussion with insurers in 2022
●First pilot signed in 2024 (Britam)
●First commercial contract signed in Q1 2025
(Britam)
●4 additional insurance partnerships signed in
Q2/Q3 2025
●B2B was a key growth driver in Q4 2025
Hospitals typically get low NPS
(between -20 and +20)
Great educational features, but
mostly not Kenya specific
Malaica has strong USPs compared to traditional offerings
Competitive landscape
Situation Kenya
Pregnancy apps (+ SMS)Hospitals
Flo, Pregnancy+ (Philips) and
Jacaranda (SMS) standing out
~30,000 hospitals and clinics in
Kenya
Note: Malaica maintains a comprehensive list of the globally relevant maternal health innovators (list can be provided on request)
Launched in 2022, constantly
iterated / improved since then
Physical checkups
and delivery
Not typically provided
There are hospitals that provide
good service (many don’t)
Outpatient care done inhouse,
inpatient with selected hospitals
Online program
and community
None, except some basic
offerings from a few big hospitals
Most sophisticated online program
in Kenya, biggest community
Pregnancy
outcomes
Minor impact as not directly
combined with in-person care
Some are good, but broken
journeys can lead to complications
Comprehensive program along
WHO guidelines, strong results
Total cost of
pregnancy
Minor impact
Business model (fee for service)
tends to increase cost
Business model (value-based
care) tends to decrease cost
Happiness of
Mums (NPS)
The most popular apps have a
high NPS
Malaica consistently gets an
NPS of 80+
Flywheel
We are building Kenya's leading maternity platform
Maternity OS
Reference hospital
EMR
AI maternity agent
CommunityProviders
DataPayers
Appendix
Insights Product/AI/Tech
We are revolutionizing the pregnancy journey with four innovations
Solution
End-to-endA Malaica health expert walks the entire pregnancy journey with the Mum
HybridCombination of online and in-person care, driven by a personal health provider
CommunityMalaica runs Kenya’s largest pregnancy community, making our product sticky
AI-drivenAutomations/AI to personalize, reduce cost, and increase scalability
We are combining best-in-class physical, online and AI-care
AI care
Online care
In-person care
Physical
checkups
Delivery of
the baby
Birth prep
courses
Mums meetups
Personal
pregnancy
coach
Webinars with
experts
Moderated
community of Mums
24x7 helpline
Mental health program
Daily
educational
messages
AI-driven
diagnostics /
early warnings
Real-time answer to
non-critical questions
Scheduling and
meeting reminders
Claim
management
Onboarding
Patient
summaries
Documentation of
calls/meetings
Quality
assurance
(QA)
Product / Tech
A hybrid program to make the journey safe and affordable
User Journey
❷ She hears about
Malaica and books
a first appointment
❸ Diane visits the
Malaica clinic and
gets a consultation,
including ANC
profile and
ultrasound
➒ Malaica
provides
postnatal
support ...
❹ Additionally she's
added to an online
community where
she gets
empowered ...
❻ Subsequent physical
consultations according
to WHO guidelines
❺ ... with lots of education,
webinars, experts at the
fingertip, and other Mums
walking the journey with her.
❶ Diane, your
client, is
pregnant ...
and a bit
overwhelmed
➑ She gives birth to a healthy
baby at a hospital done by her
Malaica provider!
➐ In case of a
complication she gets
immediate online
support, with physical
checkups where
needed.
Our end-to-end program is redefining maternal care
Product / Tech
In-person care
●End-to-end pregnancy care by Malaica’s midwives, OBGYNs, and pediatricians
●We partner with great Kenyan hospitals to do this in an efficient/scalable way
Telemedicine
●Our providers follow up online and can be reached 24x7
●Consultations done online where this increases efficiency (e.g. for mental health)
Community
●Malaica runs Kenya’s largest pregnancy community
●Online features (webinars, education) are combined with offline events
AI / Tech
●We collect longitudinal data including all relevant endpoints throughout pregnancy
●Based on this data we deploy AI to improve outcomes and reduce cost
Financing /
insurance
●In-depth understanding of health economics and pain points of payers
●“Pregnancy-as-a-Service”: Value-based payment incl. embedded insurance
The best
insurance for
happy families*
Accessibility
Improved outcomes at lower cost for different income segments
Malaica
offering
OBGYN-led, in collaboration with
premium hospitals
Midwife-led, in collaboration
with mid-tier hospitals
Midwife-led, in collaboration
with lower-cost hospitals
Payer
Private insurance / out of pocket
Public payer / out of pocketDonors / out of pocket
Current status
Operational, growing strongly
Key assumptions de-risked, to
be further scaled in 2025
Pilots done/ongoing in Kibera
and Garissa county
Note: The underlying health economics incl. cost savings for each income segment are available on request.
31% cost reduction
13% cost reduction
2% cost reduction
Examples where Malaica currently uses AI
Tech
Client-facing
Clinical
Internal-facing
Non-clinical
● Daily messages
● 1st level support
● Patient summary
● 2nd level support
● Onboarding
● Scheduling
● Coding
● Claim management
Getting CS rates right is crucial both for medical and financial outcomes
C-Section (CS)
Outcomes
●Upper income: Current
CS rate reduced to
~40%. We expect to get
this down to ~25% over
the coming years,
leading to better
outcomes and massive
savings for insurers
●Lower income: We are
complying with WHO
guidelines
Interventions Malaica
✓Great ANC: Mums get ANC care early on,
with early diagnosis/therapy of issues
✓Midwives strongly involved - lots of
evidence that this lowers CS rates
✓Education: Daily messages, webinars,
birth preparation class
✓Pain management: Better birth
preparation, perinatal support, epidural
available
✓Incentivization: Our providers are taking
the decision. Systems set up for them to
go for vaginal rather than CS
Status quo
●WHO
guidelines: CS
rates should be
10-15%
●Upper income:
Insurances have
CS-rates of
~80%
●Lower income:
CS rates often
too low
Malaica Hub — Clinical Management System (HMIS)
Vue · Django · PostgreSQL · Smart Health+ | Patient records · Bookings · Consultation workflows
Billing & Payments
M-Pesa STK Push
Auto-invoicing
Co-pay workflows
CRM & Comms
Freshsales CRM
3CX phone system
WhatsApp integration
BI & Reporting
Hex dashboards
Revenue · NPS · Retention
Real-time analytics
AI intelligence
Health signal detection
Gestational messaging
Clinical decision support
Infrastructure: Enterprise MikroTik network · Dual-WAN failover · IoT isolation · Kenya Data Protection Act compliant
Overview Malaica tech stack
Insurance partners
B2B claims & billing tools
Mothers
WhatsApp community +
Chatbot
Appendix
Other Insights
Why do we need a “Center of Excellence for Maternal Health”?
Strengthen trust in our
brand
Acquire, train and certify
hospital partners
Strengthen health
economics
Accelerate clinical
innovation
●The delivery of the baby
is the “magic moment”
in maternal health. We
need to have full access
to perinatal care in order
to redefine the
pregnancy journey, test
innovations, develop
optimized clinical
protocols, and generate
outcome data
●Examples we are
working on: Pain
management, optimize
hybrid care, integrate
community into journey
●The hospital helps us
refine the maternal
health operating model:
Patient flow, staffing
ratios, pricing models,
digital workflows,
increase of prediction
for payers, community
integration etc.
●Examples we are
working on: Task
shifting, AI to reduce
admin burden,
innovation in claims
management
●Acquisition: Our center
is becoming the place
where we meet our
partners and
demonstrate
best-practice
●It is also a training
academy for midwives,
doctors, community
managers and
entrepreneurs
●Great training is the
basis for fast scaling
without compromising
on quality
●Building a trusted brand
is hard work. Our Center
of Excellence will be an
additional strong proof
point, increasing trust
and attractivity of
Malaica for both parents
and health insurers
●Moat: Fully controlling
the end-to-end maternity
journey – with a partner
ecosystem around it –
will be hard to replicate
●Contracting: The contract with the hospital is signed, with key terms as
indicated in the last board meeting (signed contract here).
●Main building: We will have 8 consultation rooms (for ANC/PNC checkups),
17 rooms (inpatient), and a theatre for C-Sections.
●Garden building: This will host our office and doubles as a space for
community events.
●Budget: The cost for the renovations incl. furniture, medical equipment etc
will be ~KES 43m (~$330k). The details can be found here.
●Timeline: We target to open the hospital by the end of Q2 2026. There are still
substantial risks – mostly on the regulatory side – which we try to mitigate as
well as possible.
●USPs: How will our “center of excellence” be different?
○Look & feel (boutique hotel rather than hospital)
○LDR concept (labor/delivery/recovery in same room)
○Patient-centred consultations
○Pain management (change of positions, water birth, epidural, ...)
○Community / online services synchronized with in-person care
What is the progress so far?
Hospital location (Westlands Nairobi) - Google Maps here
Main building
Garden building
We are currently evaluating three pathways for fast further growth:
A.Run maternity for children’s hospitals: Gertrude’s - widely seen as Kenya’s best pediatric hospital (with 17 branches) –
expressed interest in Malaica running maternity services for them. Why would they do this? Maternity is the perfect acquisition
funnel for pediatrics (Gertrude’s does not want to provide maternity themselves to avoid diluting their positioning). Partnering
with other hospitals (Aga Khan, MP Shah, Avenue etc) has proven difficult for them because all these other hospitals also offer
pediatrics themselves. So the CEO is excited about a partnership with a "pure play maternity provider".
B.Run maternity for general hospitals: Some hospitals have expressed interest in Malaica operating their maternity department.
Why would they do this? Fixed/reliable income from maternity (which now strongly depends on their occupancy rate), additional
business for their other departments (pediatrics, gynaecology etc), increased revenue for their lab, pharmacy etc.
C.Collaborate with infrastructure developers: Several organizations such as
Mitrelli Group (which have built 350+ maternity
facilities in Côte d’Ivoire) are interested in providing hospital infrastructure to Malaica. Why would they do this? The private
healthcare infrastructure business is growing significantly - similar as leasing hotels to brands/operators. This attracts
companies looking for fixed income in growth sectors.
D.Integrate OBGYNs: Several office-based OBGYNs are interested in a collaboration. Why would they do this? They would like to
provide their patients access to our community and online features (which they cannot build themselves). In addition they
would like to outsource complicated claims management processes with payers.
All four options will be further analyzed over the coming six months. Our position to negotiate attractive deals will strengthen
significantly once our “Center of Excellence” is up and running.
Growth plan after opening our reference hospital
Here are the key activities we are investing in to keep scaling quickly:
●Positioning/branding: We kicked off a brand strategy project with a renowned marketing
agency to fine-tune our positioning and harmonize messaging/branding across the
organization.
●Google Reviews: Rather than leading Mums to our internal NPS survey, we have started to refer
them to Google Reviews - which increasingly becomes the “ground truth” for brands in terms of
Google Search and for AI search.
●Content marketing: We keep investing into high-quality content to keep increasing our reach on
our social media channels as well as on our website.
●Earlier access to clients: We are in the process of launching some webinars around “preparing
for pregnancy”, to get access to potential customers already before they are pregnant.
●Insurance empanelment: We expect to get at least one more insurance partnership in Q2.
●Insurance activation: We keep investing into activation of employers of our partner insurances
●Other partnerships: We are evaluating collaborations with distributors of pregnancy tests and
pregnancy/baby articles.
Board focus topic 3: Marketing/BD update
Africa is an attractive place for maternal health
Growth
1
UN World Population Prospects, Total number of live births, latest data of 2024 (link)
2
https://www.ft.com/content/204482a2-677c-42a0-bcec-a4cdac00eb92
●Despite falling fertility rates across Africa, the
number of babies will keep growing strongly until
the 2060ies
1
●This effect is combined with fast GDP growth: The
Financial Times expects that Africa’s 2026 GDP
growth will outpace Asia’s for the first time in
modern history
2
Founders
Allocation of Common Shares
Founders have paid in cash of CHF
100k, acquiring common shares of
the mother company (Malaica AG
Switzerland) at nominal value.
Cap table
Allocation of Shares post-Seed Round
Assumption: CHF 2m Seed Round
Pascal Koenig (Co-Founder / CFO)
Ex McKinsey, built 3 startups: Last:
women’s health company Ava with
8-digit USD revenue
Dr. Lorraine Muluka (Co-Founder
and CEO)
Gynecologist, built a successful
private practice, 10+ years
experience with tech startups
Pauline Broccard (CPO)
Social scientist and journalist, 5+
years of experience driving
femtech product innovation
Dr. Lisa Ochola (Medical Director)
Gynecologist, 10 years at some of
Kenya’s leading hospitals (Aga
Khan, Nairobi Hospital)
Sharon Warinda (COO)
MA in science, telecom and
innovation, vast experience in
digital health and operations
Victor Ndegwa (Co-Founder / CTO)
Computer Science (University of
Nairobi), Co-Founder of several
successful tech companies
Jane Gaty (Marketing Director)
Marketing expert with profound
healthcare and insurance
expertise. Formerly at MP Shah
A diverse team of maternal health experts and entrepreneurs
Team
Gone Omuga (Biz Dev Manager)
BA in Commerce, successfully
built partnerships in two other
healthcare organizations
Esther Ruiter (Head Client
Experience)
Midwife, MA in Public Health
from LSHTM, former strategy
manager Africa Health Business
Hellen Otieno (Head Midwifery)
Midwife, led outpatient
midwifery care at Avenue
Hospital
Nyawira Njoroge (Head of
Community)
Former Product Manager at
Microsoft, Koko Networks,
founder of a wellness startup
Structure
Headquartered in Switzerland, 100% subsidiary in Kenya
Malaica Kenya
Established on March 16, 2022 (“Malaica Science Limited LLC”)
100%
subsidiary
Malaica AG Switzerland
Established on Jan 14, 2022 (“Malaica AG” in Switzerland)
mbitious
⎼We are ambitious, curious, and fast learners. We build things that have massive impact and
can be scaled to 10x more Mums in a next step.
⎼We invest massively into our team: We are building a strong feedback culture, state-of the art
training programs, etc to have team members advance fast with their careers.
⎼Towards the team: There is no place for arrogance or treating others badly at Malaica. We will
let people go who do not adhere to this principle, even if they are superstars otherwise. We are
inclusive and do not accept any form of discrimination.
⎼Towards Mums and partners: Treating our customers with high respect and kindness is a key
differentiator for Malaica. We go the extra mile to make this happen.
⎼All (non-personal) documents and insights are openly accessible. This is the basis for critical
discussion and fast, data-driven decisions. Data wins over seniority.
⎼We believe that corruption makes countries worse off. It should be the best ideas and brightest
minds that win. Every financial transaction at Malaica is transparent and can be reproduced.
⎼We are transparent and reliable towards other team members. We take full accountability for
our tasks and communicate openly in case of any issues.
A
K
T
ind
ransparent
Malaica has a strong, differentiated company culture
Team
Malaica’s team
End of “Long Deck”
Other slides (pick as needed)
Malaica’s leadership team
Pascal Koenig (Co-Founder, CFO
and Chair)
Ex McKinsey, built 3 startups:
Last: women’s health company
Ava with 8-digit USD revenue
Dr. Lorraine Muluka (Co-Founder
and CEO)
Gynecologist, built a successful
private practice, 10+ years
experience with tech startups
Pauline Broccard (CPO)
Social scientist and journalist, 5+
years of experience driving
femtech product innovation
Dr. Lisa Ochola (Medical Director)
Gynecologist, 10 years at some of
Kenya’s leading hospitals (Aga
Khan, Nairobi Hospital)
Sharon Warinda (COO)
MA in science, telecom and
innovation, vast experience in
digital health and operations
Victor Ndegwa (Co-Founder / CTO)
Computer Science (University of
Nairobi), Co-Founder of several
successful tech companies
Isis Nyong’o (Co-Founder)
Biology Stanford, Harvard MBA,
former exec @Google, board
member Nairobi Stock
Exchange / LGT Venture
Philanthropy
Board
Markus Gemuend
Former MD of Roche
Sub-Saharan Africa, former
C-level at Genentech, business
angel and entrepreneur
+ Lorraine / Pascal (see left)
Priscilla Muhiu
Group COO of myDawa
(East Africa’s leading
ePharmacy). Former exec at
Glovo, Sendy and other tech
scaleups
Jane Gaty (Marketing Director)
Marketing expert with profound
healthcare and insurance
expertise. Formerly at MP Shah
Malaica Leadership Team
We are combining best-in-class physical, online and AI-care
Telemedicine
Product / Tech
In-person care
Community
AI/tech
Insurance/financing
Financials
Malaica annualized revenue
(USD)
31%
reduction
Total cost of pregnancy for a Kenyan health insurer
Signed collaboration contracts:
31%
reduction
Total cost of pregnancy for a Kenyan health insurer
●Malaica has a triple bottom line:
○Impact: Reduce mortality/morbidity
○Jobs: Create attractive jobs
○Shareholder value: Build a valuable company
●Revenue objectives:
○$1m revenue
1
by mid-2026
○$10m revenue
1
in HY2 2028
○$100m revenue
1
in 2031/32
Fast growth, high ambition
Financials
Annualized revenue
1
1
Annualized revenue = 4 * revenue reached in a specific quarter. Green = actuals / grey = latest estimate
Company setup
We are building two self-reinforcing businesses
Malaica Kenya
Established on March 16, 2022 (“Malaica Science Limited LLC” in Kenya)
●Operative company to develop and run our maternal
health program (potentially scaled to pediatrics,
general gynecology and fertility over time)
●Full focus on Kenya
100% subsidiary
100% subsidiary (planned)
Malaica International
To be established once Kenya has reached a certain scale
●License our program and tech to other countries
(value prop: IT, APIs, community, financing, ....)
●Initial focus: LMICs. Over time also support
high-income countries to reduce pregnancy-related
cost
●Start with advisory work to keep upfront spend low
●Over time: Reach attractive B2B SaaS margins
Well-running tech stack /
implementation expertise
Scale, global network and
access to capital
Malaica Holding
Established on Jan 14, 2022 (“Malaica AG” in Switzerland)
●Used for financing and strategic development of the group
●Investment and divestment of subsidiaries to maximize
outcomes (impact / jobs / shareholder value)
Kenya maternal health (non-public)
─Private insurance: 60k pregnancies/yr,
average spending $1,200 = $72m
─Out of pocket at non-public hospitals: 500k
pregnancies/yr, average spending $400 =
$200m
$1.3bn
$8bn
Pregnancy related spending is massive, and growing
Market
$270m
Kenya OBGYN/pediatrics (non-public)
─OBGYN (both general gynecology and
maternal health) doubles the market size from
$270m to $540m
─Paediatrics is about 1.5x the size of OBGYN =
$810m (again, private/out-of-pocket only)
Licensing of our solution
─The global maternal health market is ~$200bn
(130m babies @ $1,500 average cost)
─The solutions and tech stacks in obstetrics
are currently being revolutionized. Malaica
wants to become a leading vendor in this
space (both for public and private providers).
─Revenue potential: ~4% of $200bn = $8bn
US Maternity Care: Interventions rather than outcomes
Cost per pregnancy: $24,000*
More
C-Sections
More
diagnostics
Mediocre
outcomes
Reduced
accessibility
Higher
cost
* Source:https://healthcostinstitute.org/hcci-originals-dropdown/all-hcci-reports/prenatal-through-postpartum-costs-of-having-a-baby
Kenya
2m births / year
1
Kenya + Nigeria
2
11m births / year
1
According to IMF the GDP of Kenya is ~USD 104bn. About 6% (USD 6bn) is spent on healthcare, paidy by government, donors, employers and out of pocket payments. An estimated 10% (600m) is pregnancy-related, plus 50%+ of additional non-health spending
for things like transportation and consumer health products. This is about $550 per pregnancy, all in (comparison: in the US it is about $24,000 - source )
2
Malaica currently plans to expand to Nigeria as a next country. A business plan is available on request. The final decision will be taken in 2025/26.
3
According to IMF the GDP of all African countries is ~USD 2.8trn. About 6% (USD 170bn) is spent on healthcare. Around 10% is pregnancy-related, again with 50%+ non-health spending
USD
5 bn
USD
23 bn
Pregnancy related spending is massive, and growing
Market
Growth rate of ~5% despite decreasing fertility rates across Africa
Africa
40m births / year
3
USD
1.1 bn
End-to-end data / AI
●Comprehensive longitudinal data
shows how interventions affect endpoints
●High-quality data at scale enables great AI
and product improvements
●Evidence of outcomes convinces more KOLs
We are building a self-reinforcing flywheel which is hard to copy
Defensibility
Collaboration with payers
●After 4 years of hard work we are
getting empanelled with payers
●Constant improvement of outcomes
and health economics make them
send more and more Mums to us
Happy end customers
●Malaica is Kenya’s highest rated
pregnancy program (NPS of +82)
●Malaica is running Kenya’s largest
pregnancy community
Holistic end-to-end pregnancy program
●Seamless combination of physical care,
online services and AI
●Secure tech/backend
●Regulatory approval (KMPDC level 3,
data protection certification)
●Problem: The US has a maternal health crisis
○High cost: The maternal health journey is outrageously expensive ($24,000
average cost). Payers are under huge pressure to maintain financial
sustainability.
○Poor outcomes: The high price makes good pregnancy care unattainable for
many, leading to poor outcomes (4x higher maternal mortality compared to EU).
●Solution: Malaica reduces cost and improves outcomes
○Reduction of cost: Our current end-to-end program for upper-income Nairobi
Mums costs $1,500 (94% less than US average). We are convinced that we can
also deliver cost reduction in the US.
○Improved outcomes: Our end-to-end program will be able to significantly lower
mortality and morbidity rates especially for lower income groups in the US.
●Strategy: Enter the US via Medicaid over the coming 4-7 years
○Medicaid covers 42% of all US pregnancies. They spend $29bn for this.
○They are struggling to find high-quality / affordable maternal care providers.
○Objective: Get to 10% market share in the Medicaid market (~$3bn revenue p.a.)
Malaica has a huge opportunity to expand to the US
Geographic expansion
Current
cost /
pregnancy
in the US
$24,000
$1,500
Total cost /
pregnancy of
Malaica in
higher
income
Nairobi
Estimated
cost /
pregnancy
to run
Malaica in
the US
~$12,000
Malaica can
reduce US
pregnancy cost
by ~2x
The best
insurance for
happy families*
Business model
B2B2C: Better outcomes at lower cost
31% cost reduction
13% cost reduction
2% cost reduction
Problem
Maternal Mortality Europe: 6
Pregnancy is unacceptably dangerous in Sub-Saharan Africa
1
Death per 100k pregnancies, see https://data.unicef.org/topic/maternal-health/maternal-mortality. Maternal and neonatal mortality are at the core of the UNs SDGs (Target 3.1 and 3.2)
Maternal Mortality
1
Sub-Saharan Africa: 533
Hybrid
The pandemic has
disrupted healthcare.
“Hybrid care” is becoming
the new normal.
Four factors enable to radically change maternal health
Why now?
Smartphones
67% of Kenyans have
smartphones now. By
the end of the decade
it will be 90%.
Tech / AI
The advent of LLMs and AI
is opening doors for
massive clinical and
operational improvements
Midwife-led
Longitudinal care leads to
best pregnancy outcomes.
The scientific evidence is
very strong.
We are revolutionizing the pregnancy journey with four innovations
Solution
End-to-end
Hybrid
Community
AI-driven
The best
insurance for
happy families*
Key drivers to get to $100m revenue in Kenya by 2031
Year20232024202520272031
Key growth driverMVP online
program
MVP hybrid
program
MVP
insurance
10% market share
insurance
Expansion into pediatrics,
gynaecology and fertility
ARR in last month of period ($)10,000100,0001,000,00010,000,000100,000,000
No of paying Mums5001,0002,00010,00050,000
Average revenue per Mum ($)201005001,0002,000 (incl pediatrics,
gynaecology and fertility
... of which via insurance (%)0%0%10%60%70%
# of Malaica outpatient clinics1 (external)1 (external)1 (internal)5 (internal)15 (internal)
# of staffMedical: 5
Other: 6
Medical: 12
Other: 14
Medical: 20
Other: 25
Medical: 80
Other: 50
Medical: 370
Other: 80
Additional impact: # of parents
reached with free contents / app
100,000220,000300,000800,0001,500,000
“10x growth”
A slow process is leading to a high moat
Process to build B2B2C revenue
1. Demonstrate that the product
improves medical outcomes at
lower cost
2. Get empanelments
3. Integrate insurer’s claims
management system
4. Activate employers (= majority of
insurance clients)
5. Get Mums into the program
B2B2C
The best
insurance for
happy families*
“Pregnancy as a Service” for payers
YearTraditional insurance modelMalaica “Pregnancy as a service”
Broker and insurer cut, inefficiencies30%10%
Value reaching patient care70%90%
Predictability of costLowHigh
Pree
B2B Outlook
In the conventional setup, 30% of your budget never reaches patient care. With Malaica’s program, up to
90% does.”
●Kenyans are used to pay out of pocket for some health services
●Market potential (if we get 10% market share of mid income class): 50,000 Kenyan Mums / yr
●Challenging to grow this with solid unit economics
●3m Kenyans, medium/high income, profitable
●Market potential (if we get 10% market share): 30,000 Kenyan Mums / yr
●More information on the page 24
●30m Kenyans have some sort of coverage by NHIF or Linda Mama (source)
●Market potential (if we get collaborations with counties / MoH): 1m+ Kenyan Mums / yr
●More information in Markus’ workshop
●20m low income Kenyans
●Market potential (if we get our program paid): 1m Kenyan Mums / yr
●We have received grants from SDC and Happel for this. Apply for more grants if strategy aligned
Overview of different payers in Kenya
© Malaica | Strictly Confidential | Page 75
Out of pocket
Employers
Government
Donors
●1m Kenyans, high income, profitable
●Market potential (if we get 10% market share): 10,000 Kenyan Mums / yr
●More information on the next page
Insurance
We partner with impact funders to reach low
income Mums
Fast scale
●Value proposition: Better outcomes ...
○... for the families that need it most
○... who are hard to reach
○... at 38% lower cost than what is paid today
1
●Current status: Projects done / ongoing in
○Kibera: Large informal settlement in Nairobi
○Garissa: Kenya’s county with the highest maternal mortality
●Approach: We focus on impact projects that ...
○strengthen Malaica’s core product;
○reach financial sustainability;
○strengthen the overall health system
2
Malaica has received grants from:
1
Detailed health economics and theory of change can be provided on request
2
See our manifesto for systems change here
Fast growth, high ambition
Financials
Fast growth, high ambition
Financials
Making pregnancy safe and affordable for millions
November 2024
Company
Profile
Malaica is a health tech
company committed to
redefining maternal care
in Kenya.
About us
By combining innovative
technology with expert care and
community support, we
empower mums-to-be with the
resources and guidance they
need for a safe, informed, and
joyful pregnancy journey.
About us
We aim to make pregnancy safe
and affordable for millions of
women by providing
personalised care, hybrid service
models, advanced technology,
and community support.
Our Mission
Through innovation and
excellence, we seek to set new
standards in maternal
healthcare, ensuring that every
pregnancy is a journey of
support, confidence, and
connection.
Our Vision
Building evidence and capacity with each step of growth
Our Growth
Jan 2023Jan 2022
20 Mums
(free pilot)
Largest Kenyan
parenting community
acquired
Jan 2024
today
Legal entity
established
10 paying
Mums
100 paying
Mums
300+ clinic
visits done
Launch of physical
clinic
10,000 paying
Mums
Launch of a
program for
rural / low
income
Creation of a
paid program for
urban middle
class
Launch of Kibra
project
Empanel
insurances
Building evidence and capacity with each step of growth
Milestones
20302022
Feasibility
of Malaica
shown in a
pilot study
today
Legal entity
established
1,000 Mums
reached
Positive
unit
economics
reached
Feasibility of
Malaica shown
in lowest
income
segments
(both urban
and rural)
Creation of a paid
program, 100
Mums reached
10,000
Mums
reached
100,000
Mums
reached
Statistical
evidence: Malaica
reduces maternal
and neonatal
mortality (SDG
3.1/3.2)
Initial evidence:
Malaica reduces
maternal and
neonatal mortality
(SDG 3.1/3.2)
1 million
Mums
reached
Delivery Packages
Services
Vaginal Delivery
- Delivery with a skilled Malaica OB-GYN at
reputed partner hospital
- Routine Investigations
- 2-day post-delivery hospital stay
- Medication & Consumables
- Immunisation (BCG, Polio, Hep B)
- Routine nursing care with assistance in
establishing breastfeeding
- Follow-up consultation by an obstetrician
Cesarean Section (CS) Delivery
- Repeat (after a previous CS) or
emergency CS with a Malaica OB-GYN at
reputed partner hospital
- 3-day post-delivery hospital stay
- Routine Investigations
- Routine nursing care with assistance in
establishing breastfeeding
- Immunisation (BCG, Polio, Hep B)
- Medications & consumables
- Follow-up consultation by an obstetrician
1,811 Women supported through our
core program
767 Mums have successfully delivered
under our care
100% of mothers delivered safely at
hospitals with proper postpartum
follow-up
We celebrate
10 Average visits per clinic day
Media
Top media outlets recognising our commitment to enhance the
pregnancy experience
Insurance revenues are outgrowing consumer revenues
Business Model
2022today
Consumer /
B2C
Public insurance,
grants
Launched in Q4 2022, growing at ~10% month over month
Product iterated around end customers, NPS of 70+ reached
High impact at scale (prototyped in Garissa)
10% contribution margin, high donor interest
First contract signed - key driver for profitab...
