Investing via convertible bonds gives you the right to convert the invested amount into share certificates of this company in the future

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E-Access to Medication

In Kenya many people with chronic diseases don't have reliable access to safe medication. Our E-Commerce and Hub distribution platform solves that problem.

$65,277 INVESTED
$407,547 13
Minimum target amount Days left
€500.000 7.00%
Maximum target amount Interest rate
The concept

In Kenya many chronically ill patients in rural areas do not have reliable access to safe and affordable medication. Through our E-commerce platform and Hub distribution infrastructure we address that problem. Our solution is commercially viable and as a result its significant social impact is sustainable!

Mission: Get trusted medicines to those who are most in need, with a focus on access to medicines for chronic diseases.

Vision and strategy: Be the first responder to stock-outs of medical supplies in densely populated, Tier-2 (Semi-urban centers with 10,000 to 99,999 inhabitants) and Tier-3 townships (rural centers with up to 9,999 inhabitants). We also target insured patients at risk of exceeding their benefits because of their chronic disease.

Seeking €350,000 as a convertible bond to finance Sagitarix Ltd. and its new service offering branded iSikCure™. Sagitarix Ltd. is the fully owned operating company of Sagitarix BV.iSikCure e-platform and distribution infrastructure provide safe and reliable access to and delivery of medicines, serving patients throughout Kenya, with a specific focus on those with chronic diseases. Today the company operates in Kenya only and has plans to scale to other Sub-Saharan countries. 

Summary of the issuance

Potential investors should read this summary as an introduction to the information memorandum. Every decision to invest should be based on studying the full information memorandum, including the attachments.

  • Issuing entity: Sagitarix BV

  • Website issuing entity:

  • Type of issuance: Convertible bond

  • Issuance amount: Minimum €350,000 - Maximum €500,000

  • Minimal nominal value per participation: €20

  • Issue price: €20

  • Conversion option: Under certain circumstances, the bond can convert to shares of issuing entity

  • Conversion discount: 

    • 3-12 months after issuance: 15% 
              12-18 months after issuance: 20%
               >18 months after issuance: 30%
  • Additional conversion discount for first €100,000 investment: 5% 

  • Use of funds: Working capital funding to support growth and the expansion of the hub distribution infrastructure

  • Risk profile: Very high (Risk profile Very High because the issuing entity exists no longer than 3 years, click here for more information on Symbid risk profiles). 

  • Interest: 7% (simple)

  • Collateral: None

  • Repayment: After 5 years, but issuing entity has the option for extension of another 2 years

  • Early repayment option: Yes

  • Compensation early repayment: 10% compensation for the investor in case of early repayment 

  • Symbid costs issuing entity: 6-7% success fee (Excl. VAT)

  • Symbid costs investor: 1% administration fee (Excl. VAT)

  • Target group issuance: Retail investors

  • Expected return: Not fixed, depends on performance issuing entity

The underlying corporate entity Sagitarix Ltd. has been operational since 2016 and produced a profit during FY'16 and FY'17. In May 2018 100% of the shares of Sagitarix Ltd. will be transferred to Sagitarix BV, as a result Sagitarix BV will be the new holding company with the same shareholder as Sagitarix Ltd. before. The funds from this offering will not be released as long as the described share transfer has not been completed. 

Unique Selling Points

We provide reliable access to safe and affordable medication in a country where this is not a given. This particularly affects chronically ill patients in rural areas. They often have no access to Healthcare services, medication prescribers or to pharmacies. Our E-Commerce Platform and Hub distribution infrastructure is unique in that it is the only platform in Kenya, which vertically integrates and directly links Pharmaceutical Companies, Distributors, Insurers and Healthcare providers to the patient. This leads to our solution being commercially viable and as a result its significant social impact is sustainable!

Customers can order medicines via our mobile app (iSikCure™) or via order-and-pick up points, branded Social Innovation Hubs (SiH), located in target townships without a pharmacy. We deliver to homes and offices in Nairobi (the capital, Africa's 14th largest city with 6.54 million people) via bikers, and via courier to the Hubs outside of Nairobi.

  • iSikCure is a market shaping m-health platform that links patients to doctors, pharmacies, and laboratories. It also links users to insurance providers for real-time claims review before purchase. iSikCure™ won the 2017 No.1 Health app at MEDICA 2017 EXPO, Dusseldorf, Germany.
  • Social Innovation Hubs are low-cost, high-impact channels to enable us equitably distribute products in traditionally underserved markets. Sagitarix Ltd. earned the coveted slot as the winner of the “2017 Get in The Ring Pitch Contest” at the Impact Fest in The Hague, Netherlands.

Revenue model

We earn revenue from the sale of medicines, medical devices, and e-health software.

1. We charge 20% to 30% margins on medicines and supplies.

2. We are in the process of securing exclusive distribution rights for mobile-app based screening tests which will be distributed through Hubs with 40% margins. Registration of products in Kenya due by August 2018.

3. Licenses and service charges for set-up and maintenance of our electronic medical records software which we sell to hospitals in Tier-2 & 3 townships. We also use our software for grant-funded projects. These generate €100,000 - €250,000 per year.

Achieved so far

  1. We received a seed funding of €135,000 from the Ashoka and Boehringer Ingelheim-sponsored global innovation challenge, Making More Health, to launch the concierge medicine distribution service. 
  2. We re-invested our profits from 2016 of €156,000 to build the iSikCure™ app platform. We launched in March 2017 and achieved 18,000 total downloads within the first 9 months.

  3. We obtained an innovation grant that enabled us to pilot the first seven Social Innovation Hubs to demonstrate the impact of the hubs on chronic diseases, funded by the Pfizer Foundation.

  4. We established a 5-year partnership with the largest health insurance broker in Kenya to offer our concierge medicine distribution service to their staff and corporate clients. This company processes 160,000 prescriptions each month, 30% of which are for patients with chronic disease who buy medicines worth €118 per month, and form our core target group.

  5. Generated over $140,000 in sales in 2018 YTD.

Required investment and purpose

We seek €350,000 to enable us to fund our growth by investing in the following:

a) Finance stock for hospital order, insured patients, and the Hubs. An injection of €100,000 will enable us to conveniently maintain sufficient stock to continuously supply our channels, and promote continuous health care for those with chronic diseases.

b) Invest in new hubs, notably, staff each hub with a clinical officer or pharmacy technologists, and stock each Hub with rapid test kits for target chronic conditions as a demand-creation strategy in the hubs. 

Each investment of €5,500 will allow us to set-up a hub and distribute medicines in a new catchment area, which gives us access to a pool of 200-250 diabetics and hypertensives, on average.

To make the investment even more personal, we will name the Hub after the investors allocated to a specific Hub and provide performance reports on the named Hubs to their respective investors. Our investors then get to enjoy the personal experience of watching their money at work while benefiting from the overall returns of the business and helping us achieve our mission of getting medicines to those who need them the most. View our latest projects online. What are you waiting for?

For the investor

The convertible bonds will be issued by Sagitarix BV. The capital raised through this Symbid campaign will be specifically applied to drive and sustain the growth of the iSikCure brand and its operations.

The return will be paid out in the form of simple interest on the convertible bond. In addition, in the case of conversion to equity there is the potential of dividend payments and/or a capital gain on the sale of the equity.

7% interest per annum and a potential 30% discount on conversion.

The annual interest amounts to 7% on the initial capital contribution combined with the option to convert the bond into equity with a potential 30% discount. 

During the runtime of the bond (5 years), the Investor will receive the simple interest on the initial capital contribution annually. This interest shall not be paid out but will be added to the initial capital contribution and will be included at the point of conversion.

Potential exit model 

Option 1: a merger with a large retail pharmacy or hospital chain seeking a presence in Tier 2 & 3 townships in Kenya within 5-years. 

Option 2: Series A funding in 2-3 Years. 


General risks associated with SME investing

  • The high cost of distribution of products outside of the big cities due to poor infrastructure. (Medium)

  • Access to middle management talent at an affordable rate (High)

  • Changes in macroeconomic conditions that may affect the purchasing power of persons in the low to medium income segment.(Low).

Company-specific risks

  • Competition. Other wholesalers could move towards a model where they also do custom supplies to hospitals, which will primarily seek to included medicines for chronic disease. This may affect our revenue from hospitals, but not the Hub and insurance channels. New entrants and existing distributors may also expand into tier2 & 3 cities. Our Hub channels and software platform raise the barrier of entry.  Allowance has been made in our margin assumptions in recognition of this risk.

    Regulations. There is a strong push by the Kenya Government to promote local manufacturing and universal insurance coverage. This may force the cost of medicines to drop, hence affecting our cash flow for insurance and hospital orders, of which a significant percentage of products are branded products. However, we have partnered with the largest local manufacturer of branded generics for our target chronic diseases. Hence these policies will favor our Hub channels.

    Donor programs. The rising rate of chronic diseases and the political focus on universal health coverage may engender foreign aid in the form of subsidized medicines for the poor. This could dilute our value proposition and impact our margins. Given that donors tend to focus on specific regions, it is important that we diversify our footprint into more counties, and later, more countries, to minimize the risk of dilution by donor-subsidized drugs. 

    Cost of marketing iSikCure. Building brand awareness for iSikCure has proven to be very expensive given the below 5% conversion rates. Hence our strategy not to invest massively in e-commerce marketing, contrary to what our m-health competitors are doing. This could have a short-term impact on our brand recognition. However, our strategy of promoting iSikCure as the ‘must-have’ service in our negotiations with insurance partners is already establishing a level of brand recognition in the B2B market that indicates we will have a very strong brand identity in the middle and upper segment of the market served by the insurance channel. 

    Access to talent. We will need to grow our middle management team to meet customer expectations and growth in demand. However, access to affordable talent is a systemic constraint which could affect our short-term growth in locations far from Nairobi. Hence, our priority will be to serve areas within 2 hours drive from  Nairobi to ensure we can provide weekly supervision.

Product specific risks associated with investing in convertible bonds (This disclaimer is provided for all Symbid projects and is not specific to Sagitarix BV)

  • The lender agrees that its claims against the borrower under the convertible bond agreement used on the Symbid platform rank below all other, non-subordinated, claims against the Lender as referred to in Section 3:277.2 Dutch Civil Code (‘BW’).

  • Lender issues a (subordinated) convertible bond to convert at a later stage to depository receipts to become a shareholder of the company. The lender expects an (exponential) growth of value of the company with the possibility to sell the depository receipts with a capital gain. However, in most situations, such capital gains do take more than an additional five years after conversion to be realized. In exchange for the possibility of a high return in case of a scenario of an exponential growth of the value of the company, there is a risk the investment will be lost in case the company is not doing well.

  • Early repayment: There is a risk of early redemption because the issuing entity may decide for early redemption before the end of the duration of the convertible bond. This means you receive interest on your investment for a shorter duration. In case the issuing entity decides to fully or partly early repayment, it has to pay a compensation over the part of the bond that was paid back early. This compensation equals 10% of the amount that was repaid early.

  • Order of payment: Payment of returns will happen after payments to creditors and redemptions have been done. There is a risk that the issuing entity has inadequate liquid assets to pay the returns. This means that (a part of) your return can't be paid if this occurs. In case of a bankruptcy, the following payments have priority over the payments of the returns of this convertible bond: Outstanding creditors and existing loans. This means that in case of a bankruptcy the return on the convertible bond cannot be paid.

  • There is no formal secondary market for the convertible bonds, hence options for trading these convertible bonds are limited. It may be that there is no buyer in case you wish to sell your convertible bond(s). This means there is a risk you can't get your money on the desired moment and have to hold on to your investment or sell the convertible bond for a lower price.

Moka Lantum

Founder and CEO, Dr. Moka Lantum is a well-known social entrepreneur (Ashoka Fellow) who moved to Kenya after a 12-year career in the healthcare management industry in the USA. His vision for iSikCure was born when he prescribed an antibiotic for a 6-month-old baby with pneumonia & meningitis and it took his 18-year-old mother 12 hours to find the medicine after stops in four different hospitals.

Dr. Diana Wangari
Co-Founder/ Chief Medical Officer

Model and journalist turned doctor, Dr. Wangari (Univ. of Nairobi), is Chief Medical Officer, overseeing operations, supplier relations, and the insurance channel. She also manages relationships with County health officials and regulators. Dr. Wangari is a credentialed Health Communication Journalist trained at the Institute of Tropical Medicine, Antwerp, Belgium. Member, Kenya Medical Association

Jacques Steffens

Formerly CEO and CFO at Orangina-Schweppes, France/Spain; EVP & GM International, Elizabeth Arden, Switzerland.

Gavin Jeffrey
Advisor - Finance

Formerly CEO, Malawi Telecommunications – MD Post and Telecom Kosovo – MD Afghan Wireless, Afghanistan.

Victoria Kay
Advisor - Strategic Partnerships

Formerly several senior project management roles in Switzerland and East Africa.

Ineke Botter
Advisor - Tech / Strategy

Formerly CEO Digicel, Haiti - CEO Bakcell, Azerbaijan - CEO and MD Alfa, Lebanon.

Peter Mbugua
Chief Technology Officer

Medical Software developer extraordinaire, Peter is responsible for leading the development and maintenance of the various technology platforms, notably, ZiDi, our enterprise management platform for clinics, WOOP for patient relations management platform, and iSikCure, an e-commerce platform. He holds a B.Sc. in Computer Engineering.

Cyprian Machika
Customer Service Manager

A good communicator with an innate team-minded spirit, Cyprian leads the customer service operations, using his clinical skills to respond to customer questions. His main goal is to ensure 100% order completion and satisfaction with each delivery. He is a Clinical Officer with a Diploma in Clinical Medicine and Surgery.

Winnie Muyalo
Procurement Manager

Winnie brings over 5 years experience in medical supplies distribution and procurement having worked previously with one of the largest wholesalers in Kenya. She knows the prices of medicines off the top of her head and negotiates down to the penny with suppliers.

Neil Simuyu
Field Operations Leader

Neil has been with the company since 2015 and is the hands-on man. He provides training to clinics and leads the onboarding the hub staff on to the software platforms. He monitors the daily entry of data from the Hubs. He also coordinates the installation of furniture, equipment and general set-up of each Hub.

Francis Murimi
Finance and Admin Manager

Francis is the typical accountant. Loves the big computer screen with spreadsheets tracking all expenses down to the detail. He has been with the company since 2014. He works closely with Gavin. and Savannah Associates, our Companies secretary, to ensure we are compliant on all fronts.

Claire Silberg
Hub Operations Coordinator

Claire Silberg, Operations Coordinator, oversees the day-to-day operations of our access to affordable medicine program and projects related to the distribution of essential commodities and medicines throughout Kenya. Prior to this role, Claire worked in Kenya on a Fulbright Scholarship. She holds a Bachelor's degree in Psychology and African Studies from St. Lawrence University in Canton, NY.

Richard Mambo Lantum
ICT Intern

Richard will be overseeing technology integration and implementation in the Hubs, bridging the gap between the development team and the end users in the Hubs. Richard has a B.Sc. in ICT and Entrepreneurship.

Benson Gathee
Computer engineering - 2018 Summer Intern

Benson studies Electrical & Computer Engineering and Computer Science at the University of Rochester. He brings a strong background in Android, PHP & MySQL,
USSD & SMS development having served as a staff at Equity Bank Kenya. He is a recipient of the prestigious highly competitive Wings to Fly Program of Equity Foundation.

Esther Wanjiku
Hub Captain - Ngenda

Esther is known all over the township if Ngenda in Kiambu County Kenya. She has supported different maternal and child health programs in the area while serving as a Community Health extension worker at the Public-owned Ngenda Health Center. She coordinates outreach and recruitment.

Melan Nisimiyu
Hub Captain - Sikata Hub, Bungoma

Melan is a tenacious single mother who has risen up the ranks in the company from cleaner to now Hub Captain. She scouted out for the facility in her home village and negotiated with the community to set up the Sikata Medical Center, which is now our largest hub.

Ann Mulii
Hub Captain - Savane Hub

Fighter and pusher extraordinaire, Ann knows-not failure. She single-handedly has been a strong advocate for setting up the Savane Hub, which is a very distressed area. Her determination to manager the Hub in her community pushes her to walk door-to-door every day to recruit members in the chronic disease management program.

Calvin Otieno
Pharmacy Operations Manager

Calvin brings 8 years of pharmacy retail experience to the company having worked in the private retail and hospital pharmacy areas. With Calvin, we are assured that our clients will get good advice on their medication. He also does quality assurance on products and draft prescription notes for patients.

Legal structure

Sagitarix is a Besloten Vennootschap (BV) incorporated on 02 May 2018 and located in Amsterdam. Chamber of Commerce: 715566538. The address of Sagitarix BV is Keizersgracht 134A, 1015CW Amsterdam, The Netherlands.

Company websites:; www.isikcure.com

Contact person: Jacques Steffens,, +31-6 2377 9304

The issuing entity is managed by J. A. J. Steffens.

Sagitarix BV is responsible for governance, compliance, finance and funding activities and managing the treasury function and credit policies with the advisory services of Sapling54.

Sagitarix Ltd, a Limited Liability Company registered in Kenya in 2016, is the operating entity. Sagitarix Ltd owns the software and trademarks for iSikCure™, WOOP™, and ZiDi™.

Funds raised through Sagitarix BV will be deployed in Sagitarix Ltd through a loan agreement between the two companies.

Human development

Working for Sagitarix Ltd. requires mastery of the ordering and dispensing process as prescribed by the Pharmacy and Poisons Board of Kenya. All staff is trained by the super-intending pharmacist on the procedures to review prescriptions and on order processing with suppliers. Employees are also trained to identify medicines that are considered controlled substances and therefore not supplied by us.

Our staff includes pharmaceutical technologists or nurses who operate the Hubs. They all receive in-depth training and continuing medical education focused on the priority medical conditions, related medicines and screening tests. 

The product

SERVICE: Through our vertically integrated E-Commerce platform and Hub infrastructurewe offer accessible, safe and affordable medicine ordering and delivery services to cash-paying and insured patients with a specific focus on those with chronic diseases via three channels.

  • Insured patients: we target all patients and especially focus on chronically ill patients who are on costly monthly medication protocols who are at risk of exhausting their medical expense limits. Patients with high claims are flagged for pre-authorization by the insurance company and refer the patients to us. We deliver medicines to the patients' office or home. Patients save 5-80% per order.
  • Individual patients: Persons with chronic conditions residing in densely populated underserved areas can be screened and then order medicines through our Hubs. The Hubs offer special hours for patient support programs as a value-add for chronic conditions like diabetic, hypertension, arthritis, sickle cell, pain, etc. The patients receive support and savings and are guaranteed good quality medicines that are typically unavailable in the local area. 
  • We supply medicines and medical devices to health facilities by offering aggressive prices on drugs that are out of stock and supply within 48 hours.

Hence our mantra, three channels, three service models, one solution, i.e., provide access to quality medicines at the best rate possible. 

We have access to over 10,000 medicines from premium importer-distributors. Our suppliers offer monthly discounts. We use our enterprise solution ZiDi to filter the suppliers of a given drug by the best prevailing price for an item. 

PRODUCT/TECHNOLOGY: Customers can place orders by phone, WhatsApp, email or via iSikCure™, pronounced “I seek cure.” 

iSikCure™ is the first m-health platform that connects patients to different service providers—doctors, pharmacies, labs—and payers, such as insurance companies and employers providing healthcare benefits. It helps patients locate and purchase health services and medicines of choice at the best price via multiple payment methods.The multi-faceted platform includes

  • The iSikCure™ Patient app (Android and iOS versions), is for users to order medicines, book visits with doctors and get e-prescriptions.
  • The iSikCure™ Doctor app (Android and iOS versions), is for doctors to receive pre-paid requests for consultation and issue e-prescriptions.
  • A distributor & pharmacy web portal allows us to automatically map iSikCure™ orders to a given supplier and then transmit the order seamlessly.
  • A web portal for payers—i.e., insurers, employers, which allows users to submit requests for pre-authorizations and submit claims. 

With the patient app, users of iSikCure™ are able to:

1. Create a user profile for themselves and dependents, and include all necessary insurance details. 

2. Users earn MedPoints, a rewards system to incentivize uptake, as well as encourage behaviors that improve adherence to care. 

3. Once logged in, users can Buy Medicines, Find a Doctor, or Enter vitals & update their medical history, and view all past transactions.

4. Six payment options within iSikCure™ include a) mobile money, b) credit card, c) insurance (to be activated in Q4, 2018), d) with earned MedPoints, or 5) via Self-help group wallets (to be activated by Q1 2019) and e) via any integrated third-party wallets.

iSikCure™ can be accessed from anywhere in the world.  Kenyan in the diaspora can order medicines for loved ones back home.

With iSikCure™ anyone with a PIN and access to a smart phone has a chance to shop for care with dignity and sensitivity to their preferences based on cost, distance, provider choice and availability.

Unique Selling Points

Our concierge medicine distribution service seeks to

  1. Respond to emergency stock-outs in Tier-2 & 3 markets,
  2. Drive down the price, and
  3. Create safe and reliable access to medicine in underserved markets.

We are thus a fair margin, high volume business, with disruptive value propositions for three customer segments:

  • We emphasize a high-touch customer engagement approach for chronic disease patients. 
  • We guarantee complete orders at the best prices.
  • We offer health literacy and training sessions on chronic disease medicines for patients and health workers as a value-added service.
  • iSikCure™, enables accurate order processing, payment, and promotes adherence. Family members abroad can order and pay for medicines for loved ones in Kenya. iSikCure™ can be easily customized for different emerging markets where there is a strong adoption of mobile payments.
  • Our Social Innovation Hubs create a novel channel for medicines to reach high need areas outside of Nairobi.
We are, therefore, not just another distributor. The concierge approach is designed to improve adherence to treatment, our Social Innovation Hubs create a novel channel for medicines and screening solutions, and iSikCure™ broadens our market reach into traditionally underserved markets, while still able to compete on price and quality of medicines and service.

Revenue model

1. Margins: We charge hospitals, insurance companies and individual patients 20%, 25% and 30% margins, respectively, of gross sales. 

2. Fee for service and Delivery charges: Delivery and screening fees will be added to our pricing structure and reflected in the financial model in the future. 

3. Project revenue: Though the investment we seek is to grow the concierge medicine supply and delivery business, we will continue selling ZiDi™ and WOOP™ to private clinics and supply our services for grant-funded projects.


Our scalability is largely driven by our competitive advantage over existing market solutions. Our aggressive discount pricing, our short delivery windows achieved through contracting logistics partners, our access to diverse suppliers, and our iSikCure platform with the possibility of integrating a provider network, are hard to match and scalable nationwide.

More importantly, each of the three channels of the concierge medicines distribution service is very scalable.

We expect to extend our services to neighboring East African countries as most of our suppliers are already present. Surgipharm, for example, has a presence in Uganda, Rwanda, Burundi, and Tanzania. Laborex has a presence the cuts across from East to West Africa. Penetrating new markets could be achieved through direct expansion of Hubs or through licensing or franchising iSikCure™ and WOOP™ to local distributors.  This expansion has not been included in the financial model and commencement is envisaged to be after a consolidation of operations in the Kenyan market.

Current status

Sagitarix BV owns 100% of Sagitarix Ltd. which is fully operational in Kenya where we operate these services through our iSikCure brand and service offering, we are licensed as a wholesaler and as retailers of medicines.

  • For the insurance channel, we have a 5-Year contract with the largest insurance broker in Kenya as their service provider of the concierge medication distribution service. This insurance company processes 160,000 prescription claims each month, of which 30% hit the €118 (Ksh 15,000) pre-authorization limit, making them eligible for the Concierge Medicine Distribution Service.
  • Regarding the Hub channel, we already have 8 in operation. Each Hub serves a catchment area of 6,000 to 14,000 inhabitants, in which we are either the only provider of medicines or one of up to only three pharmacies, noting that the others are unregistered, have limited stock and lack of access to reputable suppliers. By adding clinical officers to the Hubs, we project that each hub will be serving up to 35-40 patients per day with an average order of €2.5 - 5 per treatment.
  • For the hospital channel, we supply large and small hospitals.

Planned developments

We plan to add 1 hospital per month to our portfolio. We currently have three promising key accounts in our market development pipeline. We plan to investigate the feasibility of using drones for delivery in more remote areas. 

Target group

1. For the insurance channel:

We focus on insured subscribers and especially on those with chronic conditions who are seeking to stretch their medical benefits to the end of the year. The typical annual outpatient benefit limit, covering consultation, labs, medicines, is between €1,000 and €2,500 per member and their dependents, meaning the maximum a family can spend is €200 per month.

Feedback received from a major insurance broker indicates that many insurance companies are looking for ways to reduce their medical loss ratio, i.e., the percent of premium spent on paying claims, the remaining portion of which should cover administrative expenses or put in reserve. 

Interviews with insurance executives captured the following statements.

o“… Our loss ratio is upwards of 80% - that can’t even cover our overhead …” HR lead, major insurer

o“… My last company was experiencing loss ratios above 100% …”Former relationship manager, major health insurer

Given these dynamics, medical insurance is primarily offered to help sell life insurance and pensions.

o“… In many cases, health insurance is just offered because it’s an expected part of the bundle – and the other forms of insurance are more profitable…Operations manager, major insurance broker

There was some suggestion that profitability was improving

o“… As insurance companies get their pricing under control and maintain discipline, more people are making money in this business …” Operations manager, major insurance broker.

These quotes indicate that insurance companies are primarily concerned about cost savings. They, however, also value customer service and ease of use. Hence our focus on reducing the cost for the most expensive claimants is one that will yield immediate value to the insurance market. (Note: can we express this into a € number or % saving for the insurance market? This would help to illustrate the degree of interest from this channel)

2.  For the Hub channel:

We target densely populated underserved markets. Prime target townships are communities with a public clinic, two primary schools, two or more churches, and no local registered chemist. These are ideal locations for setting up Hubs. There are 1,465 registered health centers and 7,780 dispensaries or small clinics in Kenya, indicating the potential to co-locate Hubs in those areas that tend to rely on these public facilities as the sole providers of medicines.

3.  For the hospital channel:

We focus on mid-sized Tier-2 & 3 cities, where there is a strong demand, and where access to distributors with a wide variety of supplies is scarce. The mid-sized cities are served by Sub-County and County hospitals (i.e., Level 4 & 5 that have medical officers and specialists), of which there are approximately 513 private and public facilities in Kenya, including Faith Based Hospitals. These hospitals procure medicines from either the public Kenya Medical Supplies Authority (KEMSA) or the mission owned MEDS Ltd, the two largest suppliers to hospitals in Kenya. Both prioritize essential medicines for malaria and basic infections and supplies for acute care, with less emphasis on medicines for chronic disease.

Market size

Important facts behind the B2C Hub strategy

  • The total population is 46 Million and growing at 3.3%
  • 75% are non-urban dwellers  and reside in tier 2 & 3 townships with (Note: are the bullet points below a follow-on from the statement below? If so these should be indented. Please correct my edit if this is not the intention?),
    • 44% represent Kenya’s growing middle class (earn over € 1,000 per month) and drive the demand for quality care and medicines in the mid-sized cities.
    • Approximately 75% of Kenyans are not covered by a public, private or community-based health insurance scheme. Most households pay out of pocket for health care in Kenya.
    • 20% of households in Kenya report an illness every 4-weeks, which is the equivalent of 1.8 million households having a sick member each month. 87.3% of households, rural and urban alike, consulted a health provider each month.
We estimate an addressable market potential of 1.5 million households per month. Our focus on tier 2-3 cities via hubs positions us to tap into the fast-growing underserved out-of-pocket paying market.

Drivers of B2B channel: The B2B market presents a compelling market opportunity for iSikCure™ as well. Data from the Netherlands Enterprise Agency: Kenyan Healthcare Sector (2016) and interviews with a health insurance broker in Kenya show:

  • There are more 1.5 million patients on private insurance (2016), The insurance market is equivalent to € 211 million (Note: what does this 211 million represent, premiums? We should clarify), and the addressable market is growing at 10% p.a.
  • Insurance coverage centers around urban areas, especially Nairobi. Overall, 17.1% of Kenyans had health insurance in 2013 (Note: we do not have a more recent number?), primarily driven by the National Hospital Insurance Fund, covering 92% and 84% of the insured rural and urban populations, respectively.
  • With only 17% of the citizens in Kenya covered by medical insurance and with the majority of care paid for out of pocket, Kenya is a price-sensitive market. Patients end up visiting 3-4 facilities to fill a prescription. The time-consuming search and travel-time to find an affordable source of medicines add to the cost of care.
  • Outpatient cover ranges between Ksh 100,000 – 250,000 (i.e., €750 – €2,000). It is estimated that payment for medicines accounts for 75% of the outpatient expenditure on health care. Hence patients consuming €188 worth of drugs each month are likely to run out of their benefits within 4-5 months.
  • We estimate that the total addressable B2B market opportunity via private insurance is € 33 million per annum.
  • Targeting large corporate customers with over 1,000 employees and dependents per company will enable us to target high-cost claimants, who represent approximately 30% of the outpatient medical claims handled per month. 


iSikCure™ can be classified as an m-health platform for medicines. In Kenya there are two companies that offer similar m-health services: MyDawa and Livia focus, MyDawa focuses on the Nairobi market, while Livia focuses on Mombasa. They distribute through existing retail licensed pharmacies, which serve as pick up points. We use our Hubs in direct competition.

We may also be classified as a wholesale distributor of medicines. In Kenya, there are an estimated 20 Pharmaceutical Distributors / Wholesalers. Most operate massive warehouses, carry specific lines of products, and distribute to hospitals and retail pharmacies and offer 30 to 90-day credits for payment. These distributors are predominantly located in the urban cities and acquire customers through a direct sales force. Our logistics model allows us to carry a broad range of products with minimal warehousing to keep our cost low and margins healthy.

If classified as a social enterprise, then we will recognize the work of Kasha and Health Entrepreneurs that use independent agents to distribute medicines through hubs. Both focus on the bottom of the pyramid and distribute either generics or fast moving consumables. These product classes have low margins and high customer acquisition costs making them more high risk that our venture.

Customer feedback

Insurance channel:

We have a 5-year contract with AON MINET, Kenya to provide concierge medication delivery services to its members.  

Hub Channel:

  • We have 8 Hubs currently operational in 3 counties.  The majority of Hubs are in Kakamega county and early results show that there are between 166 – 278 known diabetics without access to medicines in each area served by each of the Hubs.
  • We are adding a clinical officer to each hub to boost our monthly orders per Hub to reach a target 400 orders per hub per month.

Hospital channel:

In Kakamega county, we are prequalified to supply medicines to the Intensive Care Unit, the Cancer Center, the Diabetic Clinic, and the Eye Clinic. We are also pre-qualified to supply medicines to dispensaries and health centers.

Customer feedback

Feedback regarding the use of iSikCure™ to facilitate ordering medicines from any location in Kenya has been positive from insurance companies.

  • An insurance executive, MINET, Kenya: “… This solution is very interesting – I think it would allow patients to take control of their care …”
  • An insurance executive, UAP, Kenya: “… People will love this app – this is really good …”
  • HR executive, Jubilee Insurance, Kenya: “… This looks very useful – if everyone uses this app, it’s potentially a game changer …”

HR representatives are hugely receptive to iSikCure. An 

HR manager for a major multinational corporation #1 said, “… Premiums have gone way up for us – they’ve doubled from 10 million KES (€ 81,000) to 20 million KES (€ 162,000) over the last three years…. I’d say 50-70% of employees hit their coverage limit in a given year, and the biggest driver of that is fraud … If you get this right, it’s going to be a revolution …”

HR head, major multinational corporation #2  said, “… Our premiums increased from Ksh 46 million (€325,000) last year to Ksh 93 million (€ 754,000) this year. I want to see how my employees are using their care – it’s an employee wellbeing issue … This is really interesting to me - it would be hugely valuable to my company…

New customers

Our current pipeline includess:

  • 60 companies that pay directly for their employees' health care expenses through MINET. - We will need to set up Hubs in some areas served by these MINET member companies to facilitate pick-up of medicines outside of Nairobi. 
  • We have over 10 prospective tier 3 townships that meet our criteria for the Hubs.
  • We have the potential to sell urinalysis devices to a project with 10,000 women. We have a potential to sell about 1,000 glucometers to a hospital chain. 

These opportunities validate the demand for our value proposition, viz., convenience, access, quality service and savings. 

Sales pitch

Sagitarix Ltd. is Kenya’s first concierge medical distribution service targeting both urban and rural markets to address the rising cost and demand for medicines. We are known for giving patients, notably those with a chronic disease, exactly what they ordered, delivering medicines to their homes, offices or nearby Hubs, at the best price, with guaranteed quality, without delay, and with the necessary patient support.

We offer four things with every purchase:

  • Convenience: You order. We deliver. No more long queues -- we are the pharmacy that comes to you.
  • Cost Savings: Enjoy 20-40% savings on your medicines. No substitutions. Free refill notifications every month.
  • Speed: We deliver within 4 business hours at no extra cost. Receive notifications every step of the way.
  • Safe and secure service: We fiercely protect your privacy. Confidentiality is guaranteed. Deliveries with a trained, branded, and secure rider.

What has been done before

We are lean and we are mean. Since launching the concierge service in October 2017, we have doubled sales every month from €500 to €1,000, to €5,000, to €15,000, to over €25,000 in Feb 2018, and reached €60,000 in sales in March 2018. 

Over 300 diabetics get their medicines each month making us the first point of contact via the Hubs in the eight communities we targeted to pilot the Hubs. 

We are a preferred supplier of emergency medicines for chronic disease patients for a large 400-bed hospital in Kenya. 

We have an agreement with an insurance company with 500,000 subscribers to become a preferred supplier of medicines for their high-cost members with chronic diseases who consume over €118 worth of medicines a month. Our margins range between 20 – 30% of the cost of goods sold.

Marketing & sales channels

B2B Strategy - Business Development: The hospital and insurance channels do not lend themselves to mass marketing campaigns. For the hospital channel, business development targeting procurement officers, heads of hospitals, and the pharmacy staff is how we develop leads, get pre-qualified and then seek orders. Hence, we plan to recruit a business development staff dedicated to the hospital channel with a successful raise.

For the insurance channel, we target Heads of the medical insurance schemes and the technical team. We also target Human Resource officers in self-funded companies. We have a dedicated pharmacy technologist as the account manager for this channel.

B2C Strategy - Point of care retail: For the Hub channels, we mobilize local community leaders to help locate new hub sites; we then organize medical screening camps in target catchment areas to introduce them to the Hubs concept.  Radio ads and grassroots marketing by the hub captain to local community forums yield good returns.

Brand awareness: We promote the iSikCure™ brand on social media, notably Facebook and LinkedIn. This mostly generates inquiries from patients seeking a specific medication.

Marketing objective

Objective 1: Position the iSikCure brand as the leading brand in all of AON MINET Kenya's portfolio companies. We use brochures with industry data to target the HR leaders; we use member brochures to target individual employees use during the monthly wellness outreach events; and lastly, we promote the portal and the iSikCure app using business-card sized cards.

Objective 2: Position our Hubs as the place for chronic disease patients in tier 2 & 3 townships. The service model in Hubs offers patients with diabetes and hypertension premium service hours in mornings for new patients to minimize wait times and evening after work hours dedicated to medication refills. The hubs are those known as a place for patient support programs and affordable medicines for persons with chronic diseases.


COSMOS PHARMACEUTICALS Kenya - Official partners for the Hubs. They provide €500 worth of medicines for chronic diseases to each new Hub. They sponsor weekly continuing medical education events to the tune of €30 each week per hub. 

AON MINET Kenya - Official partners for the MINET Concierge Medication Delivery Service targeting insured patients with chronic disease patients. (Note: we should add there brochures/flyers as appendices to the presentation. Seeing is believing)

Other corporate partners include Boehringer Ingelheim (Germany), Sanofi East Africa (Kenya), Huawei Technologies Ltd (Kenya), 2020 MicroClinic Initiative (Los Angeles, USA), Scanadu (Silicon Valley, USA)

Turnover so far

The issuing entity is active since May 2, 2018. The operating entity in Kenya has been in operations since April 28, 2016. The following financial information is the most recent information available. The underlying corporate entity Sagitarix Ltd. has been operational since 2016 and produced a profit during FY'16 and FY'17. In May 2018 100% of the shares of Sagitarix Ltd. will be transferred to Sagitarix BV, as a result Sagitarix BV will be the new holding company with the same shareholder as Sagitarix Ltd. before. 


The following audited financial information of Sagitarix Ltd. applies to the period from 1 January 2017 till 31 December 2017:

  • Revenues: €449,500
  • Cost price of sales: €8,300
  • Administrative expenses: €44,500
  • Marketing expenses: €10,000
  • Personnel expenses: €181,500
  • Depreciation/amortization: €105,800
  • Net income: €99,300

Balance sheet

The balance sheet date of this information from Sagitarix Ltd. is 31 December 2017:

Total equity is €294,800 and consists of:

  • Net profit for current year: €99,300

  • Other reserves: €58,400

  • Share capital: €137,100

Total debt is €0 since no debt agreements have been entered into. Funds raised through Sagitarix BV will be deployed in Sagitarix Ltd through a loan agreement between the two companies.

The equity/debt ratio is 100/0. After the issuance of the convertible bond with the minimum target of €350,000 this ratio equals 46/54. After the issuance of the convertible bond with the maximum amount of €500,000 this ratio will be 37/63

The following information is about the situation after issuance of the securities offered in this investment round. After the issuance of the convertible bond the working capital will be €345,600, with the minimum target amount of €350,000, and with a maximum target amount of €500,000, this will be €459,600. This contains of:

  • Trade receivables: €20,900                          
  • Inventory: €600                              
  • Prepayments & Deposits: €800                    
  • Accounts Payable: €22,600                    
  • Other Payables & Accruals: €4,100
  • Cash & Cash equivalents: €381,600 in case of minimum amount raised and €531,600 in case of maximum amount raised, where the success fees are payable to Symbid.

Additional funds will be used to accelerate the geographic expansion of the business, not in paying creditors. Accounts payable are within agreed credit terms so there is no need to pay these more quickly. Accelerated geographic expansion will result in higher trade receivables, inventory and accounts payable than those in the forecast, but this will occur after the investment is received.


The issuing entity has provided no securities to the investors in the convertible bond. No securities have been provided to other current creditors.

Projected turnover

2018: €2,152,000

2019: €6,319,000

2020: €11,291,000


Expansion of number of hub outlets from current 7 to 22 (end 2018), to 70 (end 2019), to 118 (end 2020).

Increase in insurance market from current annual runrate of €700,000 to €1,240,000 (2018), to €4,133,000 (2019), to €7,000,000 (2020).

Continuation of ZiDi & Woop sales.

Continuation of Project Revenues funded by NGOs, UN etc.

Invested so far

€287,000 has been invested sofar in the company. 

Investment requirement

The company currently has a financing need between €350,000 and €500,000 for over the next 2-3 year. 

Purpose of investment

With the minimum target amount of €350,000 we will be able to invest in the following:

  • Inventory: €100,000

  • Hub Rental space: €72,000

  • MOTORBIKES: €10,000


  • PHARMACIST: €12,000

  • PHARMACY TECH: €18,000


  • e-Tablets - laptops mobile units: €8,000

  • MARKETING: €30,000

  • iSikCure upgrade: €26,000


  • Other Costs: €11,500

  • Symbid Costs: €23,500

With the maximum target amount of €500,000, we will be able to accelerate the Hub roll-out by bringing forward the opening of a further 5, which will result in the following additional expenditures:

  • Inventory: €100,000

  • Hub Rental space: €5,250

  • Pharmacy Tech: €31,750

  • e-Tablets - laptops mobile units: €4,000

  • Symbid Costs: €9,000



The return will be single interest of 7% on the convertible bond. The interest will not be paid yearly but added to the principal of the convertible bond. 


Each investor can convert his/ her full investment to shares or certificates of shares via a STAK (Stichting Administratie Kantoor) of the issuing entity in all situations in which:

  1. The convertible bond becomes payable.

  2. The issuing entity issues equity to one or more third parties for a total consideration of at least €100.000.

  3. A transaction is executed as a result of which one or more third parties will become a shareholder for more than half of the outstanding shares in the issuing entity.

  4. The initial or extended duration of the agreement will expire within a month.

Conversion discount

As a Borrower you will receive certificates of shares in the issuing entity on the same terms as a follow-up investor, but with a discount. This is to reward investors for the fact that you have invested already at an earlier stage. The discount will be as follows:

-15% if conversion occurs after 3 months but before 12 months after closing the this convertible bond.

-20% if conversion occurs after 12 months but before 18 months after closing the this convertible bond.

-30% if conversion occurs after 18 months after closing the this convertible bond.

Only if conversion takes place within 3 months after issuance of the loan no discount will apply.

The borrower will receive single interest for the duration of the convertible bond over the initial loan amount. This amount will not be paid but is accumulated to the initial invested amount and paid out when the loan will be repaid or converted to shares or certificates of shares.

Redemption of the convertible bond can take place at the initiative of the issuing entity, at the end of the duration, and only of the issuing entity is capable of doing so.

The return will not be paid from the investments of other investors.

Next to the investors there are no other persons who receive income (other than "costs") from this investment.


For an extensive explanation of the risks please have a look at the Risk section under "summary" at the top of this page.

Declaration issuing entity

No significant changes

Since the most recently published and audited Financial Statements of the issuing entity, no significant negative changes have occurred in the issuing entity’s prospects.


There is no information about known trends, uncertainties, requirements, obligations or events that can reasonably be assumed to have indispensable consequences for the prospects of the issuing entity, for the current financial year.

No significant alteration in the financial or trading position

Since the most recently published and audited Financial Statements of the issuing entity, there has been no alteration of tenor in the financial or trading position of the issuing entity and the group to which the issuing entity belongs.

Corporate Governance Code

As the Dutch Corporate Governance Code only applies to companies with registered offices in the Netherlands, whose shares or certificates of shares are admitted to the official listing of a government-approved regulated market (securities exchange), the issuing entity (unlisted) does not apply this code.

Potential conflicting interests

There are no (potential) conflicts of interests between the obligations of the executive board members of the issuing entity on the one hand, and their own interests and / or other obligations on the other.


There are no government interventions, court cases, or arbitrations, including such procedures that are pending or may be initiated, to the best of knowledge of the issuing entity, over a period of at least the previous 12 months that may have a significant impact, or have recently had, on the financial position or profitability of the issuing entity or the group to which the issuer belongs.


All figures in this information memorandum are not audited, unless explicitly stated otherwise.

Symbid and the platform

Some Background Information on Symbid

Symbid's operations largely consist of the acceptance and disclosure of orders for retail, wealthy, and professional investors. Through its activities, Symbid supports the interaction between affected investors and progressive start-ups and growing companies in the SME in the Netherlands. This involves the financing of various types of projects that realize a positive impact the society with the help of an affected group of investors or ambassadors. Our platform provides a non-personalized, online recommendation to a broad audience, by allowing organizations to profile their project in a transparent and financially sound manner, and to professionally build and maintain the relationship with its financiers / investors.

Tied agent

Symbid Cooperation UA is a tied agent of the Limited company (Besloten Vennootschap), Ilfa Tools & Services B.V. as defined in the Dutch Act on Financial Supervision (Wet op het financieel toezicht (Wft)). Ilfa is an investment firm as defined in the Wft and has a license  as defined in article 2:96 Wft. As a result hereof Symbid and Ilfa are both under supervision of the AFM.

Other parties involved with issuance

During the issuance, the following legal entities play an important role:

  • Symbid Crowdfunding, a trade name of Symbid Coöperatie UA., a cooperative association with limited liability, registered in Rotterdam, office at Marconistraat 16, Rotterdam, and registered in the commercial register of the Chamber of Commerce under number 52466825;

  • Sagitarix B.V.: a limited liability entity which is the issuing entity;

  • Intersolve EGI B.V: Symbid has a partnership with Intersolve - First European E-money Trust - a Dutch financial institution that specializes in providing services in the field of settlement of payment transactions and electronic money. In order to be able to offer its financial services in accordance with the applicable financial legislation and regulations, Intersolve has a license as Electronic Money Institution and Intersolve is supervised by De Nederlandsche Bank (DNB) plus the Netherlands Authority for the Financial Markets (AFM).