ABA Life, the healthcare arm of Moroccan technology group ABA Technology, has lined up about $40M in growth equity, or roughly MAD 396.8 million. It comes via Virunga Genesis Ltd, a Rwandan vehicle indirectly held by a fund on which Admaius Capital Partners advises.
The transaction is not closed. Morocco’s Competition Council has opened a public consultation and will take observations through November 9, 2026, before ruling on the deal. Once those reserved capital increases are taken up, control of the healthcare business would be split between ABA Technology and the Admaius vehicle.
Growth money, not an exit
The round is structured so the cash enters the company rather than buying out existing shareholders. Dealroom reported that Admaius is expected to land a stake of about 12% to 14%. Neither side has published a post-money valuation or financial statements.
For Admaius, the deal fits a fundraising story of its own. The firm is raising Virunga Africa Fund II with a $500M target and plans to put half of that capital into North Africa.
Why a health AI bet travels
ABA Life’s pitch is that health systems across Francophone and North Africa face the same problems: thin clinical staffing, fragmented records and payers demanding better outcomes data. Software built against Moroccan constraints, the argument goes, ports more easily to neighboring markets than products designed for European or Gulf hospital budgets.
The company has said it wants to become one of Morocco’s first technology unicorns, a goal that now depends on converting a domestic footprint into licensing revenue abroad. That is the part the regulatory filing will not show, and the part investors will judge first.
