A company established by a former England cricketer to buy African healthcare businesses has raised millions of pounds through joining AIM.

African Medical Investments, co-founded by former Middlesex bowler Phil Edmonds, has raised £5.1 million after placing 51 million new ordinary shares at 10p each on London’s junior market.

The move has valued the Isle of Man-based company, which was also founded by Andrew Groves and Corne Holtzhausen, at £5.6 million.

The board is intending to acquire businesses that serve Africa’s burgeoning middle class and overseas businesses operating in the continent. The proceeds will help the company to identify acquisition targets and manage due diligence reviews as well as being used for working capital.

“There are huge opportunities in Africa, especially in areas of business that have historically been neglected by investment,” Edmonds said. “As Africa develops, there is an increasing demand for quality healthcare especially amongst the emerging middle class.”

Edmonds has brought natural resource companies to AIM, such Central African Mining & Exploration and White Nile, while Groves has worked with CAMEC and Central African Gold. Holtzhausen has experience in several businesses including supermarkets, commercial trading, manufacturing, leisure and mining.