SENEGAL – Mburu, a Senegalese foodtech brand active in the production and marketing of breads and pastries, made from locally sourced raw materials, has secured no less than 243 million FCFA (US$450,000) funding, made up of a mix of capital and quasi-capital from WIC Capital and WE! Fund.
Mburu uses millet, corn, and sorghum which are not commonly used by Senegalese bakeries, despite their nutritional value and local availability.
To this end, the company has developed a whole range of bakery products to promote use of dry local cereals as a substitute for commonly imported wheat.
At the same time, the baker has developed a distribution network based on women’s groups in rural areas.
“I am delighted with this funding by WIC Capital and WE! Fund, which reinforces the development potential of the brand.
“This investment will allow us to pursue our innovations which reside in the digitization of our production and marketing chains and constitutes the first step towards our desire to expand throughout the national territory,” said Dr. Isseu Diop Sakho, founder of the startup which is operated by the company Patria.
The investment in Mburu is the fourth made by WIC Capital, supported by General Delegation for Rapid Entrepreneurship of Women and Youth.
“We believe that the alliance of technological innovation, creativity and the central place occupied by women in MBURU’s strategy will make the company a benchmark bakery brand in Senegal.”Ms. Évelyne DIOH SIMPA – Executive Director WIC Capital
WIC Capital launched by the Women’s Investment Club (WIC) Senegal, has to date unionized nearly 750 million FCFA (US$1.4m) in African businesses run by women, reports Financial Afrik.
“We are happy to join Isseu in the growth momentum of MBURU. We believe that the alliance of technological innovation, creativity and the central place occupied by women in MBURU’s strategy will make the company a benchmark bakery brand in Senegal.
“Investing alongside WE! Fund in this type of business is another step towards strengthening the African private sector, thus contributing to job creation, innovation and GDP growth in our States. This is our first joint investment and we hope that this financial partnership will be extended to other women entrepreneurs,” Ms. Évelyne DIOH SIMPA, Executive Director WIC Capital, said.
The other investor, WE! Fund is a fund of the Sovereign Fund for Strategic Investments (FONSIS) of Senegal and UNCDF (United Nations Capital Development Fund) dedicated to SMEs.
“MBURU has won us over with its approach that consolidates a value chain in the area of food sovereignty,” Mr. Babacar Gning, President of WE! Fund commented.
“In addition to generating a positive impact on the economic empowerment of women, MBURU is creating a new model of production and distribution of breads and pastries throughout the national territory by including areas that are often lacking in bakery products. quality; thus contributing to territorial equity.
“We welcome our collaboration with WIC Capital in this project which confirms the emergence of a Senegalese capital investment adapted to the needs of our SMEs,” Babacar said.
WIC Capital recently invested in Les Ateliers de Corinne (LADC), specializing in digital culinary marketing, organization of cooking workshops and cake design.
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