SENEGAL – Mburu, a Senegalese foodtech brand active in the production and marketing of breads, pastries and pastries 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.
Investment in Mburu is the fourth made by WIC Capital and involved the support of the General Delegation for Rapid Entrepreneurship of Women and Youth. The participation of WE! Fund amounts to 120 million FCFA.
“I am delighted with this funding by WIC Capital and WE! Fund, which reinforces the development potential of the brand,” said Dr. Isseu Diop Sakho, founder of the startup which is operated by the company Patria.
“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.”
“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
MBURU is a bakery brand created in 2019 in Ngaparou, in the Thiès region, by Ms. Isseu DIOP SAKHO and operated by the company PATRIA. MBURU specializes in the production and marketing of breads, pastries and pastries made from local raw materials (millet, corn, sorghum, seasonal fruits, etc.).
These cereals are still little used in Senegalese bakeries despite their nutritional value and local availability. MBURU has developed a whole range of bakery products around the promotion of dry local cereals as a substitute for commonly imported wheat.
At the same time, MBURU has developed a distribution network based on women’s groups in rural areas.
Launched in March 2019 by the Women’s Investment Club (WIC) Senegal, WIC Capital is the first investment fund that exclusively targets women-led businesses in Senegal and Ivory Coast.
“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,” Ms. Évelyne DIOH SIMPA, Executive Director WIC Capital, said.
“Invest 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.”
The Fund brings together local and international institutional and individual investors, who pool their resources to invest in micro and small women-owned enterprises (MSMEs) in Senegal and Ivory Coast.
The Fund invests through a mixture of equity and quasi-equity in companies from all sectors, founded by women, owned or managed at least 50% by women, or with a management team predominantly female.
“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.”
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 is currently only present in Senegal’s western region of Thiès. It has developed a whole range of bakery products around the promotion of dry local cereals.
The latter replace imported wheat and Mburu takes advantage of a distribution network based on women’s groups in rural areas. The startup provides outlets for local cereal producers and income for the mobilized women processors.