WIC Capital has invested in Acasen, a Dakar-based processor of cashew nuts and other agricultural products.
French-speaking West Africa’s agribusiness sector presents robust investment opportunities, according to Evelyne Dioh Simpa, managing director of investment firm WIC Capital. “I really think the agribusiness sector is actually one where Africa still has a lot of value to add, and a lot of value to provide to the world,” she says.
WIC Capital recently invested in Arachides et Cajou du Sénégal (ACASEN), a Dakar-based processor of cashew nuts and other agricultural products. Its offerings include packaged nuts, cashew butter, snack bars, and honey. The company, established in the 1990s by the current CEO Hermione Awouno’s mother, started as a modest venture selling roasted peanuts and cashew nuts. Over time, the business expanded and formalised, and is now managed by the second generation.
The investment from WIC Capital will be used to boost production capacity and expand the team. Dioh hopes that, with its second fund, WIC Capital can make a larger follow-on investment in ACASEN. Currently serving the Senegalese market, she believes ACASEN has the potential to expand to regional and global markets in the future.
WIC Capital is also considering an investment in a beverage company that specialises in natural juices.
Another area of interest for Dioh is plant-based meats and foods derived from insects. She highlights an entrepreneur in Senegal who runs a business that produces plant-based meat alternatives from cashews. “At some point, we need to eat something other than meat,” she remarks. (Read more: West African cashew – the next big thing in plant-based meat?)
There is also significant demand for natural cosmetics – such as hair and skincare items – derived from agricultural commodities, according to Dioh. WIC Capital has invested in L’Arbre de vie Group, a producer of a range of hair and skincare products. What Dioh likes about the company is that it not only has its own brand but also manufactures white-label products for other cosmetics players. “We have so many local brands with similar products … so positioning themselves as a supplier for these businesses is quite smart,” she explains.
Read our full interview with Evelyne Dioh Simpa: French-speaking West Africa: Big opportunities to invest in small businesses
