Gender Smart | February 20, 2024

WIC Capital invests in a local snack food company in Senegal

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 20 – Most African markets are heavily dependent on imported food products, despite the fact that most Africans depend on agriculture or food production for their livelihoods. ACASEN is a 30-year-old family business in Senegal that makes snack foods from nuts, potatoes and wheat. Women-led investment firm WIC Capital backed the company to support more locally-made food options.

“The expansion of the agri-food industry, driven by the deliberate effort of adding value to local raw materials and the economic impact on local farmers, is a pivotal sector for the growth of African economies,” said WIC’s Evelyne Dioh.

WIC previously backed Les Ateliers de Corinne, a woman-led bakery in Dakar.

Growth equity

ACASEN was started in the 1990s by Monique Soglohoun as a simple business that sold roasted peanuts and cashews. It has “gradually grown and formalized over time,” observed Dioh. WIC’s funding will help the company boost production capacity.

The investment firm is pairing its capital with technical assistance from its WIC Académie program, which is supported by USAID.