A Dakar-based waste recycling startup, E-cover SAS founded by a 25-year-old Senegalese Yaye Souadou Fall has secured 216 million CFA Francs ($382k) from WIC Gestion, manager of the WIC Capital Fund.
WIC Gestion, manager of the WIC Capital Fund, is pleased to announce that it has completed an investment in E-cover SAS, an innovative tire recycling startup based in Dakar, Senegal.
WIC Capital invested XOF 216 million alongside a group of individual equity and quasi-equity investors.
E-cover specializes in tire recycling, which it transforms into two main products:
- SBR, mainly used for the installation and maintenance of synthetic turfgrass
- Granulates, an intermediate product, used as a fuel by cement plants to replace fossil fuels, to comply with international standards and reduce costs.
WIC Capital’s investment will enable Ecover to finance the installation of a semi-industrial production unit in Dakar.
Commenting on the transaction, Mrs. Yaye Souadou Fall, President of E-cover SAS said: « This investment is an important step in E-cover’s growth, five years after its incorporation. WIC Capital is an investor whose added value goes far beyond the funds it provides. WIC Capital believed in E-cover’s potential in a context where the protection of the environment is more relevant than ever. The fund has assisted us in redefining our business model and we are also going to rely on its support in managing the company and implementing the best international standards in our business. This comprehensive support will enable us to improve our capacity and quality of production and to take advantage of the current opportunities in the Senegalese and West African market ».
Speaking on behalf of WIC Gestion, Mrs. Evelyne Dioh, President of WIC Gestion said: « We are pleased to participate in the innovative E-cover venture alongside Ms. Yaye Souadou Fall and Ms. Khady Diallo, two dynamic young women. WIC Capital’s investment illustrates our confidence in the potential of Senegalese women entrepreneurs. We bet on their inventiveness, audacity, entrepreneurial courage and their commitment to make a difference in a sector where a local offer had yet to be developed to meet an existing demand. We wish to promote the development of a local industry and look forward to supporting
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