WIC Gestion, manager of the WIC Capital Fund announced it has completed an investment in E-cover SAS, an innovative tyre recycling company based in Dakar, Senegal. WIC capital led the investment round alongside a group of individual equity and quasi-equity investors.
SAS specializes in tyre recycling, which transforms into two main products SBR, mainly used for the installation and maintenance of synthetic turf grass and granulates, an intermediate product.
This investment will enable E-cover to finance the installation of a semi-industrial production unit in Dakar.
Mrs Yaye Souadou Fall, President of E-cover shared “this investment is an important step in E-covers growth, five years after its corporation. 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 ver. 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 pf current opportunities in 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 making a difference in a sector where a local offer had to yet to b developed to meet existing demand. We wish to promote the development of the local industry and look forward to supporting it”.