Kasha Global, an e-commerce startup which provides women’s health and personal care products to customers in Rwanda and Kenya has landed $1m from the United States International Development Finance Corporation (DFC), alongside the Swedish development finance institution Swedfund, the Finnish development finance institution, Finnfund. The startup had previously received over $2.7m in grant from the Bill & Melinda Gates Foundation in 2019. The investment will assist it to further scale its model.
“Kasha is excited to bring DFC on as an investor and as a long term partner,” said Kasha Global Founder & CEO Joanna Bichsel. “With the U.S. Government’s significant ongoing investments in the areas of Global Health and with DFC’s focus on supporting businesses proven to drive both commercial returns as well as social impact, we see strong win-win opportunities as Kasha continues to grow and scale across East Africa and beyond. We have been impressed with the level of support DFC is extending into emerging market businesses and into women-led and women-focused businesses.”
Why The Investors Invested
United States International Development Finance Corporation’s latest investment in Kasha is aimed at assisting the startup to scale further. DFC noted that although Kasha’s growth has been rapid and its loyal customer base strong, funding the startup is only the right step to take as fundraising has substantially been hampered in emerging markets by the COVID-19 pandemic.
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“High quality and equitable health services and products are fundamental to the wellbeing, and ultimately the economic potential, of women and girls in the developing world,” said Vice President for DFC’s Office of External Affairs Algene Sajery. “DFC is proud to support Kasha’s innovative business model, which is helping transform the personal care and health system supply chain in East Africa, and provide financing that strengthens economic growth in the region.”
DFC’s investment in Kasha Global was made through the corporation’s Portfolio for Impact and Innovation (PI2) initiative, which aims to finance early-stage, high-impact solutions to challenges facing developing countries.
Finnfund is a Finnish development financier and professional impact investor. Each year, the fund invests 200–250 million euros in 20–30 projects, emphasising renewable energy, sustainable forestry, sustainable agriculture and financial institutions. The fund has actively been investing in Africa with its latest investments being in solar energy companies Fuzu and Starsight.
Swedfund is equally a high impact investor.
DFC, Finnfund and Swedfund’s investment in Kasha all comes under and further fulfils the goals of DFC’s 2X Women’s Initiative. The initiative has committed more than $4 billion of investment in projects that empower women in developing countries. The Kasha investment also qualifies for the 2X Challenge, an initiative of the G7 countries to support women’s economic empowerment. Kasha was co-founded by two women, 50 percent of Kasha’s senior leadership team are women, 75 percent of board members are women, 64 percent of Kasha’s employees are women, and the company’s products center around care for women and girls. Based on Kasha’s commitment to the 2X Challenge criteria, Kasha, DFC, Finnfund and Swedfund have signed a side letter which highlights Kasha’s 2X accomplishments and sets an example for other companies that seek to improve their businesses using the 2X Challenge criteria.
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A Look At What Kasha Global Does
Founded in 2016 by two women, Amanda Arch, Joanna Bichsel, Kasha Global sells personal care, health, and beauty products to women in Rwanda and Kenya. The Company also provides customer insight reports to businesses, non-profit organizations and government agencies.
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Through its e-commerce platform, Kasha has reconfigured the supply chain, delivery channel, and customer experience in order to meet demand. Kasha’s business-to-customer line of business directly sells products to customers in rural and urban locations across East Africa, especially low income communities.
The company has also empowered over 400 local women to enter hard to reach communities to provide information and assist customers in purchasing products.
So far, Kasha has delivered over 1 million product units to over 130,000 unique customers, of which 63% are low income customers in Rwanda and Kenya.
Kasha Global expanded from Rwanda to Kenya in 2019.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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