Rwandan startup Kasha, an e-commerce platform improving women’s access to genuine health, hygiene and self-care products, has secured a US$1 million investment from Finnfund to expand further across Africa.
Launched in July 2016, Kasha sells menstrual care products, contraceptives, pharmaceuticals and a range of beauty products, and delivers to customers confidentially.
The startup allows customers to place orders for products via its website, a mobile app, SMS shortcode or phone call. It does not require a smartphone or internet connection, and is focused on female empowerment and self-care.
Kasha expanded to Kenya last year, and has now raised funding from Finnfund, a Finnish development financier and professional impact investor for further growth. So far it has served over 55,000 clients and delivered close to 600,000 products across its two markets, and it now plans to expand into new markets. The investment is part of a larger Series A round that Kasha hopes to have concluded by the end of Q2.
“We are a very purpose-driven company with a strong focus on our customers. We deliver the products that women actually want and need in a way that is most private and discreet for them,” said Kasha chief executive officer (CEO) Joanna Bichsel.
“What drives us is that we can change the way women in emerging markets get their health products. Partnering with Finnfund, we look forward to growing our presence in Rwanda and Kenya as well as expanding to other countries in Africa – and eventually to other parts of the world.”
Finnfund started negotiations with Kasha in February 2020, with the company’s investment manager Johanna Raehalme saying it was convinced by the startup’s strong mission and saw that e-commerce was rapidly growing its share of consumer spending.
“During the investment process, Kasha’s role has become more relevant than ever. At the moment, they are preparing for an active role in protecting people from COVID-19,” said Raehalme.
The investment in Kasha also fulfils a key criteria for Finnfund in that the startup promotes gender equality.
“This investment fills all the 2X Challenge criteria that we apply to our gender investments,” said Raehalme.
“Kasha increases the access to health products and health information while also employing low-income women in the rural communities as Kasha agents. The company was founded by two women, 50 per cent of senior management are women and 50 per cent of the board members are women.”