Ivory Coast

Pharmivoire Nouvelle is an Ivorian lab processing medical intravenous solutions. Pharmivoire was created when Copharminvest Holding bought the industrial lab PHARMIVOIRE in 1999. It is for now the only lab to locally produce and sell soft-packed intravenous solutions in French-Speaking West Africa. The company aims at becoming a leader on the West African Economic and Monetary Union, a market in real demand for medical goods while the sub-regional market imports 90% of this type of equipment.

COPHARMINVEST HOLDING was created in 1993 by the Ivorian Order of Pharmacists in order to comply with practitioners needs and set up economic tools within their sector by filling local industry needs as opportunities arise. This council gathers more than 100 private pharmacists.

THE ENTREPRENEURS

Dr. Elizabeth Kacou is Chairman of the Board of Directors of Pharmivoire. Dr. Kacou is an officine-managing pharmacist with a dual profile  enhanced  by several management trainings (HEC Paris, HEC Executive Ivory Coast). 

The management of the company is held by Peter Aouely, the first non-pharmacist manager of the company with a strong entrepreneur background and a solid sense of business he acquired during his study at the Business School of Abidjan (ESCA).

PARTNESHIP WITH I&P

I&P is committed alongside with Pharmivoire:

• To finance a new type of equipment that will produce more profitable packs

• To set up employee profit-sharing plans with a bonus system

KEY IMPACTS

• Imports reduction on the intravenous solutions market

• Strong local added value

• Highly-qualified jobs

• Structured local pharmaceutic sector

NOVAGO (formerly known as "VRS") is a company with 20 years' experience in the field of full service long-term vehicle rental.

Created in 2004 by two French entrepreneurs, Pierrick Morier and Thomas Crand, NOVAGO has grown to become a key player in the long-term vehicle rental and fleet management sector in West Africa (Côte d'Ivoire, Senegal and Ghana), with a fleet of around 1,000 vehicles in 2023.

The company provides rental services for a wide range of clients, from professionals/SMEs to some of the larget international corporates based in West Africa. NOVAGO's activities include fleet management, vehicle maintenance and servicing, assistance and repairs, driver services and insurance.

NOVAGO plans to expand its activities in Benin and Togo.

The entrepreneurs

The management team consists of Jérôme de Villard, Chief Executive Officer of NOVAGO Africa, and Manuella Sako, Chief Financial Officer of NOVAGO Africa, Romain Pinto, Chief Executive Officer of NOVAGO Ghana, Mohamed Ly (NOVAGO Senegal) and Ramatoulaye Balde (NOVAGO Côte d'Ivoire).

The founders of the company, Pierrick Morier and Thomas Crand, are both members of the Board of Directors.

Partnership with I&P

I&P invested in the company in 2014 through its fund I&P Afrique Entrepreneurs, and reinvested with the fund IPAE 2.

Support by IPAE 1 (2014-2022)

⇒ The fleet managed by NOVAGO has grown from 80 to 800 recent, fuel-efficient vehicles.

⇒ Originally based in Ghana, the company has expanded its activities in Côte d'Ivoire and Senegal thanks to the support of IPAE 1.

⇒ I&P supported the implementation of a solid ESG plan for NOVAGO, symbolised by the launch of the first 100% electric vehicle in Côte d'Ivoire in 2023.

Ongoing projects (IPAE 2' investment)

In March 2023, NOVAGO completed a new round of financing with I&P (through IPAE 2) and Adiwale Partners. This new investment aims to :

⇒ Strengthen the company's business in its existing markets

⇒ Support NOVAGO's expansion into other West African countries

Key impacts

⇒ Creation of local standards within a nascent market

⇒ Development of a green cars offer

⇒ Pollution control policy (waste oil recycled) and implementation of a carbon offsetting strategy with the support of I&P and Ecosur Afrique

⇒ Improvement of employees’ social conditions thanks to a healthcare system

Read more

⇒ Company's website

Cofipêche is settled in Abidjan and locally produces knotless fishing nets sold in Ivory Coast and the sub-region. They are used for surface fishing and fish farming. Both factory trawlers and traditional fishermen prioritize this kind of nets for they do not hurt the fishes. Those international regulation-compliant nets designed to save the natural stocks from over-fishing are locally crafted from imported nylon wires. Cofipêche is the only Subsaharan African factory positioned on this industrial segment. All equivalent products are imported from Asia.

THE ENTREPRENEUR

Sidi Coulibaly spent most of his career in textile industry at commercial management positions (CFCI, Uniwax, Filtisac, IPS). He took over the existing company Cofipêche in 2004.

PARTNERSHIP WITH I&P

I&P committed alongside with Cofipêche

• To bring the financial support needed for recovery after the 2011 economic crisis

• To accompany the market positioning on product diversification

• To help strengthening the commercial segment of the company

• To seek for optimization of working capital

KEY IMPACTS

• Local offer facing informal and foreign competition

• Natural stocks preservation

Viseo distributes and sells optical items through a retail network in Abidjan. Settled in 3 different shops, the network plans to expand all over the country. In Ivory Coast, the formal offer is crippled by broadly unaffordable prices and endangered by more attractive informal offer provided by “ground chemistries”. With lower prices and ready availability, these “ground chemistries” provide cheap quality goods. Viseo intends to fill this gap with free sight-examinations offered to all and information campaigns organized in schools, private companies and communities

THE ENTREPRENEUR

Franck Touré is an optician and an optometrist. He chairs the Ivorian association of the eye professionals. He has worked in France for a long time then came back to Ivory Coast to lead a famous French optical outlet in Abidjan. He also teaches at the Optometry School of Ivory Coast. He manages Investissements & Développement, a holding promoting development through the support brought to SMEs, which is behind the group “Vue & Vision”. He has long strived in favor of the access to affordable care for all.

PARTNERSHIP WITH I&P

I&P is committed alongside with Viseo

• To promote the brand launch : campaign, shop opening

• To provide commercial and financial support

• To undertake the recovery plan after the Ivorian political crisis

IMPACTS

• 2,000 persons are given free screening examinations each year

• Over a hundred good-quality equipment distributed each year in Ivory Coast

Afrique Emergence & Investissements (AE&I) is an MFI focusing on microloan distribution and savings addressed to revenue-making activities. Its misson is to fight against poverty in Africa and to improve its clients’ life standards. In order to achieve these goals, AEI seeks for resources likely to build strong linkage between lenders (institutions and individuals) and borrowers (micro-entrepreneurs.). The MFI grants an access to financial market resources as well as profitability and repayment of disbursed loans.

THE ENTREPRENEUR

Fahan Bamba founded AEI after spending 10 years at CITIBANK, 1st world banking network and 4 as an Audit Supervisor at KPMG. When he left Citibank in 2003 to build AEI, Ivory Coast was involved in a deep political and military crisis, an unprecedented context of increasing poverty and socio-economic instability. Fahan Bamba was received the Entrepreneurship and Management award from PME Magazine (first Ivorian economics magazine).

Partnership with I&P

I&P is committed alongside with Afrique Emergence & Investissements

• To bring capital

• To chair at the Board committee and contribute to strategic thinking

Impacts

• Improving access to financial services for the poorest people

• 55 jobs maintained in 2015 (increase by 40% since 2014). Over a third are women

• 5 local suppliers 

• 2 284 borrowers (including more than 60% women) and 4 219 savers