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Icoseed Enterprises Limited
Home / Project Financing / Our Beneficiaries / Icoseed Enterprises Limited
Integrated Community Organization For Sustainable Empowerment And Education For Development Enterprises Limited

Quick Info

Tel:  +254 720 468 046

Email:  icoseedkenya@gmail.com

Website:  www.icoseed.org

Industry:  Agribusiness

Funding Raised: Secured KES. 916,000 in seed funding in 2017 and KES. 4 M from SEED.

Funding Required: Seeking KES. 10M to scale up the production

Use of Proceeds:

  • Production Capacity
  • Equipment

 

Revenue Forecast:

2018

2019

2020

2.5M

5M

7m

Number of Employees: Not Available

 

Business Description

ICOSEED Enterprises Limited is an enterprise registered in 2015. It focuses on extracting banana fiber for sale and for making beautiful and unique handicrafts like bags, clutch purses, table mats and wall hangings for local and international markets. It is located in Kirinyaga County.

Problem/Solution

ICOSEED Enterprises realized that sisal products like bags, mats, batiks and wall hangings are becoming rare and expensive in Kenya. Most of these products which are in high demand by the tourists and middle class working and business women offer a lucrative source of income. To fill the gap of shortage of sisal fiber, ICOSEED Enterprises sought to explore the banana fiber to make unique products made from banana pseudo stem extracts (fiber).

Products/Service

ICOSEED extracts banana fiber and dries it to produce various marketable products including bags, purses, table mats and wall hangings. These products are unique, beautiful fashionable, and affordable.

Market

ICOSEED focusses on the local and international markets. Locally, it targets the middle and upper class women as well as the tourists visiting Kenya. This market segment has a high demand for green shopping bags, handbags and clutch purses as well as wall hangings, mats and bed-side mats. International market segment targets the Industries in Asia (India and Japan), Europe and Australia who buy high quality banana fiber to make high value products like money and writing papers. European and Australian market also buy green products like bags and mats.

Competitive Landscape

The business faces competition from enterprises making similar products from sisal fiber. However, these products are often more expensive than ICOSEED’s. Additionally, the Banana Fiber Society of Kenya is another competitor – even though it makes similar products to ICOSEED’s, ICOSEED’s stand out due to its branding and quality.

Business Model and Distribution Channels

The enterprise sources the banana fibre from banana farmers, who are paid for the fibre extracted from their banana pseudo stems at Ksh. 25 per Kilogram. The fibre is handed over to youth for brushing and finally to women for twining and dying. The coloured threads are passed on to hand loom operators who make fabric/ cloth. The fabric is used to make bags, clutch purse, table mats and wall hangings. The value preposition of the business is to make beautiful, long lasting, fashionable and affordable green products from banana fibre for middle and high class market. After production, revenue streams are made from sales of products, training fees and hiring out of machines.

Traction to Date

To date, ICOSEED has provided alternative source of income to over 400 farmers yearly and has created more than 100 jobs in extraction and transportation of fibers. It also has a working station where the products are made. ICOSEED seeks to increase number of famers supplying banana stems from 400 to 9,000 in 2018 and add more mobile fiber extractors.

Competitive Advantage

  • Unique products
  • Strong partnership with banana farmers
  • Experienced management and production staff

Management Team

  • Gideon M. Makanga –  Chairman
  • Dr. R. K. Wanjogu – Vice Chair
  • Patrick G Muriuki – Secretary / MD
  • Nelson Muriuki – Treasurer
  • Peter Muriithi – Patron