Tosheka Textile Limited, an AECF REACT Round 3 Grantee has become of one of the latest Lion’s Den beneficiaries. The textile company bagged Ksh. 8 Million for 20% stake of the company from two Lions in the fashion industry.
The company pitched their winning Eri silkworm idea on Lion’s Den on 24th October 2016. Lion’s Den is a spin-off of the much famed entrepreneurial show Shark Tank, and brings together five leading entrepreneurs in different fields that have made significant progress in their endeavours. Of the five, it was Vivo Active Wear’s Wandia Gichuru and Fashion and Modelling mogul Olive Gachara who gave Tosheka the boost.
Tosheka Textile is a social entrepreneurial business that specializes in producing fashionable textiles and related products in Kenya using natural and recycled fibres. They will use the money to expand the business by venturing into the efficient and more sustainable Eri silkworm cultivation which takes less time to mature and produces sturdy, high quality silk. Tosheka will also invest in the equipment they need to improve productivity.
Speaking to the Lion’s Den panellists, Ms. Lucy Bigham, Executive Director of Tosheka Textiles said that the 3,000 people they have engaged can help Tosheka produce square metres of fabric that will project sales revenue of about Sh182 million per annum.