XSML has invested an undisclosed sum in Maison Galaxy, a retail chain based in Kinshasa, DRC, known for its Shaina and Galaxy branded stores. 

Galaxy has been successful in tapping into the increasing demand for cosmetic and other popular consumer products in DRC. 

The investment helps Galaxy to expand its distribution network by enabling the opening of several new stores. 

Galaxy was founded in 2014 and operates eight stores in Kinshasa, Goma, Katanga and Kisangani. 

The Managing Director of Galaxy, Ashiq Adatia, is in process of merging Galaxy with its sister chain Shayna, which is also focused on cosmetics and general products and operates ten stores in Kinshasa and other locations in DRC.

Adatia said: “With the financing provided by the African Rivers Fund, Galaxy is setting up three new stores and increase our stocks, a step change in our expansion.”

Galaxy, is one of ARFs fifteen investments since first close of the fund in February 2016. 

Marcel Posthuma, Managing Partner at XSML, said: “The urban population of Kinshasa is looking for affordable beauty and other consumer products. Galaxy has a reputation on this front and now operates eight stores. It is the first larger retail chain of its kind, bringing affordable products to the population.” 

The African Rivers Fund (ARF) is XSMLs second fund, after having fully invested its maiden fund, the Central Africa SME Fund (CASF) in the period 2012-2015. 

As its predecessor, ARF targets growing, well-managed small and medium-sized enterprises (SMEs) in the Central & East African region covering Democratic Republic of Congo (DRC), Uganda and Republic of Congo as well as - over time - Burundi.