Shares –a number of American billionaires have shown interest in pumping millions into a Kenyan offee making business.
This is after a Kenyan entrepreneur Margaret Nyamumbo of – Kahawa 1893 – attracted their attention during the ongoing Shark Tank Show.
In the series that went live on Friday February 17, Nyamumbo presented her idea on Kenyan-made coffee in her effort to bag a sh 44 million or $350,000 in funding for five per cent in her business.
“I grew up on my grandfather’s coffee farm in Kenya. We are very proud of the coffee that grows on our soil. Unfortunately, farmers don’t always make enough for the delicious coffee that they produce,” she told the investors.
She valued her business – founded in 2017 – at a whopping sh 881 million or $7 million. The company is based in Berkeley City California in the United Sates with atleast 10 employees.
Members of the panel and who now want to invest in the venture included Emma Grede, Mark Cuban, Lori Greiner, and Robert Herjavec – all renowned business moguls.
Following her well-pitched presentation, all the sharks asked for stakes in the business with Grede offering her sh 44 million or $350,000 for a 12.5 per cent stake while the second one, Herjavec suggested working with Grede for 12.5 per cent. If Nyamumbo agreed to this deal, she would have to give up 25 per cent of the company.
Moreover, the third and fourth sharks also opened an offer of 12.5 per cent deal to the entrepreneur.
And after a heated discussion, ms Nyamumbo picked Grede as her investor who changed her initial deal to sh 44 million ($350,000) for an 8 per cent stake.
According to 2022 Forbes report, Grede is one of the richest self-made women in the US with a net worth of sh 44 billion ($360 million).
