Kenyan entrepreneur Margaret Nyamumbo dazzled investors at the Shark Tank Show, all of whom sought to be part of her company, Kahawa 1893.
On the American TV series that aired on Friday, February 17, Nyamumbo presented her idea on Kenyan-made coffee. She was seeking Ksh44 million ($350,000) in funding for five per cent of her company.
“I grew up on my grandfather’s coffee farm in Kenya. We are very proud of the coffee that grows on our soil. Unfortunately, farmers don’t always make enough for the delicious coffee that they produce,” she told the investors.
According to the entrepreneur, her company was valued at Ksh881 million ($ 7 million) which she founded in 2017. She runs the business in Berkeley, California in the United States, and has about 10 employees.
Members of the panel included Emma Grede, Mark Cuban, Lori Greiner, and Robert Herjavec – all renowned business moguls.
After the impeccable pitch by the entrepreneur, all the sharks wanted to get involved and invest in the coffee business.
The first shark, Grede, offered Ksh44 million ($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.
Additionally, the third and fourth sharks also offered a 12.5 per cent deal to the entrepreneur.
After a heated discussion, Nyamumbo picked Grede as her investor who changed her initial deal to Ksh44 million ($350,000) for an 8 per cent stake.
In 2022, Forbes listed Grede as one of the richest self-made women in the US and estimated her net worth to be Ksh44 billion ($360 million).
On the other hand, Nyamumbo holds a Masters’s degree in Finance from Harvard University. With her company, she aims to bring premium African coffee from direct women coffee farmers to the world.
Her coffee received praise from users across the globe. In 2021, it became the first black-owned coffee brand to be sold at Trader Joe’s, an American chain of grocery stores.
Source: kENYANS.CO.KE