- An Kenyan-based startup known as Enda has opened up on how it raised funds to get it running
- Co-founded in 2016, it had to resort to family and friends after investors expressed reservations about funding the project
- However, it later raised $350,000 in a seed funding round from five investors in November 2019
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The local shoe industry in Kenya, Enda, faces a challenge even when the country is reputed to be the best when it comes to producing runners.
Kenya’s first performance athletic shoe company, Enda, opened up about several hurdles in an attempt to convince investors to support it.
In a bid to create a significant manufacturing hub, Kenyan Navalayo Osembo and British-American Weldon Kennedy co-founded Enda in 2016.
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Per a report by qz.com, the plan was to build a high-quality product for export and eventually, direct attention to the country.
Enda, was compelled to demonstrate proof of concept, and a potential export market before investors expressed willingness to open their wallets.
Its aim to raise about $500,000 to build a world-class team, develop and test its running shoe prototypes and order high-quality material fell on the rocks.
An attempt to reach out to about 150 investors and venture capital firms led to unexpected challenges.
Information available shows that several investors were hesitant to spend on startup in the wake of skewed perceptions about Africa.
The company however raised enough from personal contacts and focused on a more creative product, Kickstarter.
It later went ahead to raise about $350,000 in a seed funding round from five investors in November 2019.
The resources received are intended for Enda’s production, distribution and marketing strategy.
In other news, a startup based in Cape Town, South Africa, has signed on 10,000 data-scientists on its platform to deal with complicated African issues.
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Zindi employs the use of artificial intelligence and machine learning to achieve its objective, YEN.com.gh has learned.
The startup gives companies, government institutions and non-governmental organizations (NGOs) the opportunity to host online competitions with the use of data-oriented challenges.
Per a report by techcrunch.com, it opens the contests to African data scientists who submit solutions, move up leaderboards and win cash prizes.
According to a co-founder, Celina Lee, the highest payout given so far has been $12,000. Those interested, referred to as hosts, are able to create new products and integrate them into their existing systems and platforms after they receive their results.
The business model has gained the attention of big corporate players such as Microsoft, IBM and Liquid Telecom. Zindi, which is in the process of raising a Series A funding round, intends to connect its module to new platforms.
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