Seven Kenyan entrepreneurs have been selected to join the
network of business catalyst Endeavor Global in what is set to grow
their fortunes.
The organisation unveiled in Nairobi
last week under the brand Endeavor Kenya seeks to support entrepreneurs
and companies in the scale-up phase so that they can generate at least
25,000 jobs for the Kenyan economy in the next five years.
Those
selected in the inaugural lot include Grant Brooke of Twiga Foods,
Wandia Gichuru of Vivo Activewear, Paul Mbugua of Eclectics
International, Bilha Ndirangu and Samuel Gikandi of Africa’s Talking as
well as Ken Njoroge and Bolaji Akinboro of Cellulant.
Endeavor
Kenya chairman and Britam Group managing director Benson Wairegi said
collectively, the organisation has created over 700,000 jobs and
generated more than Sh1 trillion annual revenue, alongside raising
Sh41.3 billion in growth capital in 2016 alone, promising to push for
more investments in Kenya.
“Unemployment is very high among young Kenyans and we need to
generate more than 3.9 million new jobs for young people by 2020.
Endeavor believes that the real heroes of job creation and economic
growth are the small subset of entrepreneurs who scale to contribute the
lion’s share of net new jobs,” he said.
Upon unveiling
the organisation through its innovative co-investment Venture Capital
Fund-Endeavor Catalyst, it announced its first Sub Sahara Africa
investment of Sh4.8 billion in Cellulant — a digital payments provider.
Cellulant
reaches 40 million people across 11 African countries and is run by two
entrepreneurs under the organisation’s mentorship Ken Njoroge and
Bolaji Akinboro.
“We search for, select, and support
these entrepreneurs to think big. As they scale up, Endeavor
entrepreneurs multiply their impact by inspiring, mentoring, and
investing in those that come behind them,” said Endeavor Kenya chief
executive Fiona Mungai.
Ms Mungai explained that
Endeavor searches for, selects, and supports entrepreneurs to think big
and actualise their vision and dreams.
“As they scale,
Endeavor Entrepreneurs multiply their impact by inspiring, mentoring,
and investing in those that come behind them,” said Ms Mungai.
Since
launching in January 2012, Endeavor Catalyst has raised over $100m
(Sh10 billion) in philanthropically donated and invested capital, and
invested into 76 Endeavor companies in 21 markets.
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