Day 22 of Black History Month
The list of Black women on ABC’s Shark Tank who have closed deals has been expanded to include Margaret Nyamumbo. According to The Star, Kahawa 1893’s creator recently struck an agreement with British businesswoman Emma Grede to purchase 8% of her firm for $350,000.
We did it! We got a deal 🦈 pic.twitter.com/lkGDkOdO98
— Margaret Nyamumbo (@maggycoffee) February 19, 2023
According to the company website, the Kenyan native founded her business in 2017 with the goal of paying tribute to Kenya’s coffee tradition and supporting African women growers. The sharks were impressed by Nyamumbo’s account of her upbringing on her grandfather’s coffee estate. She became aware of the underpayment of coffee growers, which set off her entrepreneurial career in the food and beverage sector.
“90 percent of the labour and coffee come from women but so many are not compensated because they do not own the land that’s why I created a new way to compensate the coffee farmers,” she said, as The Star reported. “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.”
This noteworthy arrangement adds to the success of her business. This year, Kahawa 1893 became the first Black woman-owned coffee brand offered at Trader Joe’s. The New York-based company’s products are offered at 200 retail locations around the country. According to a news release announcing the move, buying from Trader Joe’s would support Kenyan farmers.
“When a consumer buys coffee at Trader Joe’s, they can scan a QR code and send a tip to a farmer’s e-wallet who will receive that money directly,” Nyamumbo wrote. “Kahawa 1893 matches all tips to double the impact.”
– Steve Sijenyi
LIT604.com Is celebrating Black history month by publishing Positive news on Black people across Canada and United States throughout the month of February. Lit604 Founder Steve-Safari Sijenyi is producing and releasing a YouTube video everyday at 7pm PT that showcases Black people who embodied the spirit of Black Excellence, black-led Led Enterprises, Black-run organizations, Black allies and Pro-Black Organizations and Leaders from the public and private sector.