The first-time entrepreneur won her Afro Hair Care business after valuing her at £125,000 by the BBC Dragon’s Nest The programme exceeds £3 million in just three years.
Kameese Davis, CEO of Nylah’s Naturals, turned down a £50,000 offer from entrepreneur Sara Davies, who is 40% of the business, after appearing on television.
Davis, 41, from Sandwell in the West Midlands, has set aside £530,000 for minority stakes from the Midlands Engine Investment Fund and the West Midlands Co-Investment Fund. An additional £360,000 will be released if she can find private investors and funds that are willing to partially match it.
Bob Holt, former CEO of Cosmetics Firm Revolution Beauty, joins as executive chairman and is one of the company’s biggest angel investors.
Davis, a former part-time school career advisor, said the funding would give Nylah’s natural stock in Superdrug, which is valued at £3 million. She is able to hire a team of five and is in talks with Tesco.
She said investment is important given that less than 2% of all venture capital money is allocated to all women’s teams, less than 2% for black and ethnic-led companies, and only 2% reaching black women entrepreneurs are allocated to black women entrepreneurs.
“This kind of thing serves not only as a great opportunity for me and my business, but also as an example for other black women to continue and continue to be patient.
She added: “Now I can secure this funding and show Black women in the business that we are investable and undervalued.
Source: Pride Magazine – www.pridemagazine.com
