Did you know that OMGVoice met with about 66 (!) investors before raising their acclaimed $1.1m seed round?! Talk about grit.
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Q. can you tell us about yourself , about OMG and then we continue from there.
A. I’m Jesse, co founder of OMG, Omg is a digital media company, we create and publish online content for African millennials . We launched early last year, currently doing well with 4 million views.
Q. We understand you raised 1.1 million USD outside the continent so tell us how that happened,How you ended up in Y&C?
A. When we first started to work on Omg as a company we were looking for funding, a very small amount , i think we were probably looking for 10 K USD and we pitched to a whole bunch of people , a whole lot of African investors, Ghanaian investors. no one really wanted to give us some money, they all said we didn’t have any social impact but of course we’re a media company. That was the butom line we couldn’t raise any money so we started raising money outside. we’ll wake up everyday my co founder and i and apply to three or four every single day, it was like try and error , try your luck. We were lucky to get some interview and stuff , a few months later we apply to Y&C, we didn’t get in the first time, we applied to Y&C about 3,4 times before we got an interview and we got into the finishing program which was the baby nursing of the core Y&C program. They gave us 20 K for 9 weeks. After the 9 weeks, we applied to the core program and we got it, so that was last year June to August and we got it. We had our Demo day, after that we had our Seed fund. Yea, so far so good.
Q. so something i’ll like point out you did the seed funding, demo day outside Africa
Q. So that’s technically in context of how we’re defining you. It makes you a start up operating in Africa. What do you make about the seeming notion that it is easier for Start ups operating in Africa than African startups thus Co founders who are purely African and are operating in Africa.
A. Okay so in the context of your definition Omg is a US company that runs in Africa and has African Co founders. If you want funding from the states you have to convert into a US entity , because tha’ts what the investors are used to. even if we had incorporated in Ghana we still have to convert to a US entity and when you ask these founders most of them had to do their incorporation in Mauritius and stuff, so in that case do they still qualify as an African company? And once they leave their company is there evidence that they are still, like founders of Andela, many co founders leave the company to focus on other thing, we saw that in Andela when Eu left , can people still point out that Andela is a Nigerian startup. Andela is not a Nigerian startup so it just happens that it operates in Nigeria and has some African origin
Q. Okay Jesse, thank you very much for your time , its been very insightful, do you have any final words for startsup in Africa or African startups that are trying to raise money?
A. Yes , so its very tough and just push , we met with about 66 investors before we raised our funding, so if maybe you just talk to 5 investors and they’re saying no, just keep pushing. Eventually you’ll meet someone that’ll be interested. Just keep on pushing.