EXECUTIVE SUMMARY

Enda was born in Kenya, the home of distance-running excellence - in a $430.3 billion global sportswear market where running is growing significantly faster than the category overall. The birthplace of distance running has never produced a global sportswear brand. Enda exists to change that.

Henry Wanyoike (Enda Sponsored Athlete) - 2x Gold Medalist: Athens Paralympics; Winner: Singapore Half Marathon 2005; Winner and World Record Holder: Hamburg Marathon

Kenya has produced more elite distance runners per capita than any country in the world.

Enda has already built the foundation for that ambition: products, customers, community, international infrastructure, and global validation. Following its acquisition in 2024 by NVH Studios, a global fashion and lifestyle holding company, Enda has spent the past two years rebuilding while operating under significant capital constraints.

This $1M round is intended to convert that foundation into commercial scale - through inventory, product, community-led growth, distribution, critical team capabilities, and continued progress toward returning production fully to Kenya.

THE OPPORTUNITY

Sportswear Is Growing. Running Is Growing Faster.

The global sportswear market was worth $430.3 billion in 2024 and is projected to reach $506.0 billion by 2029, a 3.3% compound annual growth rate. Running is outpacing the broader category, growing at a 6.3% CAGR over the same period, nearly double the rate of sportswear as a whole

Running is forecast to gain the most market share of any sports activity through 2029, reaching 14.1% of the global sportswear market.

THE GAP

The Birthplace of Distance Running Has No Global Brand.

Kenya has produced generations of world-class runners and helped shape the global culture of distance running. Yet the global brand value created around the sport has largely been captured by companies originating elsewhere - in the United States, Europe, and Asia.

Catherine Ndereba (Enda Board Member) - 2x Olympic Silver medalist, 4x Boston Marathon Winner

Enda was created to build a global sportswear company from within the ecosystem that helped define the sport in the first place.

WHY ENDA CAN WIN

An Origin Competitors Cannot Replicate.

Enda is a platform built to scale, anchored by four structural advantages no outside competitor can copy:

1. Kenyan Running Heritage - Born in one of the world's strongest running cultures.
2. Product Ecosystem - Premium footwear spanning trail, racing, lifestyle, and apparel.
3. Community Advantage - Deep relationships with runners, athletes, and communities drive trust and adoption.
4. Global Opportunity - Built in Kenya. Designed for global markets.

THE COMPETITIVE PATTERN

How New Sportswear Brands Have Won.

Enda's opportunity isn't a bet against history - it's a bet on a pattern that has been repeated for over a century. Roughly every decade, a new sportswear brand has identified an emerging trend ahead of the incumbents and ridden it to $1B+ in annual revenue: New Balance in 1906, Adidas in 1948, PUMA in 1948, Nike in 1968, Asics in 1977, Under Armour in 1996, Lululemon in 1998, HOKA in 2009, and On in 2010.

None of these brands won by out-competing Nike or Adidas head-on inside their existing categories. They won by identifying a shift the incumbents were slow to see - jogging, team sport, athleisure, maximalist comfort, midsole innovation, and building the brand from inside that shift before it became obvious.

Enda's position in that pattern is straightforward. No major sportswear brand or professional league has ever been built out of Africa, despite the continent producing a disproportionate share of the world's dominant endurance athletes. Running is the single largest and fastest-growing category in global sportswear. Enda is positioned at the intersection of an underbuilt category and an unclaimed origin -the same setup that has preceded every major brand emergence of the last hundred years.

FOUNDATION AND PROOF

We Are Not Starting from Zero.

Enda outfitted three national Olympic delegations, Comoros, Gabon, and Djibouti, at the Paris 2024 Olympic games. The company has built a global conference foundation spanning international DTC operations, Nairobi retail, and wholesale relationships, with an operating footprint across Kenya, the United States, Europe, and Brazil.

Enda's traction isn't limited to revenue and customer counts. The brand has earned a level of institutional and cultural validation that most seed-stage companies don't reach.

Team Comoros at the Paris 2024 Olympics - outfitted by Enda

Enda was the official outfitter of national Olympic delegations at the Paris 2024 Olympic Games, outfitting Comoros, Gabon, and Djibouti. The company has also activated at the New York City and Berlin Marathon Majors, two of the most influential running markets in the world, building direct engagement with elite athletes and urban running communities.

Beyond sport, Enda hosted its first branded community event - the QualifyHER 5K Walk and Run, at the Essence Festival of Culture, in partnership with the Global Black Economic Forum. The event put Enda's Head of Strategic Relationships on a main-stage panel titled “We Drive Prosperity: Impact of Black and Brown Businesses on the Economy,” alongside executives from HBO Max and a senior writer from Forbes - positioning Enda not just as a performance brand, but as a voice in the broader conversation about Black economic leadership.

At the 2025 UN General Assembly, Enda held direct discussions with H.E. President William Ruto of Kenya about establishing Enda's manufacturing base in-country, kitting Kenyan national teams, and a potential partnership around the AFCON 2027 tournament.

Taken together, these moments matter for the same reason: they show Enda is already being treated as a legitimate national and cultural asset, by Olympic committees, by government heads of state, and by the platforms that shape Black cultural and economic conversation, well ahead of the commercial scale this raise is meant to unlock.

THE INFLECTION POINT

The Foundation Has Been Rebuilt. Now It Needs Capital to Scale.

Enda was acquired in 2024 by NVH Studios, a global fashion and lifestyle holding company and entered a rebuilding phase focused on strengthening the company for its next stage.

2024–2026 | Rebuild

Product, operations, manufacturing network, leadership, global market infrastructure, and strategic partnerships.

Capital Constraint

Limited working capital has constrained the speed at which Enda can convert this foundation into revenue, particularly across inventory, product launches, customer acquisition, and distribution.

2026+ | Scale

Inventory, customer acquisition, running community, wholesale distribution, new product launches, and international expansion.

That capital constraint hasn't stopped outside validation. Enda's entry into Brazil has already generated organic press, including coverage from Pernambuco Running, and On the Run - describing the company as the “Nike of Kenya” landing in Brazil to challenge the giants.

PRODUCT

Running Is Our Entry Point. Sportswear Is the Opportunity.

Enda's current lineup is anchored by two flagship silhouettes, with four additional lines already in development:

MADE IN KENYA

Building Global Value from Kenya.

Enda historically manufactured all its products in Kenya. As the product portfolio has become more technically advanced, certain products have required specialized capabilities and materials not yet available at the necessary scale locally.

Achieving 100% Made in Kenya requires continued investment in technical capability, infrastructure, production capacity, and working capital. Enda is building toward a future where more of the value it creates, from brand to product to production, originates in Kenya.

Manufacturing Partnerships in Progress

As part of that path to 100% Kenyan manufacturing, Enda is in active partnership discussions with Mintra Group and Charmaine - two established manufacturers in Africa with the specialized technical capacity Enda's more advanced products currently require. These discussions are intended to support Enda's production needs during the transition, while the company continues investing in the infrastructure and capability needed to bring that production fully home to Kenya over time.

OUR GROWTH ENGINE

Community Is Our Distribution Advantage.

Enda does not need to outspend the world's largest sportswear companies to build relevance. The company grows from within the running ecosystem itself, through a repeatable six-part motion:

HOW WE SCALE

Build Trust Locally. Scale Commercially.

Enda's market-entry model combines community credibility with institutional and distribution partnerships, moving in sequence from Community and Athletes to Institutional Access, to Product Introduction, to Distribution, to Commercial Scale.

THE NEXT 36 MONTHS

From Foundation to Commercial Scale.

CAPITAL STRATEGY

Capital Formation Strategy to Support Growth.

This Seed round is the first step in a structured, multi-round formation plan - not a one-time raise with no visibility into how the company intends to scale or how early investor ownership is expected to evolve.

Enda's capital formation roadmap, from Seed through Series C and target exit.

FINANCIAL OVERVIEW

2027 - 2031 Projections.

By 2031, Enda projects a sales mix of 47% ecommerce, 37% wholesale, and 16% retail, with geographic diversification across the US (32%), Brazil (26%), Africa (25%), Europe (13%), and the rest of the world (5%).

All projections are forward looking and not guaranteed

PATH TO RETURN

Investor Return Profile.

Under this simulation, a Seed investor's ownership starting at 10% would be diluted to roughly 5.9% by the Series C round in 2031, as new capital is raised at each stage. At the pre-Series C valuation of $270M, that diluted stake is modeled at approximately 17.7x the original investment.

These figures are illustrative, based on management's business plan and current fundraising assumptions, not a promise of return. But they reflect the scale of outcome Enda is building toward: converting a $1M Seed check into a stake in a company management believes can reach $1B+ in revenue within a decade - the same trajectory nine other sportswear brands have walked before it.

THE LEADERSHIP TEAM

Experienced Leadership Across Operations, Growth, Capital, and Finance.

Enda's core leadership team and the executives responsible for day-to-day strategy and execution across the business are:

Frank Asante-Kissi, Managing Director

Frank brings 20+ years of business leadership to Enda, with deep expertise in scaling operations, optimizing performance, and building high-growth companies. As a former Chief Administrative Officer and Chief Operations Officer, he has led cross-functional teams across finance, sales, and operations - experience that directly fuels Enda's expansion across Africa, Europe, Latin America, and the US market. Frank is committed to building Enda into a global leader in African-founded sportswear.

Elis Clementino, Chief Growth Officer

A global growth and strategic relationships executive with experience spanning government, corporate communications, media, community development, and international business. Elis built her career in Brazil across journalism, government communications, and corporate media relations, including at Comgás/Cosan before expanding into global business development. She leads Enda's growth strategy across the US, Africa, Europe, and Latin America, driving market expansion, strategic partnerships, and institutional relationships across public, private, and community sectors.

Ernest Osei, Head of Corporate Development

Ernest leads corporate development, investor relations, and strategic partnerships at Enda - driving capital formation and transaction strategy to support the company's expansion and bridging global investors, operators, and partners to scale the platform. Prior to Enda, Ernest held roles at AfriCapital Management and West Capital Partners, where he worked on cross-border transactions across FMCG, healthcare, construction, mining, and insurance, including the sale of Beassur to Marsh & McLennan and Archivex to Iron Mountain.

Barbara Mbocho, Financial Controller

Barbara is a strategic finance leader with over a decade of experience, currently serving as Financial Controller at Enda. She has built her career around consolidated financial management, budget and forecast management, statutory audit, and cross-border regulatory compliance. Her expertise spans strategic financial leadership, cross-border trade, hands-on logistics, and operational execution, giving her the ability to turn multi-jurisdictional financial data into decision-ready insights.

WHAT THE RAISE UNLOCKS

We Are Not Raising to Build Enda, We Are Raising to Scale It.

THE NEXT CHAPTER OF GLOBAL SPORTSWEAR STARTS HERE

Enda was born in Kenya. It's being built for the world. The foundation (product, customers, community, and global validation), is already in place. One thing stands between us and commercial scale: capital. This $1M Seed round closes that gap.