The Nigeria Sovereign Investment Authority has given $220,000 to three Nigerian startups
The winners of the prize emerged on Saturday during the final Demo Day where 10 selected startups pitched their innovation through the second iteration of the NSIA Prize for Innovation, according to Nairametrics.
The $100,000 main prize went to Sycamore, a peer-to-peer lending fintech platform that links borrowers and lenders via technology. In 2019, Babatunde Akin-Moses started Sycamore with the goal of using technology to close the credit gap, empowering African entrepreneurs and fostering economic progress.
Kunda Kids, an edtech media company focused on providing well illustrated engaging African African-inspired digital content to children, parents, and libraries globally – followed closely at the second position with a combined prize value of US$70,000.
PaveHQ, a learning and career ecosystem that supports students to achieve a successful career came in third place with a total combined prize value of US$50,000, raising the total prize value to US$220,000.
The NSIA released a statement stating that the winners were determined by evaluating the pitches made by 10 entrepreneurs to a panel of judges who were experts in the business and technology sector.
It also stated that the evaluation was based on important parameters such as the competitiveness of the suggested solution, team composition, traction, and market potential.
Commenting, the Managing Director and Chief Executive of NSIA, Aminu Umar-Sadiq, shared that ‘the NSIA Prize for Innovation was conceptualized in recognition of the pivotal role that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors and re-position homegrown talent for global relevance.
“Now in its second year, the NSIA has so far received commendable attention from the tech eco-system as the registration of credible start-ups across Nigeria to join the program has grown from 2,000 to over 7,000 entries within the current year.
“The NPI program validates the Authority’s commitment to propel innovation, support entrepreneurship, and position young Nigerians within the technology eco-system for global relevance,” he said.
According to Umar-Sadiq, this year’s program has been expanded to allow all ten of the top innovators to broaden their horizons and maybe offer solutions on international platforms. This will take place during a five-week, fully-funded training at Draper University in Silicon Valley, USA.
The Nigeria Sovereign Wealth Act of 2011 established the Nigeria Sovereign Investment Authority, a government investment organization in Nigeria with the mission of managing and making investments in a diversified portfolio of medium- and long-term funds.
