The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $220,000 to three Nigerian startups through the second edition of its NSIA Prize for Innovation. The winners were announced on Saturday during the final Demo Day, where ten selected startups pitched their innovations.
Sycamore, a peer-to-peer lending fintech platform, secured the grand prize of $100,000. Founded in 2019 by Babatunde Akin-Moses, Sycamore aims to bridge the credit gap and support African businesses through technology.
Kunda Kids, an edtech media company providing African-inspired digital content for children, claimed the second prize of $70,000. PaveHQ, a learning and career ecosystem, came third, winning $50,000.
The winners were selected based on pitches assessed by a panel of judges from the business and technology sectors, focusing on market potential, team composition, traction, and competitiveness.
Aminu Umar-Sadiq, Managing Director and Chief Executive of NSIA, highlighted the crucial role of technology in driving socio-economic outcomes and expanding opportunities. He noted that participation in the program has grown significantly, with entries increasing from 2,000 to over 7,000.
This year’s program also included a five-week all-expense-paid training at Draper University in Silicon Valley for the top ten innovators, aimed at helping them scale their solutions globally.
About NSIA:
The Nigeria Sovereign Investment Authority is a government investment institution established by the Nigeria Sovereign Wealth Act (2011). It manages three distinct funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund. The NSIA Prize for Innovation aims to support early-stage tech businesses and drive sustained economic development in Nigeria.
Credit: Nairametrics (Text Excluding Headline)
