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NSIA Awards $220,000 to Three Startups
NSIA Grants $220,000 to Startups: The Nigeria Sovereign Investment Authority (NSIA) has awarded the sum of $220,000 to the top finalists in the second edition of the ‘NSIA Prize for Innovation (NPI 2.0)’.
The winners of the prize emerged on Saturday during the final Demo Day where 10 selected startups pitched their innovation. The winners are Sycamore, Kunda Kids, and Pave HQ.
NSIA Grants $220000 to Startups
About NSIA
The NSIA program is a multi-year initiative aimed at identifying innovative technological solutions developed by Nigerian tech entrepreneurs.
Focused on technology-enabled businesses in sectors such as financial services, agriculture, health, education, manufacturing, logistics and e-mobility, e-commerce and marketplaces, and climate, the program adopted a four-stage competition round.
Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people.
It enhances the development of Nigeria’s infrastructure, and provides stabilization support in times of economic stress.
The NSIA operates three distinct funds, the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
Also Read: She’s Next: Women Breaking Barriers in Tech Startups
Aminu Umar-Sadiq, managing director and chief executive of NSIA emphasized the impacts of the program on the country’s economy.
He said, “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.”
Companies That Won The NSIA Grants $220000 to Startups
Sycamore, a peer-to-peer lending fintech platform that leverages technology to connect lenders and borrowers, won the grand prize of $100,000.
The first position was determined by some key metrics such as market potential, team composition, traction, and the competitiveness of the solution proposed.
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 $70,000.
Finally, PaveHQ, a learning and career ecosystem that supports students to achieve a successful career, came third with a total combined prize value of $50,000. This brings the total combined prize value to $220,000.
