The Nigeria Sovereign Investment Authority (NSIA) awarded $220,000 to three Nigerian startups at the second edition of its NSIA Prize for Innovation. The winners were chosen after presenting their pitches to an expert panel from the business and technology sectors during Demo Day in Lagos.
Top Three Winners
1. Sycamore
Winning the grand prize of $100,000, Sycamore, a peer-to-peer lending fintech platform, connects lenders and borrowers using technology. Founded in 2019, Sycamore has shown significant market potential and traction.
2. Kunda Kids
An ed-tech media company providing African-inspired digital content to children, parents, and libraries globally, Kunda Kids secured the second position with a $70,000 prize.
3. PaveHQ
PaveHQ, which supports students in achieving successful careers through its learning and career ecosystem, earned the third prize of $50,000.
Impact and Future Prospects
Aminu Umar-Sadiq, Managing Director/CEO of NSIA, highlighted the importance of technology in driving socio-economic outcomes and expanding opportunities. “The NSIA Prize for Innovation recognizes the pivotal role of technology in shaping positive socio-economic outcomes and expanding opportunities across sectors,” he said.
Babatunde Akin-Moses, CEO of Sycamore, expressed optimism about the impact of the award: “This win will significantly impact our ability to help SMEs, which are the backbone of any economy.”
Training and Growth Opportunities
All ten finalists will participate in a five-week all-expense-paid training at Draper University in Silicon Valley, USA, to enhance their skills and potential for global impact.
About the NSIA Prize for Innovation
The NSIA Prize for Innovation is a multi-year commitment to nurture early-stage tech businesses, aiming to drive sustained economic development in Nigeria. The Nigeria Sovereign Investment Authority manages the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund, investing in medium and long-term funds to support Nigeria’s economy.
