Three Nigerian tech startup firms secure $165,000 grants

Three technology startups firm from Nigeria have secured a $165, 000 (N50.5 million) grant.

They won the grant at the inaugural pitching organised by Connecticut Innovations, USA, in Lagos on Wednesday.

The startups that got the grants are Risk Trading Engine, founded by Alexandre Aquereburu; mTransfers, by Segun Adeyemi and Maxwell Obi and Social Lender, by Faith Adesomowo and Mudiaga Ogboru.

The startups also got an opportunity to pitch for more investments at a larger event in Connecticut, USA later in the year.

Connecticut Innovations is a strategic investing arm for innovative growing companies.

12 Nigerian startups pitched in the competition before the emergence of the three.

The programme tagged: ‘VentureClash 2018’, began in March with the first round of applications.

It will be concluded at a finalist pitch competition scheduled for October 18, in the U.S.A.

VentureClash is Connecticut’s global ventures’ challenge for early-stage companies.

It involves players in digital health, financial technology (fintech), the Internet of Things (IoT), and insurance technology (insurtech).

The Chief Executive Officer, etouches, Oni Chukwu, told The Guardian that the first-place winner would receive an investment award of $1.5 million.

The remaining pool will be awarded to other finalists based on judges’ input.

He added that winners would also receive mentoring and other assistance.

VentureClash is supported by Connecticut through its $5 million Global Venture Challenge for early-stage companies.

Chukwu, a tech investor with interest in startups, facilitated the programme in Nigeria.

Other competing startups at the Venture Clash event were Solynta Mobile, Sattrak Services Limited, Kangpe Inc, Advancio Interactive, Beeptool Comm. & Integrated Services Limited.

Also included were Virtual Farm, SBSC, eMed Diaries, Peach Water Consulting, and FINT.