The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the second edition of the NSIA Prize for Innovation (NPI 2.0). Sycamore, Kunda Kids, and PaveHQ emerged as the top three winners following a comprehensive evaluation by a panel of business and technology experts.
Sycamore, a peer-to-peer lending platform led by Babatunde Akin-Moses, secured the top prize of $100,000. Founded in 2019, Sycamore aims to help African businesses grow by using technology to connect lenders and borrowers.
Kunda Kids, an edtech company that creates engaging African-inspired digital content for children, parents, and libraries, came in second place with a prize of $70,000. PaveHQ, which supports students in building successful careers, took third place with a $50,000 prize. The total prize money awarded this year was $220,000.
At the NPI Demo Day, NSIA's Managing Director, Aminu Umar-Sadiq, emphasized the importance of technology in driving economic growth and creating opportunities. He noted that the number of entries for the NPI programme had grown from 2,000 to over 7,000 this year, showing the increasing interest from Nigerian startups.
The NSIA Prize for Innovation is a multi-year initiative designed to support early-stage tech businesses in Nigeria. This year, the programme includes a five-week, all-expense-paid training at Draper University in Silicon Valley, USA, for the top ten innovators.
The NSIA, established by the Nigeria Sovereign Wealth Act of 2011, manages investments to drive economic development in Nigeria. It operates three funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
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