Nigerian Startups Secure $220,000 in NSIA Innovation Awards, Sycamore, Kunda Kids, and PaveHQ Triumph in Prestigious Tech Contest

The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $220,000 to three Nigerian startups that emerged as the top finalists in the second edition of its NSIA Prize for Innovation.

The winners were chosen after a rigorous assessment of pitches from the top 10 innovators by an expert panel drawn from the business and technology ecosystem at a Demo Day held recently in Lagos.

Based on key metrics including market potential, team composition, traction, and the competitiveness of their proposed solutions, Sycamore, a peer-to-peer lending fintech platform, secured the grand prize of $100,000. Founded in 2019, Sycamore leverages technology to connect lenders with borrowers, enhancing financial inclusion and supporting small and medium enterprises (SMEs).

Kunda Kids, an ed-tech media company that provides well-illustrated, engaging African-inspired digital content to children, parents, and libraries globally, took the second position with a combined prize value of $70,000. In third place, PaveHQ, a learning and career ecosystem designed to support students in achieving successful careers, received a total combined prize value of $50,000.

Aminu Umar-Sadiq, Managing Director/Chief Executive of NSIA, highlighted the importance of the NSIA Prize for Innovation. “The NSIA Prize for Innovation was conceptualised in recognition of the pivotal role that technology plays in shaping positive socio-economic outcomes, strengthening multiple sectors, significantly expanding opportunities, and re-positioning home-grown talent for global relevance,” he stated. Umar-Sadiq noted the program’s growth, with entries increasing from 2,000 to over 7,000 within the current year.

Babatunde Akin-Moses, CEO of Sycamore, expressed optimism about the impact of their victory. “This win will have a significant impact. We help SMEs, which you know are the backbone of any economy. This will help us drive the agenda better. I look forward to being able to help more SMEs,” he said.

All ten finalists will benefit from a five-week all-expense-paid training at Draper University in Silicon Valley, USA, aimed at expanding their horizons and potentially delivering solutions on global platforms.

The NSIA Prize for Innovation reflects the Authority’s multi-year commitment to identifying and nurturing early-stage innovative businesses within the tech ecosystem to create a sustainable positive impact. Its mission is to drive sustained economic development for the benefit of all Nigerians by building a savings base, enhancing infrastructure development, and providing stabilisation support in times of economic stress.

The Nigeria Sovereign Investment Authority, established by the Nigeria Sovereign Wealth Act, manages and invests in a diversified portfolio of medium and long-term funds through its three distinct funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.