AgroCenta, a startup that is tackling food access and stock flow issues across Ghana communities, won up to $500 000 in equity investment and growth opportunities at the Seedstars Summit 2018 last week.
Seedstars World, the biggest startup competition focused only on emerging markets, closed its fifth edition with the Seedstars Summit in Lausanne, Switzerland, with more than 65 local startup winners.
Startups participated in a two-day bootcamp; a private Investor Forum where they had the chance to pitch to be considered one of the 12 finalists to compete on the main stage, and attended more than 700 one-on-one sessions with investors. On the Summit Day, the finalist startups pitched on the main stage in front of more than 1 000 participants, investors, startup enthusiasts and prominent names of tech and entrepreneurship in emerging markets. The jury, an international panel which included Benjamin Benaïm, from Seedstars, Nikunj Jinsi and Theta Capital Group decided that this year’s investment will go to Agrocenta from Ghana.
“Winning at the Seedstars Summit will have an enormous impact in my company’s growth and success for the next years,” said AgroCenta founder Francis Obirikorang. “In emerging economies, we lack not only the infrastructure, but also access to some fundamental tools like networking and mentoring. Seedstars team is spreading the word about our talent and ideas to their international network.”
Obirikorang says he founded AgroCenta to create an online sales platform that could connect smallholder farmers directly to an online market with wider geographic reach to sell their commodities.
According to Pierre-Alain Masson, co-founder at Seedstars, “AgroCenta won this prize because of the disruption they are creating in the farming industry. It’s very important that investors know that talent is everywhere and that the way startups and tech entrepreneurs in emerging markets are addressing the underlying social challenges in their home countries, be it agriculture or access to finance, basic education, healthcare or energy supply is a tremendous business trend and opportunity.”
On top of the $500,000 investment prize for the Seedstars Global Winner, Seedstars and its partners awarded 7 additional prizes:
- EDVES, from Nigeria, was awarded the Transforming Education Prize, by TRECC (Transforming Education in Cocoa Communities) and School of Management Fribourg (HEG Fribourg), winning access to the Seedstars Growth Program worth $50,000.
- Finchat Technologies, from Singapore, won the BBVA Open Innovation Prize, receiving an opportunity to participate at their annual BBVA Open Summit in Madrid and network with the most relevant players from their international fintech network
- Solar Freeze, from Kenya, was the winner of the Africa Energy Prize by Enel X, which rewards the startup for its innovative solution to provide solar-powered cold storage units to smallholder farmers with no need for grid connection in Sub-Saharan Africa. Solar Freeze won access to a three-month programme worth $50,000 in acceleration services.
- EMGuidance, from South Africa, was awarded the Health Tech prize by Merck. The prize combines joining Merck Accelerator with financial support of up to €50,000 and office space at the Merck Innovation Center, mentoring, and coaching.
- TAG Heuer, Seedstars World official time keeper, decided to partner with Seedstars Summit to highlight the role of women entrepreneurs in their own ecosystems and awarded Medsaf, from Nigeria, the Best Woman Entrepreneur prize.
- Alquilando, from Argentina, won the Time Saviour Prize, by TAG Heuer, for their solution to simplify rental process, minimize risk and guarantee rent payments on time, considered to be the one which allows users to save more time of their lives.
- Innovation Prize, also by TAG Heuer, was awarded to CMED, from Bangladesh.
- Public Prize: one of the highlights of the day is when the public gets to vote for its favourite startup. This year, the Office for Economic Affairs (SPECo) has decided to power it by bestowing the winner, Junkbot Robotics, with a premium gift from Veuve Clicquot, a company from Switzerland and all the support from Canton de Vaud in the future.
The 12 finalist startups were:
- CMED, finalist startup from Bangladesh
- Celcoin, finalist startup from Brazil
- Agrocenta, finalist startup from Ghana
- Junkbot Robotics, finalist startup from United Arab Emirates
- Redcapital, finalist startup from Chile
- Payit, finalist startup from Mexico
- Eve.calls, finalist startup from Ukraine
- GiftedMom, finalist startup from Cameroon
- KarGo, finalist startup from Myanmar
- Medsaf, finalist startup from Nigeria
- SayurBox, finalist startup from Indonesia
- EMGuidance, finalist startup from South Africa
Africa gets broadband boost
ITU and Nexpedience, a supplier of proprietary point-to-multipoint broadband infrastructure, are partnering to bring broadband access to Africa.
Under the terms of the deal, Nexpedience will provide 180 new Expedience base stations worth USD 1 million, to be deployed in six nations across the continent. The first nation to benefit from the new infrastructure is Burundi, with deployments also planned for Djibouti, Burkina Faso, Mali, Rwanda and Swaziland.
Designed to withstand extreme meteorological conditions and capable of providing up to 32 kilometres of sector coverage, Nexpedience’s base stations have been specifically designed for rural deployment.
ITU’s Wireless Broadband Network in Africa project aims to develop and implement wireless broadband connectivity and applications that will provide free or low-cost digital access for schools, hospitals, and under-served populations in rural and remote areas Africa-wide.
At the signing of the agreement in Geneva, Brahima Sanou, Director of ITU’s Telecommunication Development Bureau (BDT) emphasized the need to make developing countries part of the global broadband revolution: ‚”This partnership represents another important element in ITU’s efforts to bring broadband technology to the world even in the poorest nations. I am confident that this new partnership will accelerate broadband uptake right across the African continent, bringing the power of high-speed connectivity to users everywhere, from big cities to small villages.‚”
Kiriako Vergos, CEO of Nexpedience said: ‚”Giving access to broadband technology to underserved populations in Africa is of great importance to us. There are enormous benefits to be derived from a ‚’broadband-seed’ deployment strategy, and we decided to partner with ITU because we know that the organization has the team in place to get it done.‚”
ITU Secretary-General Dr Hamadoun Tour√© said the new agreement is a ‚”major step forward in getting Africa connected‚”. Dr Tour√© led the establishment of the Broadband Commission for Digital Development in 2010, which has the aim of putting broadband at the heart of the global development agenda.
Nokia backs tech hubs for developing world
Nokia, AppCampus and infoDev are collaborating with mobile innovation hubs across Africa, Asia and Latin America to act as scouts for local talent.
Nokia, AppCampus and infoDev, a global innovation program of the World Bank, have announced a collaboration with mobile innovation hubs across Africa, Asia and Latin America – a move that will empower these hubs to act as scouts and agents for local talent, fast-tracking their access to AppCampus funding.
AppCampus was established in 2012 as a mobile application accelerator program managed by Aalto University in Finland. With an 18 million euro joint investment between Microsoft and Nokia, the aim is to foster mobile application development on Windows Phone and any other Nokia platform.
The announcement earmarks part of that investment fund for twenty six awards per annum for the best mobile innovation ideas to be made via the mobile innovation hub network, starting with infoDev’s mobile application labs in South Africa, Kenya, Armenia and Vietnam, as well as mobile application laboratories in Egypt (TIEC), Nigeria (CC Hub) and Mexico. The value of each award ranges from 20,000 Euro (US$ 26,000) to 70,000 Euro (US$ 90,000) depending on the complexity of the solution or business model behind the idea.
‚”By working jointly with the mobile innovation hubs, we are able to connect more effectively with local developers in emerging markets and provide support in terms of funding, especially for locally relevant innovations,‚” says Pekka Sivonen, Head of AppCampus. ‚”Although the criteria to access the AppCampus funding remains the same, with ideas needing to be original, competitive and scalable, the advantage is faster processing and the mentorship provided by these innovation hubs.‚”
The hubs and mLabs will be responsible for scouting talent and vetting ideas to be submitted to the global pool. infoDev’s mLabs foster regional entrepreneurship, employment and competitiveness by providing open spaces where developers can find training, mentoring, technical expertise and access to financing. In a short time, mLab-supported startups have brought over 120 commercial apps to market The best new entries from this network will compete against each other each quarter for the available awards.
‚”Nokia, working closely with infoDev, has supported the establishment and operation of a number of mLabs across emerging markets in support of local developers,‚” says Jussi Hinkkanen, vice president corporate relations for Nokia Middle East and Africa. ‚”The AppCampus collaboration showcases our commitment to strengthening the growing mLab network around the world and infoDev’s vision of supporting emerging market entrepreneurs in conquering local, regional and global markets‚”.
The official launch of the program took place during the mobile stream at the Global Forum on Innovation & Technology Entrepreneurship in East London, South Africa, organized by infoDev and the South African Department of Science & Technology. A key theme of the Forum is how innovation can lead to high-growth entrepreneurship which creates sustainable jobs. Valerie D’Costa, infoDev’s Program Manager says, ‚”The AppCampus initiative fits with the philosophy of infoDev of supporting innovative entrepreneurs from developing countries. We want to support those who can excel with some level of mentorship, skills training and seed financing. We provide potential job-creators better access to markets, which is what we are all about.‚”