Nigeria Sovereign Investment Authority Awards $120,000 to Two EdTech Startups in Innovation Prize 2.0

The Nigeria Sovereign Investment Authority (NSIA) has awarded a total of $120,000 to two Nigerian EdTech startups out of $220,000 given out to three startups in grant and equity, as part of the second edition of its NSIA Prize for Innovation 2.0.

This recognition aims to foster technological advancements and entrepreneurial growth within Nigeria’s burgeoning tech ecosystem. The winners were announced on Saturday during the final Demo Day, where 10 selected startups presented their innovative solutions to an expert panel of judges.

The evaluation criteria included market potential, team composition, traction, and the competitiveness of the proposed solutions.

Sycamore, a peer-to-peer lending fintech platform that leverages technology to connect lenders and borrowers, won the grand prize of $100,000. Two EdTech startups clinched the first and second runner-up prizes. Kunda Kids, an edtech media company dedicated to providing engaging, African-inspired digital content for children, parents, and libraries globally, secured the second position and a prize of $70,000. Founded with the mission of enriching children’s educational content through culturally relevant narratives, Kunda Kids has made significant strides in the edtech space.

Pave, a comprehensive learning and career ecosystem designed to support students in achieving successful careers, came third, earning $50,000. PaveHQ focuses on bridging the gap between education and employment by providing students with the resources and guidance needed to thrive in their chosen career paths.

The Managing Director and Chief Executive of NSIA, Aminu Umar-Sadiq, emphasized the importance of technology in shaping positive socio-economic outcomes. He noted that the NSIA Prize for Innovation was created to propel innovation, support entrepreneurship, and position young Nigerians within the global technology ecosystem.

This year’s programme also includes a five-week, all-expense-paid training at Draper University in Silicon Valley, USA, for the top ten innovators, providing them an unparalleled opportunity to expand their horizons and deliver solutions on global platforms.

The Nigeria Sovereign Investment Authority is a government investment institution established by the Nigeria Sovereign Wealth Act (2011). It manages and invests in a diversified portfolio of medium and long-term funds aimed at driving sustained economic development, enhancing infrastructure, and providing economic stabilization.

The NSIA operates three distinct funds: the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund. The NSIA Prize for Innovation represents the Authority’s multi-year commitment to nurturing early-stage innovative businesses within the tech ecosystem, creating sustainable positive impacts for the benefit of all Nigerians.

The NSIA’s continued support for technological innovation and entrepreneurship is a testament to its commitment to fostering economic growth and positioning Nigeria as a leader in the global tech landscape.

The success of Kunda Kids and PaveHQ in this year’s competition highlights the immense potential within Nigeria’s edtech sector and the broader startup ecosystem.