The Southeast Venture Capital Program came to an end this week with a two-day event featuring a grand finale on Monday and an awards night on Tuesday.
At the grand finale earlier this week, Virtual and Physical judges quizzed 50 startups that were finalists in the inaugural Venture Capital program arranged by the Southeast Development Commission (SEDC).
The 50 finalists were whittled down to 25 winners after a rigorous selection process. This was done by a team of expert judges, including Prof. Ndubuisi Ekekwe of Tekedia Capital and Eke Urum of Risevest.
At the end of the process, 25 startups (10 incubators and 15 accelerators) were selected for the prize. These startups will receive $5000 for incubator startups and $20,000 for accelerator startups from the SEDC.
This massive injection of funds into the eastern tech ecosystem aims to spur the next generation of startups. It also aligns with the SEDC’s mission to grow the Southeast economy to $1 trillion by 2050.
Speaking at the Investment and Award Night Ceremony. Mark Okoye explained the goal of the SEVCP. He said it is a long-term bet on the growth of the Southeast.
“The South East Venture Capital Program is not merely a startup competition but a long-term economic development strategy designed to unlock the entrepreneurial potential of the region and strengthen the pipeline of investable businesses emerging from the South East,” he said.
Okoye explained earlier that the southeast region is not lacking talent. He said it suffers from a lack of access to capital and mentorship. He urged the private sector to complement the public sector’s efforts to address this pressing issue.
25 Startups Share a N70 billion Pool Prize
The 25 startups that are set to benefit from the inaugural venture capital program are as follows
Incubator Startups: Health Vault NG LTD, VIBET BIO, Wattmuse Energy, KoboTrac, Simsak, Growdex, Farmi AI LTD, CNG Protect, Linia Finance, and Keke Ride.
Accelerator Startups: Ondigo Technologies Limited, Skilladder, KIRA AI LIMITED, RapidMedicare Limited, SmartAirs, Bra-X, Stur Africa, Nigenius, SpaceOps, FLOF CO, Case Radar, Smart Transport Grid Ltd, 8Bit Digital Systems Limited, CLIMAX GREEN, and Afiari
Observers of the program noted the diversity among the winners. They commented on how it reflects the sophistication of the Southeast tech ecosystem. New entries include artificial intelligence, Clean energy, Climate Innovation, Digital health, and Smart mobility solutions.
The SEDC is the youngest development commission in the country, launched last year by the Bola Ahmed Tinubu Administration. The CEO, Mark Okoye, is an established administrator with work experience at Anambra’s premier investment body, ANSIPPA.
