$50,000 Equity Investment for Nigerian Tech and Medical Research Startups

The MEST Africa Challenge 2023 is an opportunity for African tech startups to secure a $50,000 equity investment and gain access to a global network of mentors and investors.

The 2023 edition of the MEST Africa Challenge (MAC) has kicked off its application process, in collaboration with Absa Bank.

According to a document reviewed by Nairametrics, the MEST Africa Challenge presents a golden opportunity for startups to secure an equity investment of USD 50,000.

Besides Financial Help

Apart from the financial backing, the winner of the competition, as well as other outstanding participants, will gain access to MEST Africa’s extensive global community and networks.

This access unlocks partnerships, mentorship, and investment opportunities.

Previous Winners Featured

Since its start, the MEST Africa Challenge pitch competition drew applications from across Africa.

In 2022, Kwely, a B2B e-commerce startup from Senegal, emerged victorious.

These include Kilimo Fresh from Tanzania, OZE from Ghana, Snode Technologies from South Africa, Waya Waya from Kenya, and Accounteer from Nigeria.

In the midst of Africa’s remarkable tech progress, this year’s contest will showcase groundbreaking ideas and solutions.

Ashwin Ravichandran, Portfolio Advisor and Lead of the MEST Africa Challenge, shared his confidence: “The Challenge will discover startups that shape the future and drive positive change across Africa and beyond.”

Eligibility Requirements

Startups must work in agri-tech, biotechnology, or medical research to qualify for the program.

They must have a monthly recurring revenue of more than $5,000 and must have raised a cumulative $1M funding or less.

Additionally, they must have been in existence for three years or less.

Startups must also have at least six months of recurring revenue, at least two founding team members, and be registered in the state of Delaware, United States.

Interested startups can apply here before the deadline on October 9, 2023.

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FAQs

Who is eligible to apply for the MEST Africa Challenge?

Startups operating within the agri-tech, biotechnology, and medical research sectors, with a monthly recurring revenue of more than $5,000, cumulative funding of $1M or less, and in existence for three years or less, are eligible to apply.

When is the application deadline for the 2023 MEST Africa Challenge?

The application deadline for the 2023 MEST Africa Challenge is October 9, 2023.

Who were the previous winners of the MEST Africa Challenge?

Previous winners include Kwely from Senegal, Kilimo Fresh from Tanzania, OZE from Ghana, Snode Technologies from South Africa, Waya Waya from Kenya, and Accounteer from Nigeria.

What is the theme for the 2023 MEST Africa Challenge?

The theme for the 2023 MEST Africa Challenge is ‘Unlock Your Startup Potential.’

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