Early stage investment firm Connecticut Innovations has launched a USD 5 Mn investment contest to attract some of the brightest minds globally. The U.S based investment firm has a primary interest in attracting startups in the healthtech sector, fintech, IoT and Insuretech fields – together these are Africa’s booming frontiers attracting the most investment on the continent according to WeeTracker’s 2017 funding report.
VentureClash will host a two-day tech fair in Nigeria at the end of May 2018 in a bid to attract Africa’s most promising startups all vying for 1 of 3 semi-final spots at the global pitch contest held at Yale University. The fair will be held in Lagos at the Radisson Blu hotel between the 22nd & 23rd of this month. Winners on the day stand a chance to secure a USD 150 K investment from Connecticut Innovations for the first-place finish and USD 5,000 grant awards each for the three top winners.
To be considered, the start-ups should have been in operation for a minimum of one year with a comprehensive track record of business transactions with customers or show progress through beta testing users. Additionally, startups will be required to move their base of operations to Connecticut where they will not only receive funding but mentorship and business development expertise in the field of interest.
VentureClash’s appearance in Nigeria was driven by Oni Chukwu who currently serves as CEO for etouches – one of Connecticut Innovation’s recently acquired portfolio companies. He has been involved in the exits of three tech companies with a combined valuation of over USD 450 Mn.
Start-ups are invited to pitch at the event in Lagos where they will be given eight minutes to present their ideas and concepts to a live audience followed by a brief Q&A by a panel of judges. Once the judges have decided on a vote, the three winners will be selected to move on to the semifinals round of VentureClash at Yale University.
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