Nigeria’s InsurTech Startup CompareIN Ltd Wins VentureClash Contest
Standing out in a group of 50 applications may actually feel more like a win than the USD 150 k prize money up for grabs. CompareIN Ltd made it through a screening process that whittled down 50 startup applicants to 12 eventual competitors. The screening process culminated in a VentureClash pitch held in Lagos at the Radisson Blu last week.
Winners on the day stood a chance to secure a USD 150k investment from Connecticut Innovations for a first-place finish and a USD 5 k grant awards each for the runners-up. In order to qualify for the competition, the startups needed to be operational for a minimum of one year and display some level of customer acquisition. The startups chosen to compete at the Venture Clash event were Solynta Mobile, Sattrak Services Limited, CompareIN Ltd, Kangpe Inc, Advancio Interactive, Amplify, Beeptool Comm. & Integrated Services Limited, Virtual Farm, SBSC. eMed Diaries, Peach Water Consulting, Social Lender and FINT.
CompareIN is an online web platform that allows users to compare multiple insurance quotes for the same products in one place. They also facilitate quotes and manage in real-time, your online insurance policies once you have made a purchase. The online platform is the brainchild of Alex Aquereburu and his co-founder Kayode Awogboro. They won first place securing the grand prize of USD 150 k but were closely followed by Social Lender and Amplify who both took home USD 5 k.
After a successful inaugural program, Oni Chukwu’s efforts seem to have paid off with CompareIN set to represent West Africa at Yale during the semifinal VentrueClash pitch. Winning that competition will not only result in another round of funding but the startup will be invited to move their base of operations to Connecticut Innovations base of operations where they will receive mentorship and business development expertise.
