9 Ugandan Startups Participate in the Seedstar Pitch Event at Outbox Hub – Numida Emerge Winners
Global seed-stage startups competition Seedstars World having visited more than 25 cities (Kampala inclusive) across all the regions of Africa – kicking off on May 26th, 2017 in Johannesburg, South Africa, came to Kampala on August 04th, 2017 where they held a dynamic pitch event at tech and incubation hub; Outbox Hub in partnership with Stanbic Bank Uganda to select potential startups for their 4th Seedstar competition.
Having selected 9 startups to compete in the pitch event, Digital loans startup; Numida emerged winner of the Ugandan leg of global seed-stage startup competition Seedstars World, and will now pitch against other global startups at the global final in Switzerland next year for the chance of securing US$500,000 equity investment. Digital marketing and payments startup Ubuntu Capital, and Mobile payments platform Chap Chap Africa – came in the 2nd and 3rd positions respectively.
The two year old startup (Numida) issues unsecured loans to credit-constrained Ugandan entrepreneurs, who use the startup’s app to manage their finances and charges a base rate of between five and 15% on terms of between one and three months, with loan amounts going as high as USD$1,500 (roughly 5,407,500 UGX). Users can access credit after only seven days of app use, but the longer and more often they use Numida the higher loan principals and better terms they are offered.
And the overall winners at the @Seedstars Kampala 2017 is @numidatech. Congratulations. Cheers!!! #SSWKampala pic.twitter.com/o6460Q0yV8
— Outbox (@OutboxHub) August 4, 2017
Seedstars World has already picked winners in South Africa, Mozambique, Tunisia, and Tanzania.
Eight other startup that pitched include;
- Mobile payments platform Chap Chap Africa.
- Agri-tech cost planning startup Charis for Grace.
- Healthcare platform ClinicPesa.
- Fingerprint car ignition system Kuanza Gari.
- Solar-powered street cart provider Musana Carts.
- Online TV service TrendingshoW.
- Digital marketing and payments startup Ubuntu Capital.
- E-health app hiDr.
Notably, a total of 70 startups from 65 countries across the world are set to compete for a final prize at the Seed Stars Global summit next year (2018) at the Swiss Tech Convention Center in Lausanne, Switzerland where US$500,000 in equity investment will be awarded to winners.
Winners will join the ‘Winners Wall of Fame’ with the likes of South Africa’s Giraffe; an for innovative solution to reduce unemployment in the emerging markets and Filipino startup take home the 2017 Global award; for their innovative solution that turns SMEs invoices into cash through discounting of their receivables, providing them with necessary working capital they are not getting from the banks – that won the award in 2016 and 2017 respectively.