Six African Startups Win $400,000 in 2025 FINCA Ventures Prize Competition
Six African startups have secured a combined $400,000 in funding through the 2025 FINCA Ventures Prize Competition, an initiative that supports bold solutions in climate-smart agriculture and financial inclusion.
The competition, which attracted more than 300 applicants from across the continent, culminated in a virtual pitch event on September 15, with winners announced during an award celebration in San Francisco the following day.
The top honors went to Esther Kimani, founder of Farmer Lifeline Technologies in Kenya, and Foluso Ojo, founder of truQ in Nigeria. Each received $100,000 to scale their ventures. Kimani’s company uses solar-powered devices and AI to detect crop pests and diseases before they spread, offering farmers critical tools to protect their yields. Ojo’s startup provides a digital platform that connects small-scale transporters to credit, operational tools, and better-paying jobs, strengthening livelihoods in the logistics sector.
Second-place prizes of $60,000 each were awarded to Silo Africa, co-founded by Eliud Rugut, in the climate-smart agriculture category, and to fintech company Cladfy, co-founded by Ebby Gatamu and Kibe John. Third-place winners, who received $40,000 each, included Karpolax, co-founded by Samuel Muyita, and 10mg Health, founded by Christian Nwachukwu.
Beyond the prize money, the finalists benefit from mentorship, expert feedback, and access to FINCA’s global networks. According to Winnie Mwangi, Managing Director of FINCA Ventures, this kind of support can be just as transformative as the funding itself, helping young companies refine their models and connect to international opportunities.
FINCA Global CEO Andrée Simon emphasized the importance of backing Africa’s entrepreneurs at a critical time. “African entrepreneurs are designing bold, locally grounded solutions to complex challenges,” she said. “They deserve support that matches their ambition: resources that accelerate growth, open doors, and amplify their impact.”
This year’s competition also highlighted the growing role of women founders in the continent’s innovation landscape. Five of the six finalists were women-led or co-founded companies, a significant achievement in a startup ecosystem where, according to recent reports, less than 10 percent of venture capital funding in 2024 went to women-led teams.
The 2025 FINCA Ventures Prize competition comes as Africa faces a sharp decline in overall venture capital activity, with funding levels dropping by more than 50 percent last year. By offering catalytic and risk-tolerant capital, the FINCA Ventures Prize seeks to bridge that gap while spotlighting solutions designed to tackle poverty, climate change, and financial exclusion.
Go to TECHTRENDSKE.co.ke for more tech and business news from the African continent.
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