3 African Tech Startups Awarded $75K Each In Equity Investments And Credit By Meltwater And Microsoft

3 African Tech Startups Awarded $75K Each In Equity Investments And Credit By Meltwater And Microsoft

Meltwater School
The MEST Africa Summit saw five startups competing for equity investment and exposure. Photo: MEST

Africa’s largest tech incubator, the Meltwater School of Entrepreneurial Technology, could not decide between cybersecurity, big data, and fintech in selecting the winner of its annual startup challenge.

So rather than choosing one winner, the judges chose three.

They awarded $50,000 in equity investment from MEST and $25,000 in credit from Microsoft to Oze from Ghana, Snode Technologies from South Africa and WayaWaya from Kenya, according to PCTech.

OZE is a Ghanaian data insights company that helps businesses make data-driven financial decisions and achieve growth to improve their performance.

Snode Technologies is a South African platform that provides real-time cybersecurity for individuals and businesses.

Kenya’s WayaWaya is a fintech company that allows individuals and businesses to make transactions into and within Africa through an app, according to Techmoran.

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The fourth annual MEST Africa Summit took place in Nairobi, Kenya from June 10 to June 12, 2019.

U.S. software company Microsoft was a principal sponsor of the event, which attracted entrepreneurs, investors, ecosystem players and executives from across Africa and globally to explore the latest innovations and challenges facing the African tech ecosystem, Ventureburn reported.

Based in Ghana, the Meltwater Entrepreneurial School of Technology is a training program, seed fund, and Africa’s largest tech incubator.

Five African startups were featured at the conference after being selected as regional winners of the incubator’s annual challenge, HapaKenya reported.

The judges at the conference decided that three of the companies stood out and invested $50,000 in equity investment in each. The stake of the investments was not disclosed.

The three startups have also each been promised $25,000 in credit from Microsoft, according to Ventureburn.

Meltwater School’s success in Africa

Meltwater has links throughout Africa. Since launching in 2008 it has invested more than $20 million in African startups, reports GhanaWeb.

More than 330 individual entrepreneurs have graduated from the Meltwater training program and almost 60 tech startups have been launched via seed funding and mentorship.

Entrepreneurs in Ghana, Nigeria, Kenya, South Africa, and Ivory Coast have benefited from the Accra incubator, including Kudobuzz, meQasa, Tress, ClaimSync and Saya Mobile, according to ITNewsAfrica.