N45m Awarded to Startups as Innovation Showcase Highlights Nigeria’s Early-Stage Ecosystem

By Nonye Ngorka,

Eight Nigerian startups have secured a combined N45 million in funding following a competitive pitch session at The Gathering on 100, a youth-focused innovation and culture event backed by MTN Nigeria.
The event, held at the National Stadium Surulere, brought together startups, creatives, and investors, but its most consequential segment was a high-stakes pitchathon that tested the viability of early-stage business models.

From Showcase to Scrutiny
Originally positioned as a cultural festival, the event evolved into a platform for startup evaluation, with 30 founders pitching ideas across sectors including fintech, health, commerce, and artificial intelligence.
Only eight startups emerged with funding after multiple rounds of scrutiny, reflecting increasing selectivity in Nigeria’s early-stage investment landscape.
Participants were required not only to present ideas but to defend them under questioning, with judges probing traction, scalability, and revenue models.

Early-Stage Innovation Meets Execution Challenges
Among the featured startups was Jakuta, an AI-powered commerce assistant designed to help businesses manage customer interactions across calls, messaging platforms, and transactions.
While its live demonstration drew attention, judges raised concerns about limited market traction, highlighting a recurring theme across several pitches: the gap between product potential and real-world adoption.
Other startups demonstrated stronger validation.
Kindlybook, a booking and payment platform for beauty and wellness businesses, showcased how automation could address inefficiencies in appointment scheduling and customer management.
RavaSend, focused on cross-border payments, outlined its ambition to reduce transaction costs across African markets, while facing questions around regulatory risks and infrastructure constraints.

AI and Digital Tools Gain Ground
Artificial intelligence featured prominently across multiple presentations.
Uri Social introduced an AI-powered assistant designed to manage social media operations for small businesses, reflecting growing demand for affordable digital tools as more businesses move online.
Beyond software, some startups targeted traditional sectors.
Dulces Jamz, a food processing venture, demonstrated how locally sourced agricultural products can be transformed into consumer goods, addressing both food waste and value creation.
Other solutions explored the use of immersive technologies such as virtual try-ons in fashion, aimed at improving e-commerce experiences and reducing product returns.

Investors Shift Focus to Fundamentals
A consistent theme across the pitchathon was a shift in investor expectations.
Judges repeatedly redirected discussions from projections to fundamentals, focusing on:
Customer acquisition
Revenue generation
Operational readiness
Scalability
The underlying message was clear: strong ideas are no longer sufficient without execution capability.

Corporate Backing and Ecosystem Impact
For MTN Nigeria, its involvement reflects a broader push to support innovation within Nigeria’s digital economy.
Speaking at the event, Omotayo Ojutalayo, General Manager, Enterprise Business, MTN, emphasized the importance of locally developed solutions.
According to her, startups addressing real market needs are more likely to scale and create economic impact, particularly through job creation and SME growth.

Winners and Funding Allocation
At the end of the competition, eight startups shared a total of N45 million in funding.
Hubpharm Africa emerged as overall winner, securing N15 million, alongside enterprise partnership support
Coconoto Ltd received N10 million as second runner-up
RavaSend secured N5 million as third runner-up
Other beneficiaries, including Uri Social, Kindlybook, Dulces Jamz, Africa Medical Marketplace, and MyFund, each received N3 million
Hubpharm Africa focuses on improving access to specialized medications, highlighting the role of startups in addressing gaps within Nigeria’s healthcare system.

A Signal of Ecosystem Maturity
Beyond funding, the event reflects a broader shift in Nigeria’s startup ecosystem.
Platforms that once prioritised exposure are increasingly emphasizing validation, scalability, and execution.
Analysts say this trend points to a maturing ecosystem where founders are expected to move faster from concept to viable business models.

Digitnomics Insight
Nigeria’s startup ecosystem is entering a more disciplined phase. Capital is still available—but increasingly tied to execution, not just ideas. The shift suggests a market that is becoming more selective, more analytical, and ultimately more sustainable.