The 2023 edition of the MEST AfricaChallenge (MAC) has initiated its application process for African startups to be done in collaboration with Absa Bank, focusing on early-stage technology startups operating within Ghana, Nigeria, Senegal, Kenya, and South Africa.
In a document seen by Nairametrics, the MEST Africa Challenge is an opportunity for startups to secure an equity investment of USD 50,000, a financial boost that fuels their journey toward accelerated business expansion.
Beyond the monetary support, the winner of the competition, along with other exceptional participants, will gain entry into MEST Africa’s expansive global community and networks.
This access opens doors to invaluable partnerships, mentorship, and avenues for investment.
The platform catalyzes startups, propelling them into the subsequent phase of their business development and bestowing upon them worldwide recognition.
The theme for this year, ‘Unlock Your Startup Potential’, aptly captures the dynamic technological landscape that Africa is currently witnessing.
Winners from previous editions
Since its inception, the MEST Africa Challenge pitch competition has attracted a multitude of applications spanning the African continent.
This event has not only gained international recognition but has also fostered partnerships, all the while nurturing a thriving community of African tech entrepreneurs.
In 2022, the MEST Africa Challenge awarded Kwely, a B2B e-commerce startup originating from Senegal.
Kwely’s innovative solutions set them apart in the fierce competition, and their win serves as a source of inspiration for entrepreneurs all over Africa.
This success has not only shone a spotlight on Kwely but has also contributed to the growth of other winning startups, including Kilimo Fresh from Tanzania, OZE from Ghana, Snode Technologies from South Africa, Waya Waya from Kenya, and Accounteer from Nigeria.
Given the remarkable strides in technological innovation and adoption occurring across the continent, this year’s competition is poised to present groundbreaking ideas and solutions.
According to Ashwin Ravichandran, Portfolio Advisor and Lead of the MEST Africa Challenge,
- “I am confident that the MEST Africa Challenge will uncover exceptional startups that will shape the future and drive positive change in Africa and beyond”.
Eligibility requirements
To qualify for the program, startups must be within the agri-tech, Biotechnology, and medical research sectors have a monthly recurring revenue of more than $5000 and must have raised cumulative $1M funding or less and existed for 3 years and below.
The startups must also have at least 6 months of recurring revenue, have at least 2 founding team members, and be registered in the country of domain of Delaware, United States.
The application can be made here before the deadline on the 9th of October 2023.
