By Chinenye Anuforo
Nigeria’s startup ecosystem received a significant boost as eight emerging firms secured a combined N45 million in funding at The Gathering on 100, a youth-focused innovation and culture event backed by MTN Nigeria.
The event, held at National Stadium Surulere, brought together startups, creatives, and investors, with the highlight being a competitive pitchathon that tested the viability of early-stage business ideas across sectors including fintech, healthcare, commerce, and artificial intelligence.
Originally conceived as a cultural festival, the programme evolved into a platform for startup evaluation, with about 30 founders pitching their ideas. After multiple rounds of screening and scrutiny, only eight startups emerged with funding, reflecting increasing selectivity in Nigeria’s early-stage investment landscape.
Participants were required to defend their business models before a panel of judges who assessed traction, scalability, and revenue potential, underscoring a growing emphasis on execution over mere ideas.
Among the startups featured was Jakuta, an AI-powered commerce assistant designed to help businesses manage customer interactions across calls, messaging platforms, and transactions. While its demonstration drew attention, judges raised concerns over limited market traction.
Other startups showed stronger validation. Kindlybook, a booking and payment platform for beauty and wellness businesses, demonstrated how automation could improve appointment scheduling and customer management. RavaSend, focused on cross-border payments, outlined its ambition to reduce transaction costs across African markets, though questions were raised about regulatory risks and infrastructure challenges.
Artificial intelligence solutions featured prominently, with Uri Social introducing a tool designed to manage social media operations for small businesses. Beyond digital platforms, Dulces Jamz, a food processing venture, showcased how locally sourced agricultural products can be transformed into consumer goods, addressing both food waste and value creation.
A key takeaway from the pitchathon was a shift in investor expectations, with judges focusing on fundamentals such as customer acquisition, revenue generation, operational readiness, and scalability, signalling that strong ideas alone are no longer sufficient without execution capability.
Speaking at the event, Omotayo Ojutalayo, General Manager, Enterprise Business at MTN Nigeria, emphasised the importance of locally developed solutions that address real market needs. She noted that such startups are better positioned to scale and contribute to economic growth, particularly through job creation and support for small and medium enterprises.
At the end of the competition, Hubpharm Africa emerged as the overall winner, securing N15 million alongside enterprise partnership support. Coconoto Ltd received N10 million, while RavaSend secured N5 million. Other beneficiaries, including Uri Social, Kindlybook, Dulces Jamz, Africa Medical Marketplace, and MyFund, each received N3 million.
Hubpharm Africa focuses on improving access to specialised medications, highlighting the role of startups in addressing gaps within Nigeria’s healthcare system.
Analysts say the event reflects a broader shift within Nigeria’s startup ecosystem, where platforms that once prioritised exposure are increasingly emphasising validation, scalability, and execution, signalling a maturing environment for early-stage innovation.
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