African Startups Compete for $200 Million at Supernova Challenge

African Startups Compete for Share of $200 Million Investment Fund at Supernova Challenge 2.0

African startups are among the promising innovators seeking a portion of a $200 million global investment fund at the Supernova Challenge 2.0, a leading pitch competition taking place at Expand North Star in Dubai, United Arab Emirates.

On Tuesday, the competition cut down the initial pool of 150 startups to 20 finalists, who will vie for funding on Wednesday. As part of their preparation, the finalists will participate in intensive pitch coaching sessions aimed at enhancing their presentations. According to the organizers, “These coaching sessions will occur in a closed-door environment from 9 a.m. to 12 p.m., during which each finalist will present a 2-minute pitch followed by feedback on their presentation style and materials from a designated pitch coach.”

Among the selected finalists is Lupiya, a Zambian fintech startup recognized for its pioneering financial access solutions. Co-Founder Muchu Kaingu expressed enthusiasm about the opportunity, stating, “This achievement showcases the dedication of the entire Lupiya team. We’re thrilled to compete on a global stage and demonstrate how our fintech innovations can positively impact communities worldwide.”

The judging panel for the final round includes distinguished industry leaders, such as Vijay Tirathrai, Managing Director at Techstars; Elisabeth, Investor at Rockstart; and Ravi Lakhani, Head of Middle East at Abra Ventures, among others.

Additionally, multiple Nigerian startups progressed beyond the initial selection phase to present their innovations. However, it has not independently confirmed if any Nigerian startups made it to the final 20. These contenders include Chao, which facilitates fast and reliable delivery of food, groceries, and medications to students on campuses; Seamfix, specializing in digital identity solutions; RAIN (Robotics and Artificial Intelligence Nigeria), focused on AI and robotics training; and Shekel Mobility.

Trixie LohMirmand, Executive Vice President of the DWTC, the organizer of GITEX Global and Expand North Star, remarked, “We aim to conclude the year with significant advancements from our tech community, enhancing global collaborations and strategic engagements among governments, enterprises, investors, startups, academics, and researchers to gain competitive advantages in the race for digital supremacy both regionally and globally.” She noted that international participation in GITEX Global 2024 surged by nearly 40 percent, illustrating the aspirations of emerging digital nations as they navigate the future of the global AI economy through GITEX and Expand North Star, which is focused on promoting the next generation of AI-driven technologies from startups, scale-ups, and unicorns.