Startups in Nigeria, Ghana, Kenya, Senegal, and South Africa have been presented with a rare opportunity to raise funds and grow their startups through the MEST Africa Challenge 2023.
The MEST Africa challenge is an early startup growth series that seeks to fund early innovators across Africa’s biggest startup ecosystems including Nigeria, Ghana, Kenya, Senegal and South Africa to help them grow their businesses and establish themselves.
To qualify for the MEST Africa challenge, startups need to fulfill a number of requirements. Chief among these requirements is that you must be based in one of Nigeria, Ghana, Kenya, Senegal, and South Africa. Other requirements are listed below:
- Monthly Recurring Revenue: A minimum of $5k
- Funding raised: Cumulative $1M or less
- Years in existence: 3 years and below
- Traction: At least 6 months of recurring revenue
- Founding team: At least 2 founding team members
- Registered in Delaware (This is preferred)
What You Stand To Gain
The grand prize for the MEST Africa Challenge 2023 is USD50,000 in equity investment, as well as a plethora of other benefits. Other benefits include one year professional business coaching, access to MEST portfolio resources, strategic partnerships amongst others.
How To Apply
- Complete an online application
- Submit a pitch deck and a 3mins Video pitch
- Wait for the selection of the top 10 finalists from each country
- If you are chosen, attend the virtual Regional Finals competition held for each country
- Wait for the selection of the top 5 startups (1 from each country)
- If you are chosen, the top 5 compete at the grand finale and Demo Day
Since its inception, the MEST Africa Challenge has grown to become a popular incubator for early-stage startups across the continent. Consequently, it has reportedly received thousands of applications and has helped scores of startups get on their feet across the continent. Some of the past winners of the challenge include Nigeria’s Accounteer, Ghana’s OZE, Kenya’s Waya Waya, and South Africa’s Snode Technologies. For more information, visit the organisation’s official website.