The FINCA Ventures Prize awarded $400,000 in grants to 12 social enterprises making a difference in sub-Saharan Africa.
The first-ever competition, held on March 28, 2024, showcased the power of social entrepreneurship and impact investing in Africa.
The 12 finalists, representing both healthcare and agriculture sectors, pitched their innovative solutions to a panel of judges and an audience of around 150.
Among the guests were the United Republic of Tanzania’s Ambassador to the US., H.E Dr Elsie Sia Kanza, Togo’s Ambassador to the US, Monsieur Frédéric Edem Hegbe, and Andrew Buop, education attaché from the Embassy of the Republic of Kenya.
FINCA, an organization dedicated to financial empowerment, specifically targets entrepreneurs with bold visions focused on creating positive change for low-income communities.
Women entrepreneurs were a major highlight of the competition. Ten of the 12 finalists had women in leadership roles, and all four first-place winners were either founded or co-founded by women. This reflects FINCA’s commitment to gender parity and women’s empowerment.
Innovating in Agriculture and Healthcare
The competition awarded $70,000 grants to the top enterprises in each of the four categories: agriculture and healthcare.
Agriculture winners:
- Rio Fish, led by Angela Odero, fights exploitation in the fish industry by supporting smallholder fish farmers with market access and cold chain facilities.
- Kazi Yetu, a female-led agribusiness founded by Ashley Speyer, sources and processes teas, herbs, and spices from Tanzanian farms, promoting fair trade practices.
Healthcare winners:
- Bena Care, led by Naom Monari, uses technology to connect patients in Kenya with a network of healthcare workers, improving access and reducing costs.
- Neopenda, founded by Sona Shah, focuses on medical technology with their neoGuard wearable vitals monitor that alerts healthcare providers to patients in distress.
Second and Third Place Winners Offer Diverse Solutions
Beyond the top prize winners, the FINCA Ventures Prize recognized several other inspiring social enterprises.
Runners-up in Healthcare
- CheckUps (founded by Renee Ngamau and Moka Lantum) tackles affordability in Kenya and South Sudan. They offer tech-enabled financing tools and micro-insurance, making healthcare accessible to more people. Their innovative approach earned them a well-deserved $20,000 grant.
- Technovera, led by Neo Hutiri, improves healthcare efficiency in South Africa, Namibia, and Botswana. Their locker system allows patients to collect chronic disease medication in under 30 seconds, eliminating long wait times at clinics. This second-place winner received a significant boost with their $20,000 grant.
Second Place in Agriculture
The competition also highlighted excellence in agricultural solutions.
- Baobaby, led by Ida Solitoke and Koffi Nomedji, empowers women farmers in Togo. They purchase crops at fair prices and create a more nutritious, affordable, and water-efficient baby formula compared to imported options. This innovative company secured a second-place grant of $20,000.
- Sprout, founded by Ashley King-Bischof, utilizes artificial intelligence to help Kenyan coffee farmers build resilience against climate change. Their second-place win came with a $20,000 grant to support their crucial work.
Third-Place Spotlight
The competition wasn’t just about top spots. Several third-place winners presented impactful solutions.
- Emergency Response Africa, led by Folake Owodunni, revolutionizes emergency care in Nigeria by reducing response times by 40-80%. Their life-saving service received a $10,000 grant.
- OneHealth, founded by Adeola Alli, provides a digital healthcare infrastructure in Nigeria. Their platform connects patients, insurers, and pharmacies with a network of over 900 providers, ensuring access to quality healthcare solutions. This impactful initiative earned a $10,000 grant.
- Koolboks, led by Natalie Casey, offers accessible and sustainable solar cooling solutions in Nigeria, Kenya, and Uganda. Their contribution to climate-friendly healthcare storage secured a $10,000 grant.
- Sommalife, founded by JohnCarl Dunyo, boosts incomes in the shea value chain across Ghana and Burkina Faso. Their work empowering communities earned them a $10,000 grant.
A Call for More Impact Investing in Women
The event highlighted the need for increased support for women entrepreneurs.
FINCA President, Andrée Simon and Greta Bull, Director of Women’s Economic Empowerment at the Bill & Melinda Gates Foundation, emphasized the importance of getting more capital into the hands of female founders with good ideas.
“We know that about 2-3% of venture funding worldwide goes to women. It cannot be the case that women only have 2-3% of the good ideas,” Bull told the audience during a live virtual interview. “If we want to build economic growth in the markets that we care about, we won’t get there if half the population is sitting on the bench,” she continued. “We need to find better ways to get capital to women so they can invest in their good ideas. But we also need to find ways to buy women time so that they can actually realize those good ideas.”
A Celebration of Progress
The FINCA Ventures Prize serves as a powerful example of how social entrepreneurship and impact investing can create positive change. As these award winners move forward, they are not only equipped with financial resources but also the backing of a global community committed to a brighter future for all.
