VunaPay and Kumbatia Seafood lead six African winners of $400,000 FINCA Ventures prize

FINCA Ventures, the non-profit impact investment fund of FINCA, has awarded $400,000 in non-dilutive grants to six African startups at its third annual prize competition, Launch Base Africa reported on 7 October. The winners were chosen after a pitch event hosted by Cisco in San Francisco on 6 October, from a field of more than 700 applicants.

Two tracks, six winners

The competition ran two tracks: fintech for financial inclusion, and sustainable agriculture and food systems. Each track awarded $100,000 for first place, $60,000 for second and $40,000 for third.

In fintech, VunaPay of Kenya took first place with payment and credit settlement software that gives agricultural cooperatives instant liquidity and digital payouts to smallholder farmers. Kenya's nesti came second; it aggregates rent payment data to build credit histories for tenants. ChatCash, which operates in Rwanda and Zimbabwe, placed third by turning messaging platforms into storefronts for micro-merchants.

In agriculture, Kumbatia Seafood of Kenya won first place for cold-chain logistics, processing and traceability for artisanal fishing communities on the Swahili Coast. Zimbabwe's eAgro came second with offline AI and satellite analytics that send agronomic guidance over basic mobile networks. Kenya's Pollen Patrollers took third with solar-powered sensors and AI that monitor bee health and improve pollination.

The winners at a glance

Four of the six winners are based in Kenya, and three are led or co-led by women. "Catalytic capital is what allows founders to reach the scale," said Winnie Mwangi, managing director of FINCA Ventures.

At a glance

• Organiser: FINCA Ventures
• Awarded: $400,000 in non-dilutive grants
• Winners: VunaPay, Kumbatia Seafood, nesti, eAgro, ChatCash, Pollen Patrollers
• Prizes: $100,000, $60,000 and $40,000 in each track
• Applicants: More than 700
• Markets: Kenya, Zimbabwe, Rwanda