Africa-Press – Mauritius. Six African startups have been awarded $400,000 through the 2025 FINCA Ventures Prize, a rare opportunity for early-stage funding at a time when venture capital inflows to the continent have dwindled significantly.
The prize, distributed among winners in climate-smart agriculture and fintech for financial inclusion, comes as Africa’s once-thriving startup ecosystem faces its toughest fundraising environment in a decade. Venture funding to African companies dropped by more than half in 2024, according to industry data, with women-led teams receiving less than 10% of the total.
In contrast, this year’s FINCA Ventures competition saw a remarkable dominance of women founders, with five out of the six finalists being either founded or co-founded by women—reversing the typical funding imbalance.
“African entrepreneurs are designing bold, locally grounded solutions to complex challenges. They deserve support that matches their ambition: resources that accelerate growth, open doors, and amplify their impact,” stated Andrée Simon, global CEO of FINCA.
The two top prizes of $100,000 each went to Esther Kimani, founder of Farmer Lifeline Technologies, and Foluso Ojo, founder of truQ. Kimani’s company uses solar-powered devices and artificial intelligence to detect crop pests before infestations can spread, while Ojo’s logistics fintech connects small-scale transporters with credit, operational tools, and better-paying jobs.
Kimani described the award as patient capital that will enable her to build research and development and expand into new markets. Ojo referred to the recognition as a significant boost that would help her expand access to transport finance and digital tools.
The other winners, including Silo Africa, Cladfy, Karpolax, and 10mg Health, span a range of fields from digital crop storage to healthcare payments. Second- and third-place prizes of $60,000 and $40,000 were allocated to the remaining four winners.
What sets FINCA’s approach apart, according to analysts, is not only the size of the awards but the additional support, expert mentorship, introductions to investors, and international visibility. “This is about building an ecosystem that works for African entrepreneurs. The funding is catalytic, but the networks are often what open doors that would otherwise remain closed,” said Winnie Mwangi, managing director of FINCA Ventures.
This model is increasingly seen as crucial in a market where private capital is retracting. Global risk appetite has shifted away from frontier markets due to high interest rates, and African startups, many of which are pre-revenue or operating in low-margin sectors, have felt the impact.
The prize comes at a time when Africa’s growth narrative is under scrutiny. Despite having one of the world’s youngest and fastest-growing populations, the continent’s innovation economy remains fragile. Challenges like infrastructure bottlenecks, regulatory uncertainty, and currency volatility all hinder expansion.
Climate change further exacerbates the situation, threatening crop yields and food security, while financial exclusion remains widespread, with more than half of adults in sub-Saharan Africa lacking access to formal financial services. The startups recognized by FINCA are addressing these vulnerabilities.
“Agriculture and financial inclusion are not just sectors. They are the foundations of resilience for African communities,” Simon emphasized.
The San Francisco award ceremony, where the winners were revealed after pitching to a panel of global investors and sector specialists, also acted as a platform for international capital. The panel included board members from FINCA International and FINCA UK, as well as investors from Better Food Ventures, The Mixing Bowl, and ResilienceVC.
By showcasing African startups to global investors, FINCA aims to draw in additional capital. “We need to shine a spotlight on these opportunities and attract investors who are interested in innovation, in social change, and in building a more prosperous world,” Simon concluded.
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