CfC Stanbic Bank partners with Seedstars World to find the best startup in Kenya

CfC Stanbic Bank has partnered with Seedstars World, the global seed-stage startup competition for emerging markets, to identify the best startup in Kenya on October 2^nd.

 

Up to 12 of the best startups in Kenya will compete to represent the country at the Seedstars World competition at the final event in Geneva and win up to USD 500,000 in equity investment. The local entrepreneurs will receive additional support from CfC Stanbic Bank Kenya.

CfC Stanbic Bank in Kenya will act as the main partner for the event and will explore potential options for collaborations and partnerships with the participating entrepreneurs to empower them to succeed.

"As a bank, our core purpose is empowering business people to succeed and this one of the way of doing so for startups as it brings together passionate people and also reflects our entrepreneurial spirit as we help them take those important first steps in their entrepreneurial journey.” said Ben Wandawanda, Head of Business Banking, CfC Stanbic Bank Kenya.

Continuing on its goal to put the spotlight on entrepreneurs from emerging countries, Seedstars World expanded its competition to more than 50 countries for 2015, up from the 36 countries of the 2014 edition. Its past participants have raised 20M USD together, providing employment to +360 employees all around the world.

“Kenya has consistently proven itself to be an exceptional startup ecosystem and an enabler of brilliant talent. Together with CfC Stanbic Bank Kenya, we are very excited to discover and bring support to all entrepreneurs participating in the competition.” said Gregory Pepper, Regional Manager for Africa at Seedstars World.

All regional winners of the local events are invited to Switzerland to pitch at the final event in February 2016. This year, Seedstars World is looking to expand its impact through key partners in recognizing the startups potential according to diverse criteria. In addition to the 500’000 USD global winner prize, two more 500’000 USD equity prizes have been added: a travel track, powered by lastminute.com group, and a fintech track, putting the total amount of investment to be won at 1’5M USD. Various prizes can be won outside the tracks, including a 50’000 USD space prize supported by Inmarsat and AP Swiss.

OkHi emerged as the local Nairobi 2014 winner, with its next generation address system for Kenya and beyond.

This year, Seedstars World has a local Ambassador representing the initiative throughout the year Douglas Ogeto, Managing Partner at The Founders Hive (Africa), who chose to join Seedstars World because “it’s an opportune time to support local startups as they have shown and have the potential to compete and scale globally and offer competitive quality and experience”. They have also partnered up with iHub, Bonelli Design Firm, iBiz Africa and The Founders Hive.