PharmaRun, a healthtech platform that offers buy now, pay later (BNPL) options, has emerged as the winner of the 2023 Pitch2Win startup competition, securing a $10,000 prize. The competition, which aimed to support Web2 and Web3 startups, was announced by Pitch2Win a week prior.
PharmaRun, founded in 2021 by co-founders Teniola Adedeji and Funmilola Aderemi, is an online platform that enables users to easily find and order pharmaceutical products and services. The platform addresses the challenges faced by traditional pharmacies, such as stock shortages that often force customers to purchase unwanted alternatives. Adedeji explained the need for such a service, stating that certain regions in Nigeria, like Jigawa, have limited access to pharmacies, prompting orders from across the country.
PharmaRun, currently generating a monthly revenue of over $18,000, was chosen as the winner based on the scale of the problem it tackles, the size of the opportunity, and the team’s execution. Adedeji expressed her excitement, highlighting that this was their first time pitching to an audience and the win validated the scalability of their product. She also mentioned their plans to raise $500,000 for product development and customer acquisition, with Pitch2Win providing visibility and access to investors.
ZeroComplex AI secured the second-place position in the competition. This AI startup simplifies the integration of artificial intelligence into existing applications or the development of AI products and services. Founded by Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo, ZeroComplex AI offers a proprietary AI-API platform that empowers small and medium-sized businesses and startups to leverage the power of AI.
Oystr Finance, the third-place startup, is a fintech company that provides easy access to alternative financial data, creditworthiness assessments, and borrower identification verification across Africa. Oystr Finance was also selected for the ARM Labs Lagos Techstars Accelerator and received funding of up to $120,000. Founded by Ifedolapo Lawal and Omotayo Iginla, the startup enables affordable micro-loans to be extended to the unbanked and underbanked populations in Africa.
The panel of judges for the competition included industry experts and investors such as Kola Aina from Ventures Platform, Eloho Omame from TLCom Capital, Hiro Mashita from SG Verse, Yuzuru Honda from Freakout Holdings, and Kola Owodunni from the Nigeria Sovereign Investment Authority.
During an investment panel discussion titled “The funding part is over, what next?,” Maya Famodu, the founder of Ingressive Capital, shared that despite a global reduction in startup investments, capital continues to be deployed in Africa. Famodu revealed plans for a second fundraise and expressed her active investment approach. Olumide Soyombo, founder of Voltron Capital, also expressed his commitment to investing in promising startups with reasonable valuations that participated in the Pitch2Win competition.