SEDC unveils 25 startups for venture funding

The South East Development Commission (SEDC) has selected 25 startups for funding through its inaugural South East Venture Capital Program, marking a key step toward fostering a competitive innovation ecosystem in Nigeria’s South East region. The announcement followed the program’s Finals Day and Investment Ceremony in Enugu, where startups pitched solutions across healthcare, artificial intelligence, clean energy, agriculture, fintech, mobility, legal tech, logistics, education, commerce, and public infrastructure. The program consists of two tracks: the Incubator Track for early-stage startups and the Accelerator Track for more established businesses with scalable models. After a rigorous selection process involving investors, executives, and industry experts, 10 startups were chosen for the Incubator Track, while 15 were selected for the Accelerator Track. Originally, the Accelerator Track was expected to support 20 startups from 30 finalists, but only 25 startups pitched, leading to adjustments to maintain program integrity. SEDC’s Managing Director, Mark Okoye II, emphasized that the initiative is part of a broader strategy to unlock entrepreneurial potential and position the South East as a leading African innovation hub. Selected startups will receive financial support, mentorship, technical assistance, investor access, and growth opportunities to help them scale sustainably. Okoye noted that the program addresses critical challenges like youth unemployment and limited access to startup funding, particularly outside Nigeria’s dominant Lagos ecosystem. The 10 Incubator Track winners include Health Vault NG LTD, VIBET BIO, Wattmuse Energy, KoboTrac, Simsak, Growdex, Farmi AI LTD, CNG Protect, Linia Finance, and Keke Ride. The program aims to bridge funding gaps for local innovators and encourage technology-driven enterprise development in the region. Industry analysts highlight inadequate capital access and weak institutional support as major barriers for young entrepreneurs, making initiatives like this vital for regional economic competitiveness.