Kernelincs Resources, an Abia-based palm processing and packaging startup, has won N2 million equity-free funding for the best pitching at the 2019 Nigeria Startup Day for South East.

Daniel Chinagozi, Founder of Innovation Growth Hub, which co-organised the event,  announced the result at a press briefing on Thursday in Aba.

The first runner-up is Honey Empire which specialises on honey production and packaging while the second runner-up is GreenBox Africa, which produces  cheap solar power generators.

Chinagozi said the programme – the second – had over 543 startups applying, with screening reducing  the number to the 330 enlisted to receive free business advice.

He said that Kernelincs Resources pitching was promising.

He said that the startup would receive N1.5 million in a week’s time and the remaining N500,000 after three-month mentoring.

The organiser said other nine sucessful contestants would  receive N1 million equity-free funding in two tranches: the first N500, 000 in August and the remaining N500, 000 after three months’ mentoring.

Kingsley Amajuoyi, the Proprietor of the winning startup, said that he began planning to bring hygenic and safe oil palm production and packaging when his father died from a sickness connected to unhealthy food.

“I am speechless, I am so excited. I wish that my father were alive to see this happen; I am very grateful to God.

“I dedicate this to my father because losing him woke me up to the responsibility of helping people to consume healthy foods, and I am glad to be doing that.

”In the next couple of months, you will see us in shops around Nigeria, and we aim to expand into other products,” he said.

This round of StartUp Nigeria also held in North-central Nigeria, with Agrible emerging tops, while KadaFoods swept the field in North-Western Nigeria

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Alibaba will invest $28B in cloud infrastructure over the next 3 years

Alibaba Group Holding Ltd. will invest about $28 billion, over the next three ye…