The Namibia Business Angel Network (NABAN) hosted its first pitch event in Windhoek, where four Founder teams were selected to pitch before a network of angel investors for an investment.
The four founder teams, who are working to innovate the Mobility, Health, Retail and IoT sectors, were chosen after a diligent pre-selection process that involved more than 90 applicants.
The selected teams include Tetranologie Mobility – a company developing smart and protective headgear for the micro mobility sector and DigiHealth Solutions – a company which creates software for healthcare providers to improve efficiency and collaboration.
The other two teams are EasyShop Mobile Marketing, a company focused on building Africa’s first super app to connect the continent’s physical retail ecosystem and Pulsar Electronics – a company that has developed an electric pre-paid smart meter and Wi-Fi router which provides smart, efficient metering and solves internet penetration problems in Southern Africa at the same time.
At the event, all founders had three minutes time to pitch, which was followed by a five-minute question and answer session.
The twelve NABAN members asked questions on the viability, scalability, regulatory framework within which the Start-ups operate and issues around intellectual property, screening the Start-ups carefully.
However, unlike other shows such as “Shark Tank,” the Namibian Angels did not have to make an investment decision on the spot. They were given 24 hours to express interest in the Start-up they would like to invest in.
NABAN will then facilitate the due diligence process and investment negotiations.
If successful, the Start-ups will receive a cash injection from the angels in exchange for a stake in the venture. The new shareholders will then also act as strategic partners to the founders, supporting them for example with strategy advice, contacts and helping with important negotiations.
”The quality of both ideas being communicated and the presentations showed a remarkable improvement from other pitch nights that I have attended. It was a very encouraging event for the local Start-up scene,” Chairperson of NABAN, Josephat Mwatotele said.
“NABAN plays a critical role in the development of the local start-up ecosystem. Not only does angel investing fill a widely recognized funding gap in the local market by providing much needed early stage capital, but it also helps the Start-ups in the form of mentoring and access to various business networks. These factors often play an even bigger role in the success of a start-up.”
Gideon de Klerk of DigiHealth Solutions Namibia said: “Before NABAN, we haven’t been able to secure funding through angel investors as it was difficult to make contact with them. So this pitch event was our first real opportunity. It would be great if this incentive could continue for start-ups – it really empowers people to start fresh ideas and create job opportunities!”
NABAN comprises 12 individuals from different professional backgrounds, who believe in the importance of entrepreneurship as a catalyst for economic growth and are willing to invest their private excess money in Start-ups, in exchange for shares in the company. In addition to a cash injection, the start-up founder benefits from the network of their new business partners, who, in many cases, also act as mentors.
