Nigeria’s startup ecosystem recorded a notable funding milestone as eight emerging ventures secured a combined ₦45 million at The Gathering on 100, an innovation-driven programme backed by MTN Nigeria.
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Held at National Stadium Surulere, the event convened founders, investors, and creatives, with its central feature a competitive pitchathon designed to assess early-stage startups across fintech, healthcare, commerce, and artificial intelligence (AI). The programme, initially positioned as a cultural showcase, has evolved into a structured platform for venture evaluation, reflecting a shift towards more outcome-driven engagements within Nigeria’s innovation space.
About 30 founders participated in the pitch sessions, but only eight secured funding after multiple rounds of screening. The process underscored a growing emphasis on business fundamentals, as participants were required to defend their models before a panel that prioritised traction, scalability, and revenue potential over conceptual appeal.
Jakuta, an AI-powered commerce assistant, attracted attention for its attempt to unify customer interactions across calls, messaging platforms, and transactions. However, judges flagged concerns around limited market validation, highlighting a recurring theme throughout the session — the gap between product innovation and measurable adoption.
Other startups demonstrated stronger operational grounding. Kindlybook presented a booking and payment solution tailored to beauty and wellness businesses, showing clear use cases in appointment management and customer retention. RavaSend, focused on cross-border payments, outlined plans to reduce transaction costs across African corridors, though regulatory and infrastructure risks remained key discussion points.
AI-driven solutions featured prominently. Uri Social introduced a platform aimed at streamlining social media management for small businesses, while Dulces Jamz showcased a food processing model that converts locally sourced agricultural produce into consumer goods, addressing both post-harvest losses and value creation.
A consistent takeaway from the pitchathon was the recalibration of investor expectations. Judges repeatedly emphasised customer acquisition, revenue pathways, and operational readiness, signalling that early-stage funding in Nigeria is increasingly tied to execution capability rather than idea-stage potential.
Speaking at the event, Omotayo Ojutalayo, General Manager, Enterprise Business at MTN Nigeria, stated, “Startups that are built around solving real, local problems are better positioned to scale sustainably and contribute meaningfully to economic development.” She added that such ventures play a critical role in job creation and in strengthening small and medium-sized enterprises (SMEs).
At the close of the competition, Hubpharm Africa emerged as the overall winner, securing ₦15 million alongside enterprise support. Coconoto Ltd received ₦10 million, while RavaSend secured ₦5 million. Other startups, including Uri Social, Kindlybook, Dulces Jamz, Africa Medical Marketplace, and MyFund, each received ₦3 million.
Hubpharm Africa’s model focuses on improving access to specialised medications, pointing to persistent gaps in Nigeria’s healthcare value chain that startups are increasingly targeting.
Analysts note that the event reflects a broader transition within Nigeria’s startup ecosystem, where platforms that previously prioritised visibility are now centred on validation, scalability, and execution, indicating a more disciplined and maturing early-stage investment environment.
