Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Vester.AI is a technology platform dedicated to transforming the African investment ecosystem by connecting startups and investors leveraging the power of artificial intelligence.

01.01 Describe your startup in more detail

Vester.AI is a technology platform dedicated to transforming the African investment ecosystem by connecting startups and investors leveraging the power of artificial intelligence. For startups, we act as a bridge - providing valuable insights through our investment readiness score and connecting them to investors. For investors, Vester.AI streamlines due diligence, allowing them to identify promising opportunities and make informed decisions faster. Our journey so far has been marked by innovation and validation. We have developed our scoring model, rigorously testing its beta version with 10 tech companies and 5 investors across Africa. Now, we are focused on building our go-to-market platforms: The Startup Launchpad The Dealflow Compass. We will be going live in June 2024.

01.02 What is the main problem you are trying to solve?

1. Lack of access to structured data makes it difficult to size market opportunities in Africa. 2. Limited access to a diverse pipeline of quality startups for investors, especially in emerging markets. 3. Fragmentation in local startup support resources leaves founders unsure of what qualities investors seek in investment-ready startups.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Investment Readiness Assessment: Our AI-powered investment readiness score provides startups with a clear roadmap. It identifies areas for improvement in their business model, financials, and team structure, increasing their attractiveness to investors. Investor Matching: Vester.AI doesn't just connect startups to investors, it facilitates intelligent matchmaking. Our platform uses data analysis to connect startups with investors who are a good fit based on industry focus, investment preferences, and risk tolerance. Cutting Through the Noise: This score acts as a powerful filter for investors based on their investment thesis. By prioritizing startups with high investment readiness scores and high investment thesis matches, investors can quickly identify promising ventures and avoid wasting time on those that may not be a good fit.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Our primary target audience is African startups looking to connect with investors and africa focused investors looking for amazing startup investment opportunities

01.05 When was your company established?

2024-03-27

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Femi Awoniyi (CEO): A seasoned leader with deep expertise in startup funding, particularly within the African context. Previously led Google's Black Founders Fund in Africa. Brings a strong understanding of the challenges faced by African entrepreneurs seeking investment. Oyin Johnson (COO): A dual-qualified technology lawyer who has led mergers & acquisitions, due diligence exercises and other commercial projects across various countries in Africa and Europe. Leverages her legal background to ensure Vester.ai upholds regulatory compliance while applying her experience with tech companies to help startups optimize their pitch and ensuring investor due diligence needs are adequately addressed. Amon Bazongo (CTO): A skilled venture builder and data-driven technology consultant. Possesses expertise in engineering, AI, blockchain, and community building. Plays a key role in developing and maintaining Vester.ai's technological infrastructure.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://vester.ai/

01.11 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My startup contributes to the No poverty goal

3

02.01.02 No poverty - Justification for my startup

02.02.01 My startup contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification for my startup

02.03.01 My startup contributes to the Good health and well-being goal

3

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

3

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

Vester.ai empowers women entrepreneurs in Africa by: 1. Leveling Investment Playing Field: AI scoring removes bias, giving women-led startups a fair shot at funding based on merit. 2. Visibility and Access: Vester.ai connects women founders with a wider pool of investors, increasing their visibility and access to capital.

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification for my startup

Boosting Investment: Vester.ai connects startups (esp. African) with investors, promoting job creation through funded business growth. Upskilling Workforce: Funded startups needing talent drives demand for skilled workers, encouraging training programs. Fueling Innovation: Vester.ai fosters innovation by connecting startups with interested investors, leading to new products and increased efficiency. Promoting Fairness: AI-powered platform levels the playing field for startups, ensuring funding goes to promising ventures regardless of background. While Vester.ai facilitates investment within the ecosystem, job creation and growth come from funded startups. By easing investor connections and promoting innovation, Vester.ai plays a crucial role in supporting SDG 8

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Vester.ai fuels Industry Innovation & Infrastructure by: 1. Data-Driven Decisions: AI platform analyzes startup data, guiding investors towards innovative ventures with high growth potential. 2. Startup Growth & Investment: Vester.ai connects innovative startups with funding, accelerating their development and bringing new solutions to market. 3. Transparency & Efficiency: Streamlined investment process reduces friction & time for funding innovative ideas, fostering a more efficient innovation ecosystem.

02.10.01 My startup contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification for my startup

Vester.ai tackles inequality by: 1. Bridging the Investment Gap: AI scoring reduces bias in funding, giving startups from underserved regions (often facing limited access) a fair shot. 2. Leveling the Playing Field: Vester.ai connects diverse startups with a wider investor pool, increasing funding opportunities beyond traditional networks. 3. Women Empowerment: Vester.ai empowers women-led startups in Africa (addressed in SDG 5), fostering economic participation and reducing gender disparity (contributes to SDG 10).

02.11.01 My startup contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification for my startup

Vester.ai embodies Partnership for the Goals by: 1. Multi-Stakeholder Collaboration: Vester.ai fosters partnerships between startups, investors, and potentially data partners, creating a collaborative ecosystem for African development. 2. Platform for Connections: The platform connects diverse stakeholders, facilitating knowledge sharing and resource mobilization to achieve shared goals (SDGs). 3. Shared Vision for Africa: Vester.ai unites investors and startups with a common goal of propelling African businesses and fostering economic growth (SDG 8 & 17).

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

2

06.02 The product/service represents an entirely new type of product/service.

6

06.03 The product/service could be described as a new technology.

4

06.04 The product/service is an improvement on an existing product or service.

5

06.05 The product/service could be described as an extension of a range of products or services.

5

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

6

06.07 The product/service is a new version of an old product/service.

6

06.08 Justification for my startup

Vester.ai builds upon existing concepts but offers a novel approach with its combination of an AI-powered scoring system, regional focus, and emphasis on local data. The specific combination of AI, African market focus, and local data integration offered by Vester.ai addresses a gap in existing solutions. Vester.ai offers a more tailored and data-driven approach for the African context and is an innovative approach to connecting startups and investors, and enabling access to funding in Africa.

06.09 Competitive Analysis

We don't have any direct competitors in Africa, but the closest is https://maasaia.com/ as they aim to enable startup investment as well. From a global perspective, Peachscore provides some elements of our offering but without the African context.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

My passion for empowering female entrepreneurs extends beyond my current role. Previously, while leading the Google Black Founders Fund in Africa for three years, I actively strived to ensure over 50% of funded businesses were women-led. This focus on inclusivity was a core tenet of the program, and I'm proud of the impact we made in supporting female founders across Africa.