Twelve contestants will have a shot at representing Kenya at the Seedstars World, the global seed-stage start-up competition for emerging markets.
The Sh52.8 million prize competition will cover more than 50 countries this year up from the 36 in the 2014 edition.
In addition to the global winner prize, two more equity prizes have been added: a travel track, powered by lastminute.com group, and a fintech track, putting the total amount of money to be won at Sh158 million.
CfC Stanbic Bank has partnered with Seedstars World to bring Kenya into the competition to be held in Geneva next year.
The 12 start-ups in Kenya will compete to represent the country and will receive additional support from CfC Stanbic Bank Kenya.
“As a bank, our core purpose is empowering business people to succeed and this is one of the way of doing so for start-ups as it brings together passionate people and also reflects our entrepreneurial spirit as we help them take those important first steps in their entrepreneurial journey,” Head of Business Banking, CfC Stanbic Bank Kenya, Ben Wandawanda said.
CfC Stanbic Bank in Kenya will act as the main partner for the event and will explore potential options for collaborations and partnerships with the participating entrepreneurs to empower them to succeed.
All regional winners of the local events will go to Switzerland to pitch at the final event in February 2016.
“Kenya has consistently proven itself to be an exceptional start-up ecosystem and an enabler of brilliant talent. Together with CfC Stanbic Bank Kenya, we are very excited to discover and bring support to all entrepreneurs participating in the competition.” Regional Manager for Africa at Seedstars World, Gregory Pepper said.
Previous participants at Seedstars World, have raised Sh2.1 billion ($20 million) together, providing employment to more than 360 employees globally.