A Nigerian startup spearheaded by co-founder and Chief Executive Officer (CEO) Chibuzor Opara emerged victorious at the 2023 Visa Everywhere Initiative (VEI) Global Finals. This significant win secured Drugstoc a coveted grand prize of $50,000, and they didn't stop there. Drugstoc also claimed the Audience Favorite Award, adding an extra $10,000 to their impressive winnings.
The thrilling victory unfolded at the TechCrunch Disrupt event, hosted at San Francisco's renowned Moscone Center on September 19, 2023. This achievement is a testament to Drugstoc's dedication and the innovative solutions they bring to the world of startups and fintech.
Drugstoc's journey to this victory commenced in August 2023 when they clinched the first-place prize of $20,000 in the Central and Eastern Europe, Middle East, and Africa (CEMEA) edition of the VEI. This remarkable feat puts them in the prestigious company of another Nigerian startup, Thrive Agric, which claimed the global VEI prize in 2022.
The global finals presented Drugstoc with formidable competition, as they faced off against four other notable finalists:
Jonas Overgaard, Founder and CEO at Anyday. Saksham Shubham, Business Head – APAC at Decentro. Jeff Catalano, Co-founder and CEO at Payment Porte. Carolina Nucamendi, Co-founder and CEO at Waivr. The fierce competition only served to highlight the significance of Drugstoc's victory.
A distinguished panel of judges presided over this year's competition, featuring prominent figures from the industry, including Ayodeji Arikawe, Co-founder at Thrive Agric and the global winner of VEI 2022; Emily Man, Partner at Primary Ventures; Rodrigo Barros de Paula, Regional Head of Fintech Partnerships for LAC at Visa; Akshay Chopra, VP, Head of Innovation & Design for CEMEA at Visa; Ralph Koker, Visa Direct VP & Head of Market Expansion at Visa; and Dan Roesbery, VP of Fintech Business Development at Visa. These judges meticulously evaluated each finalist, considering criteria such as the quality of their solution and presentation, the potential for partnerships with Visa and clients, and the appeal, uniqueness, and feasibility of their product or solution.
The Visa Everywhere Initiative (VEI) serves as an open innovation program aimed at empowering startups by providing them with opportunities for growth and partnerships while offering a global platform to showcase their groundbreaking solutions. Since its inception in 2015, VEI has welcomed promising startups and fintech firms from over 100 countries. Collectively, these participants have raised more than $16 billion in funding, underscoring the program's pivotal role in helping early-stage entrepreneurs overcome the challenges often encountered in the world of startups.
Drugstoc's triumph at the 2023 Visa Everywhere Initiative Global Finals is a testament to the innovative spirit of Nigerian startups. With the support of programs like VEI, these startups continue to make waves on the global stage, solidifying Nigeria's position as a thriving hub for innovation in the fintech industry.
Nigeria's Drugstoc has proven that innovation knows no boundaries and that startups from emerging markets can compete and excel on the global stage. Their victory serves as an inspiration to entrepreneurs worldwide, showcasing the limitless possibilities that await those who dare to dream and innovate.
Play audio
No comments