PharmaRun wins the $10,000 grand prize at Pitch2Win Competition

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PharmaRun wins the $10,000 grand prize at Pitch2Win Startup Competition
PharmaRun wins the $10,000 grand prize at Pitch2Win Startup Competition

PharmaRun, an online platform offering pharmaceutical products and services, including BNPL options, emerged as the victorious startup in the highly competitive 2023 Pitch2Win competition held in Lagos.

Co-founded in 2021 by long-time best friends Teniola Adedeji and Funmilola Aderemi, PharmaRun aims to address the challenges faced by traditional pharmacies, such as frequent stock shortages that compel customers to settle for undesired alternatives.

With its impressive monthly revenue of over $18,000, PharmaRun secured the top spot in the competition, recognized for the immense opportunity it presents, the magnitude of the problem it tackles, and the exceptional execution by its dedicated team, among other noteworthy factors.

One of the co-founders, Teniola Adedeji, while speaking about the startup’s big win and its next steps, said

This was our first time pitching to an audience so it is amazing that we won. It’s given us validation that this is a product that is scalable and we are unto something. Having to compete with founders that are well-known yet we won? It’s amazing… We’re looking to raise $500,000 for product development and customer acquisition and Pitch2Win is offering us visibility and access to investors. So we’re very thankful.

In addition to PharmaRun’s $10,000 victory in the competition, Akowe, an ed-tech startup, also secured a $3,000 prize for being the crowd favourite as determined by the attendee poll.

Runner-ups at the Pitch2Win competition

PharmaRun wins the $10,000 grand prize at Pitch2Win Startup Competition
PharmaRun pitching

ZeroComplex AI, the runner-up in the competition, is an AI startup dedicated to streamlining the integration of AI into existing applications or the development of AI products and services.

The company, founded by Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo, offers a proprietary AI-API platform designed to empower small and medium-sized businesses (SMBs) and startups to leverage the capabilities of Artificial Intelligence.

Securing the third-place position was Oystr Finance, a fintech startup that facilitates easy access to alternative financial data, creditworthiness assessment, and borrower identification verification across Africa.

Oystr Finance has also been selected for the ARM Labs Lagos Techstars Accelerator and has received funding of up to $120,000. Ifedolapo Lawal and Omotayo Iginla founded this innovative startup, aiming to enable African businesses to extend affordable micro-loans to individuals who are unbanked or have limited access to traditional banking services.

Read Also: Meet the 2023 Pitch2Win finalists vying for the $10,000 grand prize

About this Pitch2Win competition

Shola Akinlade, the co-founder of PayStack, delivered the keynote speech at the event. During his address, he shared his personal journey and highlighted his remarkable achievements, including showcasing a video of his initial pitch at Y-Combinator.

The panel of judges for the Pitch2Win pitching session which followed immediately included Kola Aina, Ventures Platform partner, Eloho Omame from TLCom Capital, Hiro Mashita, founder of SG Verse, Yuzuru Honda, founder, of Freakout Holdings, and Kola Owodunni, the CIO of Nigeria Sovereign Investment Authority.

Additionally, the Pitch2Win event featured panel sessions in between the event led by prominent startup founders and venture capital specialists from across Nigeria.

Among the notable panellists were Oyin Solebo, the Managing Director at Arms Labs Lagos, Dr Ola Brown, the founder of HealthCap Africa, Joshua Chibueze, the Co-founder of PiggyVest, and Ruth Iselema, the Founder of Bitmama, among many other influential figures in the Nigerian startup industry.

During an investment panel discussion titled “The funding part is over, what next?,” Maya Famodu, the founder of Ingressive Capital, shared insights into the current investment landscape. Despite a global decrease in startup investment, Famodu emphasized that capital is still being deployed in Africa, highlighting the continued opportunities for entrepreneurs in the region.

“We are going to be announcing our second fundraise in the coming months. We’re actively
deploying and we have a meaningful fund too in which we have made 17 investments and we
anticipate making ten more before the year ends so come, talk to me. We’re deploying. We
have money. I’m sitting on a panel with people who are writing cheques. I know because we sit
on similar cap tables,”
she shared.

Voltron Capital founder Olumide Soyombo, who was also on the panel shared that he’s actively
investing and is open to investing in promising startups competing in Pitch2Win with sensible
valuation.

Overall, the event provided a platform for startup founders to gain valuable knowledge, network with industry experts, and receive recognition for their innovative ideas and business ventures.


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