Ugandan tech firm wins inaugural start-ups competition

CEO of Interwold making his pitch to potential investors

CEO of Interwold Allan Rwakatungu making his pitch to potential investors.Photo/Ventureburn

INTELWORLD, the Uganda software firm, has won the inaugural edition of the Payments Dragons Den Africa at the just-ended Mobile Money and Digital Payments.

The event was held in Johannesburg, South Africa. Intelworld beat two other contestants, including one that failed to pitch up. Team Cube and Osusu Mobile, both from Nigeria, were the other contenders for the endorsement.

The session welcomed pre-selected start-up and financial technology organizations to the stage, to pitch their products and services to a panel of experts, potential investors and conference delegation.

Allan Rwakatungu, the Chief Executive Officer and Founder of the startup, pitched on behalf of the company. He hailed the endorsement by the judges, who included Kyai Mullei (Co-Founder of MChanga), Kevin Amamteshe (National Bank of Kenya) and Carol Caruso (Channels and Technology, Accion)

Foffe Yzodjiwo, standing in for Founder and CEO, Chike Obichukwu, pitched on behalf of Cube Company but her presentation did not impress the judging panel, referred to as the Dragons.

Osusu Mobile could not attend the event as scheduled while efforts to communicate them were fruitless following technical glitches.

The contestants each had ten minutes of questioning from the Dragons and the audience.At the conclusion of the pitches, Dragons voted who they believed had the strongest product.

While there was no cash prize or guaranteed funding for the winner, previous contestants at Mobile Money and Digital Payments Africa 2014, winners at sister events have gone on to receive investment from buyers and venture capitalists present.