The RevUp Women Initiative, a flagship programme funded by the Visa Foundation in partnership with AfriLabs and RAD5, has awarded a combined $8,000 to two female entrepreneurs to support the growth of their businesses.
The programme’s Demo Day and Awards Ceremony, held in Aba over the weekend, saw Rita Obi, founder of Fendol Limited, emerge as the winner, securing the top prize of $5,000. Utibe Akwa of Utytrends Global Ventures Limited was named runner-up and received $3,000.
The event brought together 10 finalists who pitched their business models to a panel of judges within a strict five-minute window, followed by another five minutes of questioning. The founders sought financial backing to scale operations, improve production, and expand market reach.
Speaking on the initiative, AfriLabs Director of Finance and Operations, Abdulrasheed Shuaibu, said the programme aligns with the organisation’s broader objective of strengthening Africa’s innovation ecosystem and supporting women-led ventures.
He said, “AfriLabs vision is largely to build a thriving innovation economy driven by our community of entrepreneurs across the continent. We do this by providing access to research and data, market policy, advocacy and capacity building, amongst other initiatives.
“I will like to welcome everyone to the demo day of the RevUp Women Initiative Nigerian edition. This initiative was born out of a clear need to redeem the ecosystem and empower women-led businesses across Africa.”
Also speaking at the event, Abia State Commissioner for Science, Technology and Innovation, David Kalu, noted the increasing participation of women in entrepreneurship within the state. He cited data suggesting that women-led businesses often record higher success rates than their male counterparts, describing the trend as a positive signal for economic development.
“This event is something that really excites me, and I want to be here to encourage this for more of it to happen. Let this just be a start, a beginning of a shift in dynamics in Abia State,” Kalu said.
The Commissioner for Women Affairs, Maureen Aghukwa, who was represented by the Director of Women Affairs, Ngozi Nkuche, said initiatives such as RevUp reflect the changing role of women in society, adding that women are no longer confined to the background in economic participation.
Corporate participation also featured at the event, with mobile accessories brand Oraimo supporting the programme. The company provided product packages to the eight other finalists as consolation prizes.
The judging panel comprised Paschal Etien, Irunna Ejibe, and Nnamdi Ajah. Their assessment focused largely on financial projections, scalability, and product-market fit. Contestants were evaluated based on traction, revenue potential, and clarity of their business models.
Most of the startups presented solutions targeting clear market gaps or underserved segments, with strong emphasis on problem-solving and revenue optimisation.
Fendol Limited, the winning venture, operates in the food processing space, specialising in dry and wet fish products. During her pitch, Rita Obi disclosed that the company already maintains several thousand fish in its reservoirs and serves a growing customer base across Nigeria, indicating strong existing demand and operational capacity.
Utytrends Global Ventures Limited, the runner-up, operates in the food production segment and is currently exploring a potential distribution partnership with the makers of Golden Morn. Founder Utibe Akwa revealed that the business is projecting production of up to 50,000 units, contingent on acquiring an automatic sealing machine. The company reported sales of 16,000 units in 2024 and projects annual revenues of up to N60 million if expansion plans are realised.
Organisers stated that the $8,000 funding is non-equity and will be disbursed after a final vetting and compliance process conducted by AfriLabs and the Visa Foundation.
Prior to the Demo Day, participants underwent structured training sessions facilitated by the RAD5 Tech Hub team and other partners, focusing on business development, pitch readiness, and scaling strategies.
The RevUp Women Initiative continues to position itself as a targeted intervention aimed at bridging funding gaps for women entrepreneurs while strengthening the broader startup ecosystem in Nigeria and across Africa.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.
