Kigali, Rwanda – A Ugandan solution to solving one of the barriers to small businesses, credit access, has been able to raise $100,000 (Shs360m) capital from a group of investors.
During a session called “Face the Gorillas” at the Transform Africa Summit 2017 in Kigali, Rwanda, the Ugandan team, Killer Analytics, presented an application called Smart Credit.
They had to pitch to investors to access a total investment of $200,000 (Shs720m).
“Smart Credit is a business intelligent engine that processes SME transactional data to individualized credit data and financial statements.
It started with the aim of helping small businesses access credit,” explains Mr. Peter Muzoora, the Project Manager at Smart Business Intelligence.
The criteria for the contest in 2017 were being able to provide an ICT solution that can solve a problem for SME’s.
Each time had 5 minutes to make a pitch to investors. They then moved on enter negotiations with investors until a deal with finally. Notably, the startup needed to prove that it was beyond just an idea.
“It was through some intense negotiations between us and the investors also known as the gorrilas.
We had to test the relevance of our solution. We had to show that it is scalable and has the potential to impact a vast number of people with relatively low input and I believe they believe in our vision,” Muzoora adds. By James Otai