The Namibia Investment Promotion and Development Board (NIPDB) and World Bank Group have concluded the Chelete Cage pitch event aimed at addressing the challenge of access to finance faced by startups and micro, small and medium enterprises (MSMEs) in Namibia.

In a statement issued by NIPDB on Monday, Senior Marketing, Branding and Communications Manager Catherine Shipushu said the Chelete Cage pitching event took place in Windhoek and focused on providing a crucial platform for innovative startups and MSMEs to raise funds and meet their capital needs.

The Chelete Cage offered eight Namibian MSMEs with investment readiness the chance to pitch their business plans for a capital amount of N.dollars 30 000, N.dollars 20 000, and N.dollars 10 000. These businesses fall in the food processing, cosmetics and manufacturing, tech and logistics sectors.

Additionally, the selected MSMEs had access to non-financial assistance, such as advice on how to contact potential investors and pointers on perfecting their pitch.

Shipushu said the pitching MSMEs were selected from the Know2Grow High Potential Pool (K2G HPP), a specialised programme designed by the NIPDB to assist MSMEs with high potential to export their products.

The winners of the Chelete Cage pitch are Ndaka Mushrooms & Processing by Abner Tomas with the first prize of N.dollars 30 000, Ilotu Investment CC by Mareka Masule with the second prize of N.dollars 20 000, and K12 Edtech Inc by Loide Dawid with N.dollars 10 000 for third prize.

Shipushu said the Chelete Cage is part of the NIPDB’s initiatives to bridge the access to finance gap and help MSMEs grow and that the next instalment of Chelete Cage will take place later this year.

Source: The Namibian Press Agency