South African startup Momint was named the Best Web 3.0 Startup at the recent Global Startup Awards (GSA) Africa Summit held in Addis Ababa.
Solving a crippling energy crisis is not for the faint-hearted. Neither is it just a South African conundrum. This is just one of the many challenges across Africa awaiting innovative solutions from its people. However, as recent achievements by South African start-ups and the investment community show, the tenacity, innovative thinking and sound investments needed to solve these problems are taking place south of the continent – a region ripe with talent and opportunity
.South African innovators and collaborators are rising to the challenges at home and by implication, the rest of the continent, reinforcing their significant role in the African technology ecosystem and demonstrating how attractive the tip of Africa is for local investment into start-ups that are pushing the boundaries of innovation.
Nowhere was this more clearly demonstrated than when South African start-up, Momint, was named the Best Web 3.0 Startup at the Global Startup Awards (GSA) Africa Summit recently held in Addis Ababa.
Momint was among seven South African regional finalists out of a total of 16 at the GSA Africa. This dynamic start-up facilitates the funding and trading of solar investments through an integrated digital wallet.
Momint digitises tangible assets and legal contracts on the blockchain, allowing individuals to support renewable energy adoption and earn a projected income.
The GSA Africa in collaboration with the Global Innovation Initiative Group (GIIG), the Ethiopian Ministry of Labour and Skills (MOLS), the Ethiopian Ministry of Innovation and Technology (MInT) with the support of the Entrepreneurship Development Institute (EDI) Ethiopia, recently revealed the names of 16 overall African category winners, selected from 70 regional winners, with South African start-ups among the standouts.
In attendance at the Summit were regional winners Newform Foods, Basket eCommerce, BAOM Eco Solutions, NOOSi Health, Liqid Medical and Floatpays. Their presence and participation in the Summit is further evidence of the strength of the start-up ecosystem in South Africa, and how the country’s young entrepreneurs are weighing in on tackling UN Sustainable Development Goals in healthcare, sustainability and food security. The seven SA start-ups competed against 2,057 entrants from Southern Africa and were among more than 8,200 African entrants overall, marking a significant achievement for the SA start-up scene.
Momint’s approach to solving South Africa’s damaging power crisis emphasises the need to innovate in a time of crisis and is a shining example of the kind of creative thinking and innovation currently brewing in South Africa’s tech start-up ecosystem.
Momint CEO, Ahren Posthumus explained what this award means for his start-up and the confidence it instils in the investment community.
“This is a recognition of our passion and tireless dedication of the team. This is just the start of our journey. We have a vision to create a decentralised and sustainable energy network across the entire continent. Web 3.0 is simply a tool that will enable us to achieve this goal and leapfrog the rest of the world. We are forever grateful for the support of everyone who shares this vision and the trust of our community of solar certificate owners, who are an integral part of building and owning this critical energy infrastructure alongside us,” Posthumus says.
The success of startups like Momint goes beyond awards; it translates into real-life impact for local businesses and residents. As startups expand, they create opportunities for job growth, benefiting the local job market. The healthy competitiveness fostered by these startups contributes to a dynamic environment, attracting more talent, entrepreneurs, and businesses to the area.
All 16 African winners will have the exclusive opportunity to engage with the GIIG Africa Fund, the competition’s dedicated investment partner. Through its GIIG Africa Fund and the GIIG Africa Foundation, the organisation aims to find, fund and grow African solutions to globally relevant challenges. The winners will also advance to the official Global Startup Awards in Copenhagen next year.
Jo Griffiths, co-founder of the GSA Africa and GIIG, highlighted, “The GSA Africa is dedicated to increasing the recognition of African innovation, serving as a bridge that connects different cultures and stages of startup development across the continent. It encourages mutual understanding and collaboration, offering a stage for collective goals of greater impact. The presence of seven South African startups in Addis Ababa highlights the immense potential of our national startup environment. We are extremely proud to have had a strong South African presence at the event, representing various sectors such as health, energy and biotech.”
Also read: Momint Crowned Entrepreneur of the Year At EPF Tech Awards
Momint, the Cape Town-headquartered blockchain firm specialising in real assets and legal contracts, achieved the prestigious title of Entrepreneur of the Year at the inaugural EPF Tech Awards. The awards ceremony, often likened to the Oscars for innovators, unfolded at the glamorous The Ballroom, Monte Casino in Johannesburg.
Distinguished for its groundbreaking contributions, Momint showcased its innovative solutions at the EPF Tech Awards, where exceptional minds were recognized across diverse categories.
The Momint platform stands out for streamlining transactions through its integrated digital wallet and leveraging decentralized finance to transform the landscape of solar investments.
After hosting Africa’s largest Digital Asset auction in March 2022, Momint launched the SunCash initiative to address South Africa’s energy crisis. By allowing individuals to purchase solar cells for as little as R85 and sell solar energy back to public institutions, SunCash has created a win-win situation for users and the environment.
The EPF Tech Awards, in collaboration with our partners and sponsors, congratulates all the winners for their outstanding contributions.
