WeFarm, a Kenya based peer-to-peer farming information platform, has secured US$200,000 for placing second at the finals of The Venture, Chivas Regal’s global search for the world’s most promising entrepreneurs.
Following the public voting period, which was used to decide how US$250,000 of the US$1 million prize money of the competition will be distributed amongst the finalists, 12 startups pitched for a chance to make it to the finals.
Five startups were selected after the pitch to proceed to The Venture Final Pitch Event. The startups were WeFarm, Conceptos Plásticos, Coolar, EyeControl and Wakami.
At The Venture Final Pitch Event, the five startup pitched to a panel of judges that include Alexandre Ricard, Eva Longoria, Joe Huff and Sonal Shah for a chance to emerge winner and take the highest share of the remaining US$750,000.
After a series of questions from the judges and deliberations, they decided WeFarm placed second, and as such will receive US$200,000.
The Venture funding would allow WeFarm to significantly grow the number of farmers in Kenya and Uganda using the platform.
Pernod Ricard’s Chairman and CEO, and The Venture judge, Alexandre Ricard said, “It was truly a privilege to be part of the judging panel and watch the five finalists pitch for the remaining $750,000 of funding. Businesses like Conceptos Plásticos and WeFarm are great examples of how innovative, passionate and forward-thinking the social entrepreneurship movement is,”
They added, “Chivas is proud to support the global community of businesses that are on a mission to make a positive change in the world – I look forward to seeing the impact of these projects in the future.”
Altogether, WeFarm won a total sum of US$200,948 – US$948 being the amount it received from public voting.
The Venture Final Pitch Event took place on July 14, 2015 in New York City.
This is the second edition of The Venture. The inaugural edition took place last year in San Francisco and saw South Africa’s Lumkani, which designed an innovative tech-driven fire detector, winning a total venture funding of US$81,581.
This wouldn’t be the last time the competition will hold. The Venture will continue its global search for the most promising startups possessing the potential to not only succeed financially, but also have the ability to make a positive impact on the lives of others.
The competition is organized by Chivas Brothers (part of Pernod Ricard), makers of Chivas Regal, a blended scotch whiskey.