Nigerian startup Cashmadam has won the pitch competition at the ongoing Tony Elumelu Foundation (TEF) conference. The pitch competition also featured 4 other startups who competed for the coveted prize.
Mahassin Quadri @cashmadamNG is the winner of the #TEF pitching competition.#TEFforum2018 pic.twitter.com/2Rnw8WiWvC
— Tony Elumelu Foundation (@TonyElumeluFDN) October 25, 2018
The startups pitched before an eager audience of entrepreneurs, investors and government officials from three countries. The event is still ongoing, but here’s a brief about Cashmadam.
About CashMadam
Founded by Mahassin Quadri, a lawyer, Cashmadam is an innovative solution created to help small and medium enterprise owners solve business challenges that affect revenue and business growth. The startup aims to make inventory and sales management easy for low tech companies.
The joy that comes with winning!
Meet #TEF Pitching Competition Winner – Mahassin Quadri 🇳🇬, 2015 @TonyOElumelu entrepreneur and Founder @cashmadamNG. #TEFForum2018Well done to @vsounouvou of Exportunity 🇧🇯, Mohamed Dhaouafi 🇹🇳, Sandra Onwuekwe 🇳🇬 and Jessica Rakotoarisa 🇲🇬 pic.twitter.com/czzkTkVcKl
— Tony Elumelu Foundation (@TonyElumeluFDN) October 25, 2018
Developed as an app, the CashMadam helps businesses record key business information and uses them to make business recommendations to users.
Launched in 2015, other features embedded in its app include invoice generation, stock alerts as well as daily reports about revenue margins.
Since its creation, the company has kept quite a low profile especially as regards its finances. However, the startup has participated in several competitions, the penultimate one been ‘Tech in Heels’ at the Lagos Innovates competition in June 2018. Yet, not much is known about how the startup operates.
Our winners have emerged!
Congratulations to Mahassin of @cashmadamNG and Chika of @greymatecare.
As you can see, they were both very delighted! #TechInHeels #WomenInTech #tech #startup #lagosinnovates pic.twitter.com/6w4M9KQxwu
— Lagos Innovates (@lagosinnovates) June 26, 2018
In terms of revenue, the company shared on Venture Capital for Africa that it is a freemium service. Its app comes with inapp purchases which work for free for the first 90 days. It also explained that it works with larger organizations to develop custom solutions for their businesses.
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