Record $2.267 Million Awarded at 2025 Edward L. Kaplan, '71, New Venture Challenge, B2B SaaS Company Takes First
Last night, judges and additional investors awarded $2.267 million to the ten finalist teams at the 29th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC). This year’s winner, Rayni, was awarded the Rattan L. Khosa First-Place Prize and a total investment of $825,000.
“It was an extremely competitive year. We had seven teams that we considered for first place during the deliberations. We ended up choosing Rayni, but it was the deepest set of teams we’ve had to date. They were all great,” said Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business and Kessenich E.P. Faculty Director of the Polsky Center for Entrepreneurship and Innovation.
“This year’s startups were some of the strongest yet – and at more than $2.2 million, it’s the most we’ve ever awarded, but it’s also the most ever awarded in any university-based business plan competition in the world,” added Mark Tebbe, adjunct professor of entrepreneurship at Chicago Booth and entrepreneur-in-residence at the Polsky Center.
The finalists represented a diverse group of startups. They presented their business plans to a judging panel made up of nearly 30 investors, entrepreneurs, and industry leaders, many of them Booth alumni, who deliberated behind closed doors before announcing the winners.
“I’m so glad I came to Booth and am so thankful to the Polsky Center,” said Sakshi Nag, cofounder and CEO of Rayni. “I can’t wait to get back to the lab, be back with scientists, and build this out. This means a lot – it’s been two years of insane hard work. I couldn’t have chosen a better place to be, I’m very glad for the Sakshi who three years ago applied to Booth.”
“We were here for the NVC, specifically for getting all the resources that the Polsky Center offers, and I’m glad we were able to do everything that we set out to do. It feels like a perfect, amazing end to something that’s been in the works for more than two years now,” added Divyanshu Sharma, Rayni cofounder.
The winners of the 2025 NVC are:
FIRST PLACE
SECOND PLACE
*Included in the prize total, K1 Semiconductor also was awarded the Moonshot Prize ($25,000), which is awarded to a team whose unique technology is catalyzing innovative solutions to global challenges.
THIRD PLACE
*Included in the prize total, Solitude was awarded additional investment ($30,000) through the new Polsky Energy Transition Leadership Program.
FOURTH PLACE
FIFTH PLACE
*Included in the prize total, MOOJ also won the People’s Choice Award, a $5,000 cash prize voted on by the audience.
SIXTH PLACE
SEVENTH PLACE
EIGHTH PLACE
NINTH PLACE
*Included in the prize total, Ampable was awarded additional investment ($20,000) through the new Polsky Energy Transition Leadership Program.
TENTH PLACE
Investments in the top three teams were made in part from the Purcell Ventures Investment Award, which was established following a $2 million gift from Greg and Francine Purcell in 2022.
The NVC Finals was held in person at Chicago Booth’s Harper Center and included Booth students, members of the public, mentors, advisors, faculty, staff, and investors.
The NVC pioneered business school venture competitions when it held its first finals in 1997 with a $20,000 investment pool. It has since graduated more than 200 companies still in operation today, including nationally known brands such as Grubhub, Braintree/Venmo, Simple Mills, and Tovala, that have gone on to raise more than $1.5 billion in funding and achieve more than $11.6 billion in exits.
The 10 teams competing in the finals were selected from 25 teams that participated in the classroom portion of the NVC, which consists of a credit-bearing spring quarter course.
// The Polsky Center also runs three additional tracks of the NVC. These serve distinct University of Chicago audiences, including undergraduates, executive MBA students, and social impact entrepreneurs. The winner announcements for those competitions can be found below:
