6 more startups from Africa have been picked to join Y Combinator’s W22 batch of startups.
The startups selected for the batch include:
- Tendo (Ghana) – An online platform that connects independent resellers to businesses. It enables anyone to start their online business without investing any capital
- Numida (Uganda) – Provides micro and small businesses with digital working capital loans of $100 – $5,000 disbursed via mobile money with no security
- Frain (Nigeria) – A cloud-native webhook service that allows developers to push webhook events to their users in a matter of minutes
- Dojah (Nigeria) – Offers several identity and verification APIs for multiple purposes with just one integration
- Eazipay (Nigeria) – A payroll and book-keeping up for startups
- Touch and Pay (Nigeria) – a unique mobile payment and services platform capturing Offline and Online transactions leveraging NFC technology
The above startups join the other African startups onto the W22 batch, which included:
- BeU Delivery
- IdentityPass
- Moni
- TopShip
YCombinator is one of the most attractive fellowship and accelerator programs for teams that are building in technology, having supported several enterprises including Stripe, Coinbase, Twitch, Instacart and Airbnb.
These startups are altogether are valued at over $600 billion.
In Africa, Y Combinator’s notable investments include Flutterwave, Paystack and Kobo360. However they are not the only ones with Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA and Breadfast, being others.
Ycombinator recently announced that it is changing its standard seed deal size from the previous $125,000 for 7% equity to $500,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms. A SAFE is a Simple Agreement for Future Equity, and means that if the startup does a priced round in the future, YCombinator will be allocated shares in that round.
4 startups from the continent were already confirmed for the batch. These include beUdelivery ,an Ethiopian on-demand food delivery service and IdentityPass a Nigerian digital compliance security company.
The others are both from Nigeria – Moni, a neobank that uses a community-driven model based on social trust to provide financing to mobile money agents; and Topship, which provides technology and services that simplify the shipping of cargo, freight and parcels for African businesses.
Y Combinator runs two three-month funding cycles a year, one from January through March and one from June through August. Each cycle involves a programme to improve the startup to “get to the best shape possible.”
The cycles culminate in an event called Demo Day, at which the startups present to an audience that includes the world’s top startup investors.
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RECOMMENDED READING: Africa Startup Funding Breaks Record in 2021, Over $4 Billion, Says Latest Report
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