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Welcome to our newsletter section. In this newsletter, we will be looking at:
- Four Nigerian start-ups named in the latest Y Combinator batch
- Orda Raises $1.1m Pre-seed
- Float Raise $17m Seed
Four Nigerian start-ups named in the latest Y Combinator batch
Nigerian startups Dojah, Moni, Topship and IdentityPass have been confirmed as participants in the W22 batch of the renowned Silicon Valley-based Y Combinator accelerator.
According to Reports, participants receive seed funding as well as further investment opportunities at a demo day. The S21 edition of the accelerator had 15 African participants, the most yet, and Disrupt Africa reported earlier this month on the first two confirmed participants from the continent – Ethiopia’s beU Delivery and Nigerian digital compliance and security company Identity pass.
With over 100 companies now confirmed for W22, a further two African companies have been named. They 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.
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Orda Raises $1.1m Pre-seed
Orda raised a US$1.1 million pre-seed funding round to speed its growth and expand across the continent.
The US$1.1 million pre-seed round was led by Lofty Inc Capital Management, with participation from Techstars – Boulder, Magic Fund, Hustle Fund, Norrsken Foundation, Microtraction, DFS Labs, Oxford Seed Fund, Enza Capital and Agrolay Advisors, as well as Ire Aderinokun, Jesse Ovia, Ademola Adesina and other angel investors.
Orda said it has developed a full-stack approach to integrating local payments, logistic companies while building inventory management, and business analytics for small to medium-sized food businesses. It says it is the only technology solution on the continent that allows restaurants to accept and process all their in-store, website, social media, WhatsApp, Jumia Food, Glovo and Bolt Food orders from one easy-to-use interface.
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Float Raise $17m Seed
The cash flow management and spend platform for businesses in Africa, has closed a US$17 million round of debt and equity seed funding to speed its development and launch new products.
Float provides credit lines to small businesses, as well as tools to manage business accounts and wallets in one dashboard, and tools to automate bills, vendor and supplier payments, and invoice collections. To put it simply, it aims to serve as a “financial operating system” for businesses.
The round was led by Tinder co-founder Justin Mateen’s JAM Fund and Tiger Global, with debt financing provided by Cauris. Kinfolk, Soma Capital, Ingressive Capital and Magic Fund also participated in the round, as well as some notable angels including Michael Seibel (YC CEO – Float is an alumni, and founder Jesse Ghansah has been through the accelerator twice), Sandy Kory (Horizon Partners), Karim Atiyeh and Eric Glyman (founders of Ramp), Gregory Rockson (mPharma) and Zach Lipson and Ross Lipson (founders of Dutchie).
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Do you find it Interesting?
Here is an exciting story you might want to read:
- Iyanu Gabriel shares his two years at Bolt Nigeria.