Nigerian Startups Named As Participants In Latest Y Combinator Batch
The W22 batch of the Y Combinator programme takes place between now and March.
Nigerian startups Moni and Topship 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.
Moses Enenwali, Topship CEO and Co-founder said: “We are beyond excited to be a part of this batch and this strongly affirms our mission to build the global distribution system for the movement of goods within and beyond Africa.”
Y Combinator’s alumni features continental royalty such as Flutterwave, Paystack and Kobo360 (not to mention Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA and Breadfast).
Y Combinator (YC) recently announced that it has increased its standard deal from $125,000 to $500,000.
The Silicon Valley-based accelerator said when a company is accepted into the YC batch program, it will now invest a total of $500,000.
According to YC, the company will still invest $125,000 for 7% and now also invest an additional $375,000 on an uncapped safe with an MFN1.