Three Nigerian startups have been added to the Silicon Valley incubator programme. Y Combinator for the W23 batch. These startups will receive an additional benefit of $500,000 in funding following the conclusion of the programme.
The Y Combinator has been a part of the launch process for a number of businesses like Airbnb, Coinbase, and Dropbox among others. The programme is also currently in session and will come to a close in March with a demo day.
According to a report in September 2022, the accelerator had raised the threshold for a deal to $500,000. YC formerly contributed $125,000 for 7% equity, but as part of its new standard contract, it also contributes US$375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms.
Three startups, all of which are from Nigeria, are from Africa out of the first 85 startups for the Y Combinator W23 batch. They are:
Waza is a payments and treasury management platform for African businesses. Through its APIs and web platform, Waza enables African firms, startups, and emerging market commerce to manage their worldwide payment requirements.
Waza helps companies of all sizes, including small businesses, major multinational corporations, and other financial institutions, address their needs for worldwide payments and liquidity in an effective and affordable manner.
Shekel is a simplified finance and operations platform for auto dealers. Neobank and trade platform Shekel was created specifically for auto dealers.
By giving these new companies the tools and resources they need to grow sustainably and effectively, the startup enables them to fulfill their full market potential.
Shekel offers financial services to local and virtual dealers with the goal of empowering businesses worldwide.
Cross-border connections and transactions are made possible by an ecosystem that was developed with end-to-end security.
African businesses can control their spending and cash flow thanks to Bujeti. Businesses can use the startup web and mobile app to make bank transfer payments, issue smart real and virtual corporate cards for their staff, and manage expenses with budgeting and spending restrictions.
The only corporate platform that offers automated invoice payment, payables, and a specialized NUBAN to handle financial flows is Bujeti.
Over the upcoming months, more startups will be revealed, with more African businesses expected to be among them.
Seven African startups participated in the accelerator’s most recent batch, S22, however, the preceding batch, W22, featured the greatest number of African startups ever, with 24 participating.
The accelerator holds a murky place in the continent’s startup environment, but entrepreneurs praise it for the beneficial effects it has had on their companies.