Eight African startups will participate in the Y Combinator Winter 2022 Batch. Ten African businesses participated at the Winter batch.
Other continents represented by the YC-2022 Winter batch include: North America (63), Asia (38) and Europe (14), Central America (2) and Southern America (11). Oceania (1).
The Silicon Valley-based accelerator was founded in March 2005 and has invested in 72 African startups, including Flutterwave, Wave Cowrywise, Hellicarrier and Paystack. YC has two funding cycles of three months each year. One is from January to March, and the other from June through August.
Every cycle ends with a Demo Day. The Demo Day is where the startups participating in the cycle present themselves to a large audience, which includes investors.
YC announced a $500,000 standard deal that was split into two SAFEs. The $125,000 safe — $125,000 for a post-money safe, in return for 7% equity — while the MFN safe — $375,000 for an uncapped safe with a Most Favored Nation (MFN) provision — is the $125,000 safe. Safe is an agreement that provides future equity.
The 2022 YC winter cohort will be the first to receive the new YC standard agreement. These are the eight African startups in the cohort: Dojah, Moni Topship, Identitypass and Touch and Pay from Nigeria, five Nigerian startups (Dojah and Moni), Moni, Topship and Identitypass, and one startup each from Ethiopia (beU delivery), Ghana and Numida (Tendo).
1. Dojah (Nigeria)
Dojah allows teams to connect to multiple identity and verification APIs for different purposes with one integration.
Tobi Ololade, Ayomide Obo and Ayomide Oko founded the startup in Lagos, Nigeria, in 2021. They use simple, understandable APIs to identify and verify individuals and businesses. You can quickly identify and verify customers using their diverse data points and biometric verification methods.
2. Moni (Nigeria)
Mobile money agents can be compared to human ATMs. Mobile money agents are like ATMs. Nine out of ten of them lack cash liquidity. Moni provides low-interest loans to mobile money agents via a trust vetting process and referrals. The startup was founded by Femi Iromini & Dapo Sobayo in 2021.
3. Topship (Nigeria)
Topship facilitates international shipping for African businesses. The logistics startup was founded by Moses Enewali in 2020 and Babatunde Juniaid in 2019. It offers technology and services to simplify shipping cargo, freight, and parcels. The goal of the logistics startup is to create a global distribution system that facilitates delivery of cargo, parcels and freight for African businesses.
4. Touch and Pay Technologies Limited (Nigeria).
Touch & Pay were launched in 2017 by Olamide Afolabi and Michael Oluwole. Their goal was to reduce physical cash circulation and encourage the use of electronic payments for goods and services.
5. Identitypass (Nigeria)
Identitypass, a Nigerian cybersecurity and digital compliance company, provides seamless identity verification solutions for African businesses. Identitypass was founded in January 2021 by Niyi Adegboye, Lanre Ogungbe and David Obi. Their vision is to create a global compliance and security infrastructure that is free from identity theft.
6. Tendo (Ghana)
Tendo allows anyone in Africa to sell online without any upfront inventory. Our mobile app connects dropshippers with local wholesalers. Tendo’s mobile app allows sellers to source products via Tendo, resell the items through social commerce tools such as WhatsApp and arrange delivery. They also get paid.
In 2020, Derrick Mungai and Evans Darbo Boateng founded the Accra-based startup Primerose Katena.
7. beU delivery (Ethiopia)
BeU Delivery is an African on-demand food delivery company founded by Almas Belehov, Matvei Vasilev, and Hao Zheng in 2021. beU delivers its services at 67% less than its competitors.
8. Numida (Uganda)
Numida utilizes proprietary credit models and tech-enabled underwriting workflows in order to provide unsecured working capital loans for semi-formal African micro-businesses. Numida, a fintech startup based in Eastern Africa, is led by Catherine Denis, Mina Shahid and Ben Best.