Two Nigerian startups are named participants in the latest Y Combinator batch

Two Nigerian startups, Topship and Moni, have been confirmed to be part of the W22 batch at the renowned Silicon Valley-based Y Combinator accelerator.

YC 702x336 1

Between now and March, the W22 batch of Y Combinator’s program will take place. This was a key role in the founding days of companies such as Dropbox, Coinbase, and Airbnb.

Demo days offer investors the chance to invest in seed funding and further opportunities. The S21 edition of the accelerator had 15 African participants. Disrupt Africa reported earlier in the month about the first two confirmed African participants to the accelerator – Ethiopia’s delivery and Nigeria’s digital compliance and security company IDpass.

With more than 100 companies now confirmed to W22, two additional African companies were named. Both are from Nigeria: Moni is a neobank that relies on community trust to finance mobile money agents. Topship provides technology and services to simplify shipping cargo, freight, and parcels to African businesses.

Moses Enenwali, CEO of Topship and co-founder of the company, said that “we are beyond thrilled to be part of this batch” and that it strongly supports our mission to create a global distribution system for goods movement within and beyond Africa.

We expect more W22 participants will be revealed in the coming months, both prior to and after demo day.

Y Combinator’s alumni include continental royalty like Flutterwave and Paystack (not to mention Cowrywise and MarketForce, Kudi and WorkPay), Trella, 54gene and CredPal as well as NALA, Breadfast, and WaystoCap.

Disrupt Africa reported that the standard deal for the accelerator has been increased to US$500,000. YC had previously invested US$125,000 to seven percent equity. However, its new standard deal will allow it to invest an additional US$375,000 in an uncapped SAFE under “Most Favored Nation (MFN) terms.

Get latest news from African Startup ecosystem

Latest stories

You might also like...