The first 156 firms confirmed to be a part of the famed Silicon Valley accelerator Y Combinator’s S22 cohort include four African startups.
The S22 batch of the Y Combinator program, which helped launch businesses like Airbnb, Coinbase, and Dropbox among others, is presently in session and will come to a close in September with a demo day.
The accelerator had raised the threshold for a contract to US$500,000. Previously, YC contributed US$125,000 for 7% equity; however, under the terms of its new standard deal, it will additionally invest an extra US$375,000 on an uncapped SAFE with MFN conditions.
With 24 businesses from the continent participating in the last accelerator’s W22 batch, which had the most African participants ever, and with four already verified among the 156 startups initially registered for S22.
The 4 African startups are:
Pivo (Nigeria)
Pivo, which is derived from the word “pivot,” describes a significant shift in course. The startup is providing its consumers with a new, simpler, more effective method of gaining access to financial services by placing a strong emphasis on commercial transactions that take place within supply chains.
Pivo is developing a platform for financial services that will drive supply chains throughout Africa. You have the chance to provide service to your consumers through its working capital loans without having to spend a fortune.
Without requiring any type of collateral, Pivo offers finance based on your current customer contract and transaction data.
Pivo is a simple program that allows businesses to set up a corporate account, get credit for business loans, and manage their accounts all in one place. There are no setup costs, absurd criteria, or minimum balance needed.
Chowdeck (Nigeria)
Chowdeck is an on-demand food delivery business and marketplace that was established in October 2021 and is currently located in Lagos, Nigeria.
Customers may order their preferred food from a variety of eateries using Chowdeck. Customers can order food online in a few easy steps and have it brought in under 30 minutes, whether it is local or foreign food.
Restaurants in Africa will soon be able to deliver food to consumers at any time or place thanks to Chowdeck. The fact that Chowdeck will assist restaurants listed on the marketplace in growing is a component of its distinctive offering, and so far, the majority of the eateries that collaborate with the firm can take pride in this accomplishment.
The firm has served over 60,000 meals in six months in two major cities in Lagos with their assistance and the assistance of an aspiring crew of tenacious and courageous motorcyclists.
Patika (Kenya)
Patika was created to assist small businesses in Africa with managing their cash flow, tracking client debt, and facilitating reimbursements.
Without this technology, small firms on the continent are forced to monitor and record consumer information using ink and paper, which is inefficient and time-consuming.
To become a full-stack neo-bank for Africa’s small companies, Patika is automating formerly manual operations like payback reminders via phone calls, invoices, payments, and reconciliations.
Patika has a tiny crew right now because it is still in its early phases, but after receiving funding from Y Combinator, they are expected to develop.
Garage Mobility (Ghana)
The reputation for quality software for inventory management, shop maintenance, and eCommerce is provided by Garage Mobility, the leading automotive technology firm in Africa, which links fleets, vehicle owners, and shops with regional and international manufacturers and distributors.
Also with the goal of expanding access to affordable, functional, and environmentally friendly vehicles in Africa and the vision to hasten Africa’s transition to greener mobility, the startup connects users to a network of local and international distributors to provide parts at an affordable price, improving reliability and restricting unplanned maintenance.
Alumni from Y Combinator include European royalty including Flutterwave, Paystack, and Kobo360 (not to mention Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA, and Breadfast).
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.
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