Nigerian startups in the scheme make the cut for new funds later through Y Combination
By Jeph Ajobaju, Chief Copy Editor
Three tech startups – Moni, Topship, and IdentityPass – have been confirmed to join latest edition of the W22 Y Combinator Accelerator Programme, raising further the profile of Nigerian tech space players on the global stage.
The trio, along with other startups from across the world, will feature in this edition in which participants will receive up to $500,000 each in seed funding as well as further investment opportunities at a demo day.
Moni, a neobank, uses a community-driven model based on social trust to provide financing to mobile money agents.
Topship provides technology and services that simplify the shipping of cargo, freight, and parcels for African businesses
IdentityPass is a digital compliance and security firm.
The three firms are expected to use the funding to grow and expand operations across African countries and beyond.
Topship Chief Executive Officer Moses Enenwali said being included in the Accelerator Programme has strongly affirmed the mission of the company to build a global distribution system for the movement of goods within and beyond Africa.
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About Y Combinator Accelerator Program
The Accelerator Program is based in Silicon Valley in California, United States. It was founded in 2005 and twice a year invests money in startups in return for equity, according to Nairametrics reporting.
The programme has funded more than 3,000 startups, and is part of the success story of tech firms such as Airbnb, Coinbase, and Dropbox.
It has also financed many tech innovators in the African space, including Flutterwave, Paystack, Kobo360, Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, 54gene, CredPal, and Breadfast.
Rising profile of Nigerian startups
African tech startups raised a record $4.2 billion in 2021, out of which Nigeria alone attracted $1.7 billion or 40.47 per cent. The continental figure surpassed the combined total for 2019 and 2020.
Nigerian female startups also benefited from the boom last year with six of them raising more than $1 million each to net a total $16 million.
And the International Finance Corporation (IFC), a member of the World Bank Group, has announced plans to invest new $3 million through its Startup Catalyst Program, Microtraction Fund II, to help grow Nigerian startups.
Microtraction Fund II is a $15 million seed-stage fund focused on pre-seed and seed-stage investments in tech and tech-enabled businesses in Sub-Saharan Africa.