Four African startups are among the first 156 firms to be confirmed as part of the S22 cohort of famed Silicon Valley accelerator Y Combinator.
The S22 batch of the Y Combinator program, which has helped launch companies such as Airbnb, Coinbase and Dropbox, among others, is currently underway and will conclude with a demo day in September.
The accelerator had raised the threshold for a contract to $500,000. Previously, YC contributed $125,000 for 7% equity; however, under the terms of its new standard contract, it will invest an additional $375,000 in an uncapped SAFE with MFN terms.
With 24 companies from the continent participating in the W22 batch of the last accelerator that had the most African participants ever, and with four already verified among the 156 startups that originally registered for S22.
The 4 African startups are:
Pivo (Nigeria)
Pivo, derived from the word “pivot”, describes a significant change in course. The startup offers its consumers a new, easier and more effective way to access financial services by placing a strong emphasis on commercial transactions that take place within supply chains.
Pivo is developing a financial services platform that will power supply chains across Africa. You have the opportunity to provide services to your consumers through working capital loans without having to spend a fortune.
Without requiring any kind of collateral, Pivo offers financing based on your current customer contract and transaction details.
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 balances.
Chowdeck (Nigeria)
Chowdeck is an on-demand grocery delivery service and marketplace founded in October 2021 and currently located in Lagos, Nigeria.
Customers can use Chowdeck to order their favorite foods from a variety of restaurants. Customers can order groceries online in a few simple steps and have them delivered in less than 30 minutes, whether it’s local or foreign groceries.
Restaurants in Africa will soon be able to deliver food to consumers anytime, anywhere thanks to Chowdeck. The fact that Chowdeck will help restaurants listed in the marketplace grow is part of its distinctive offering and to date the majority of restaurants that have partnered with the company can be proud of that achievement.
The company has served over 60,000 meals in six months in two major Lagos cities with their support and the support of a burgeoning crew of tenacious and brave motorcyclists.
Patika (Kenya)
Patika was founded to help small businesses in Africa manage their cash flow, track customer debt and facilitate refunds.
Without this technology, small businesses across the continent are forced to monitor and record consumer information using ink and paper, which is inefficient and time-consuming.
In order to become a full-stack neo-bank for Africa’s small businesses, Patika automates formerly manual processes such as repayment reminders via phone calls, invoices, payments and reconciliations.
Patika has a tiny crew at the moment because it’s still in its early stages, but after receiving funding from Y Combinator, they’re expected to develop.
Garage Mobility (Ghana)
The reputation for quality software for inventory management, store maintenance and eCommerce is provided by Garage Mobility, the leading automotive technology company in Africa, connecting fleets, vehicle owners and shops with regional and international manufacturers and dealers.
With a goal of expanding access to affordable, functional and green vehicles in Africa and a vision to accelerate Africa’s transition to greener mobility, the startup connects users to a network of local and international dealers to buy parts at an affordable price to offer and improve reliability and limit unplanned maintenance.
Y Combinator alumni include European royalty such as Flutterwave, Paystack and Kobo360 (not to mention Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA and Breadfast).
The accelerator occupies a murky place in the continent’s startup landscape, but entrepreneurs are hailing it for the positive impact it’s had on their businesses.
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