This week’s techcrunch headlines include a report on the financial services for merchants Julyhalltechcrunch, a first step towards a regional scale, a multi-supply chain and a multi-city business. It’s all part of a massive influx of startups entering the African market. Here’s a look at three of them, and what they’re doing.
YC-backed company in africa exits
African YC-backed startups are experiencing incredible success. In the last two years, 95 African startups have raised over $1.3 billion. Some have been acquired and some have become unicorns. YC is Africa’s top early stage seed fund.
The most successful African YC-backed startups have been in the fintech sector. They have raised the most follow-on funding. These include CredPal, Swipe Technologies and NowPay. Other YC-backed companies include Dojah and Paystack.
In addition, the majority of African YC-backed startups are located in Nigeria. This is due to the fact that most of the entrepreneurs that go through YC have an established network of local investors.
While a handful of YC-backed startups have died or exited, most are still operational. For instance, Oolu, a Dakar based startup is still operating. Another YC-backed startup, Releaf, provides an increased income for oil palm farmers.
Another fintech startup that went through YC is Kudi, which allows individuals to pay bills through non-digital channels. It was founded by Pelumi Aboluwarin and Yinka Adewale.