People don’t refer to her as Mother Africa for nothing. The home of some of the world’s greatest natural resources is getting an economic boost with 24 African startups chosen to receive funding for startups.
As released by Tech Crunch, Y Combinator released its most recent batch of awardees – W22 – that will receive seed funding for new businesses. Of the 414 startups representing over 80 sectors that are a part of this batch, the continent of Africa has received notable funding with Nigeria ranking third, having delivered 18 startups.
Per the company’s norm, the United States has the most representation and India ranks second with 32 startups a part of this most recent batch. Although the United States has the largest amount of representation from a single country each year, about 50 percent of Y Combinator’s awardees come from countries outside of the country.
Based on previous award batches, this is the first time an African nation has appeared this high on the list. With 24 different startups in this winter’s batch, Africa’s record-setting number for the funding program significantly outpaces last year’s awardee numbers.
Y Combinator’s W22 batch is the first time the company’s Standard Deal comes into full effect.
About Y Combinator
Y Combinator is a venture capital fund aimed at helping startups around the world with seed money to cover early expenses and create leverage for additional funding opportunities. Beyond the dollar, Y Combinator’s investors offer resources like mentorship and how to deal with managing additional investors. A part of the Y Combinator model is to invest funds in exchange for a small stake in the companies they fund.
Funding batches occur twice a year in the winter and summer, and successful awardees are required to participate in a three-month training/guidance program.
Tap in to learn more about Y Combinator’s W22 batch and how these startups are poised to make an impact on the world.