Flutterwave Co-founder, Iyinoluwa Aboyeji, Sets Up FAVE-YC, to Provide Over N20m to Nigerian Entrepreneurs
- Flutterwave co-founder, Iyinoluwa Aboyeji, is offering Nigerian entrepreneurs resources needed to be a part of the YCombinator programme
- Aboyeji intends to bridge the gap between Nigerian tech founders and YCombinator through FAVE-YC programme
- Selected founders stand a chance to win over N20 million at the end of the FAVE-YC programme, and the deadline for applications is August 6, 2021
Nigerian tech startup builder, Iyinoluwa Aboyeji, has launched a new programme, FAVE-YC, to assist Nigerian entrepreneurs looking to apply for YCombinator (YC) Accelerator program.
Aboyeji, who is a alumni of YCombinator and co-founder of Andela and Flutterwave, said he wants to use his experience to make the process easier for young startup founders in Nigeria.
YCombinator is a global financier for tech startups. It provides six months funding round for startups it selects, and also helps founders deal with investors and acquirers.
Source: UGC
In the six months period, which is divided into batches - from January to March, and April to June - founders receive about N51.43 million in investment from YC.
What you need to know about FAVE-YC
The programme is open to only 20 participants, who will be provided with materials that gives insight into the requirements of YC.
In a statement released on Future Africa, owned by Aboyeji, it was gathered that the deadline for FAVE-YC applications is August 6, 2021.
FAVE-YC will also offer over N20 million to some participants that partake in the programme.
Speaking on the importance of the programme, Aboyeji said:
"While we can’t guarantee acceptance into the YC accelerator program, we are confident that every startup that follows through with the FAVE – YC program will emerge 'investment-ready'.
"As part of our support, we optionally co-invest in your seed round with a cheque size of up to $50k, in addition to the $125K YC invests."
Flutterwave hit one billion dollar valuation
Flutterwave became the first Nigerian tech startup to surpass $1 billion market valuation, joking Jumia and two other companies as Africa's unicorn.
The company co-founded by Aboyeji and Olugbenga Agboola, has been offering payment channel to African companies and their customers across the continent.
Flutterwave had crossed the one billion dollar line after raising $170 million from Avenir Growth and other investors.
Source: Legit.ng
