Chowdeck & Pivo Techology: Participants in Y-Combinator’s S22 Batch
Business Spotlight Startups Technology

Chowdeck & Pivo Techology: Participants in Y-Combinator’s S22 Batch

Five African startups have been chosen to participate in the world’s most renowned startup accelerator’s Summer 2022 (YC S22) acceleration program. The goal of Y-Combinator’s business strategy is to invest in early-stage businesses, especially those that are regarded as high-risk and may not have properly functioning management.

This batch has received more applications, says Dalton Caldwell, Group Partner & Managing Director at YC. While Kenya and Ghana are each represented by one startup (Patika and Garage Mobility, respectively), two of the chosen (and disclosed) companies are from Nigeria- Chowdeck and Pivo Technology. Another startup on the list, Moneco, although founded by Africans, is based in Europe (but solving remittance problems for Africans). 

Following the new standard deal Y Combinator announced in January 2022, the chosen firms will each receive a total investment of $500,000.

Some insight into the Nigerian participants of YC’s S22 Batch:

Chowdeck: In October 2021, Femi Aluko, Olumide Ojo, and Lanre Yusuf, three engineers who previously held important engineering positions at Paystack and Crown Interactive, respectively, established Chowdeck, an on-demand meal delivery service and marketplace. 

Lagos, the metropolis with the highest population in Africa at over 18 million, is where Chowdeck is based. With a large variety of restaurants available on its platform, Chowdeck can provide users with a vast selection of meals from across the world that are quickly delivered to their clients.

Chowdeck asserts that a distinctive offering for eateries on its platform ensures visibility and expansion.

Pivo Technology: Ijeoma Akwiwu and Nkiru Amadi-Emina, two women with experience running supply chain enterprises, formed Pivo Technology. They established Pivo Technology in 2021 to support SMEs in the supply chain by offering quick and adaptable financing solutions, beginning with lending.

When you examine how SMEs in Nigeria—especially those engaged in significant manufacturing supply chains—contributed $250 billion to Africa’s economy in 2019, Pivo’s business strategy becomes more apparent. As a leading participant in that industry, Pivo is preparing to become a neobank for trade in Africa.

The rivalry in the African credit industry has undoubtedly grown significantly, especially with the entry of significant competitors like Flutterwave. However, Pivo appears to operate in a unique sub-niche: supply chain financing.

The majority of YC-backed African firms were established in 2020, according to YC’s Startup Directory. Interestingly, only three applicants were accepted into the accelerator that year, while others were accepted into the 2021 Winter and Summer cohorts. Fintech startups made up most of the African startups that participated in the accelerator. Only 20% of the firms sponsored by Y Combinator have failed over more than 15 years of support is significant; this percentage is exceptional by industry standards.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video
X