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Home Industries Tech News

Startup accelerator, Y Combinator set to invest $500,000 in startups

Zainab Iwayemi by Zainab Iwayemi
January 12, 2022
in Tech News
These Nigerian universities produced the most startup founders
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Following announcements first made mid-last year, Y Combinator, a startup accelerator has said it will now invest $500,000 in batch startups to provide participating companies with more cash.

The fund which is in two folds will see the company channel the first Y Combinator equity deal worth $125,000, for 7% of accelerated startups which translates to roughly a $1.79 million post-money valuation while the remaining $375,000 will be channelled to uncapped Simple Agreement for Future Equity, SAFE note based on nations that are most favoured.

While the ‘most favoured nation’s language ensures that Y Combinator gets as good a deal as anyone else in a later conversion, being uncapped would ensure that there is no defined maximum price at which the $375,000 SAFE will convert to shares.

In a blog post, Geoff Ralston, YC president said the fund will be provided upfront to focus on building their companies, rather than fundraising.

He wrote, “This sum will enable founders to focus on launching, building, and scaling their company. It will remove the immediate pressure to fundraise and accept less than favourable terms.”

What you should know

The startup market has evolved allowing for more participating startups from other countries and markets. When it first launched more than a decade ago, it offered terms of $20,000 for 6%.

YC is based in the United States but the tech accelerator’s recent cohorts have drawn a growing number of Canadian entrants. YC saw a new record of 16 Canadian companies to its Summer 2021 Demo Day, hosting a list that included Toronto-based Bedrock AI, Vancouver-based Matidor, and Calgary-based CostCertified. Previous Canadian YC graduates include Faire, Bonfire and PartnerStack.

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Tags: startupsY Combinator

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