Flutterwave Co-founder, Iyinoluwa Aboyeji, Sets Up FAVE-YC, to Provide Over N20m to Nigerian Entrepreneurs

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

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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.

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Iyinoluwa Aboyeji has established FAVE-YC and make N20 million available to Nigerian entrepreneurs
Co-founder of Future Africa, Iyinoluwa Aboyeji. Photo: Future Africa
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."

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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

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