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As YC retreats from Africa, alumni launch accelerators to fill the gap
The influential accelerator Y Combinator made a splash in Africa in 2020 when it shined its light on the market and began to accept startups from the
Co-creation HUB (CcHub), Flat6Labs, Baobab Network, and MEST Africa seeded companies for years alongside global accelerators, providing a pipeline of startups for bigger investors, including foreign ones, during the venture boom. “My opinion is that instead of shadowboxing US firms (who don’t care about Africa anyway and were merely being opportunistic), the community has to come together to fund pipeline under $1 million in a programmatic way just like Techstars, YC and 500 startups did all those many years,” wrote Iyinoluwa Aboyeji, co-founder of YC-backed Flutterwave, on LinkedIn recently. Aboyeji believes Africa’s startups have two paths forward: continue relying on external funding sources (and hope they return); or take bold steps to build a local capital base.
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