Nigeria’s Thank U Cash is the Only African Startup Listed for This Year’s 500 Startups Accelerator Program
500 Startups have shared the names of the startups that made it into the 26th round of its accelerator program. Thank U cash, a connected analytics startup from Nigeria is one of the startups welcomed into this 26th edition of the flagship seed accelerator.
More than 3,000 companies from all over the world applied for the accelerator. Out of all the entries from Africa, Thank U Cash is the only startup that was selected.
Thank U Cash has been part of a number of accelerators and the company has caught the eye of a number of investors because of the way it operates.
About Thank U cash
The company was established in 2017 by Madonna Ononobi, Simeon Ononobi, and Suraj Supekar. It started as a cash rewards platform that gave people some percentage of money in return for buying and making payments to sellers through the platform.
Thank U Cash also offers analytics as part of its service. Through its analytics platform, the company provides information that will help sellers to better understand their customers and improve their sales on the platform.
In August of 2018, Thank U Cash became only the fifth startup to join Microtraction’s portfolio after the venture capital firm invested an undisclosed amount into the startup.
This analytics company was a part of Google’s launchpad accelerator in 2018. Incorporating both the seed capital and resources from the accelerators and partners, the analytics company hit a milestone of $100,000 in cash rewards in August, 2019.
Just last month, Thank U Cash was announced as one of the selected startups to pitch at the Disrupt Africa startup summit in Kigali.
Its rapid growth and unique business model perhaps are some of the reasons it was selected for the 26th batch of the 500 Startups Seed accelerator.
500 Startups Selection This Year
Less than 1% of startups that applied for the accelerator this year were selected. 29 startups make up this batch, with 37% coming from countries outside of the United States.
Female-founded companies account for 30% of the startups and 70% had had one or more founders who identified as a racial minority.
Other companies selected for the batch include Fakespot, Briza, Cenos, Bliinx and Acadium. The full list can be found here. Thank U Cash will be joining the likes of Canva, Udemy, Talkdesk and others in the 500 family.
500 Startups does not only provide seed capital, it also provides an accelerator program that emphasizes digital marketing, customer acquisition and lean startup practices among others.
It is a definitely a great development for Thank U Cash.
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