Eden Care, a Rwandan insurtech startup is the sole African company confirmed as a participant in the S23 batch of the iconic Silicon Valley-based Y Combinator accelerator.
The venture which was founded in 2021 offers affordable, accessible and personalised health coverage to businesses and their employees.
The licensed digital health insurance company is backed by the two largest reinsurers in Africa namely: Zep Re and Africa Re.
Eden Care enables employers to access a platform in which they can manage all of their employees’ health and wellness needs.
Last year, the firm raised pre-seed funding and now is the first-ever Rwandan company selected for Y Combinator, the company’s profile has elevated.
Y Combinator is praised by entrepreneurs for the vast positive impact it has on their ventures.
According to reports, the accelerator programme was crucial in the youthful stages of companies like Airbnb, Coinbase and Dropbox, just to mention but a few.
Last year, the YC increased its standard deal size to $500,000. “Until now, YC invested $125,000 for seven per cent equity, but under its new standard deal it will now also invest an additional $375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms,” reported Disrupt Africa.
Founder and Chief Executive Officer (CEO) of Eden Care, Moses Mukundi expressed enthusiasm after the acceptance to the YC accelerator programme, noting that it validates the hard work and dedication of his team, invested in the firm’s vision of taking part in changing the narrative in startups in Africa.
“We are excited to utilise this opportunity to further optimise our technology and accelerate our mission of revolutionising health insurance across Africa.”
“Being accepted into Y Combinator will be the catalytic force that fuels our growth, enabling us to revolutionize digital health insurance in Rwanda and beyond. It’s not just about securing investment; it’s about tapping into a wellspring of unparalleled knowledge, global connections, and the collective wisdom of an entrepreneurial community committed to redefining what’s possible.” commented Tshepo Machele, Chief Growth Officer at Eden Care.
However, it is reported that the number of African startups taking part in Y Combinator has sharply reduced over the last few batches.
African participation peaked with the W22 batch when 24 startups from the continent participated.
Notable alumni from the continent include Flutterwave, Paystack, and Kobo360, as well as Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA, and Breadfast.
Only seven were present in S22 and three were present in W23. Eden Care is the only African company among the 91 companies for the S23 batch that have been revealed so far.
