Karachi-based financial advisory startup Elphinstone will be part of Y Combinator’s Winter 2022 batch.
Tell me more: Y Combinator (YC) is the world’s leading startup accelerator. Think of it as Harvard for startup accelerators.
Today, some early YC graduates are household names. Dropbox, Airbnb, DoorDash, Stripe, etc.
How it works: A YC batch lasts three months, culminating in a Demo Day when startups pitch investors and the press. There are two batches per year, January through March and June through August.
YC invests $500,000 per startup twice a year. The amount was previously $125,000, and the new deal was announced by YC earlier this year.
Money comes in two different forms:
- YC equity deal worth $125,000 in return for 7% of the startup
- $375,000 in the form of an uncapped SAFE (Simple Agreements for Future Equity)
In addition to connecting startups with advisors, investors, and talent, YC helps them refine their pitch, improving their chances of raising future financing rounds.
You should know: Founded in 2020 by Farooq Tirmizi, Elphinstone is a financial advisory platform that offers algorithm-driven financial planning to Pakistani consumers.
In 2020, it raised $300,000 in seed funding.
Before you go: Elphinstone is the third Pakistani startup accepted into Y Combinator’s Winter 22 batch.
Markaz and Rider were also accepted into YC’s Winter 22 batch.