Sydney fashion-swapping marketplace 99dresses has been accepted into the exclusive incubator Y Combinator.
Founder Nikki Durkin and recently appointed technical co-founder Peter Delahunty flew out to the US on Monday afternoon in order to do a 10-minute pitch to win a spot in the three-month-long program, which culminates in a Demo Day in front of the who's who of Silicon Valley venture capital and angel investors.
Several sources confirmed that 99dresses scored a spot in the program, beating out thousands of start-ups that applied for a spot in the bi-annual program.
According to an article in Wired magazine, each team that is accepted receives seed funding of US$11,000 for the group, plus a further US$3000 for each member of the founding team. In exchange, Y Combinator gets a small stake in the start-up, usually 6 or 7 per cent.
Durkin and Delahunty met each other in the Sydney co-working space Fishburners, and she recently told ZDNet Australia that her ambition for the site was to displace eBay as the world's pre-eminent online fashion portal.
The company is poised to join an elite club of Aussies that have graduated from the Y Combinator program, which includes travel experience start-up Adioso, founded by Tom Howard, and Omnioso founder Ryan Junee, whose company was acquired by Google.
There are two intakes of start-ups every year; one from January through March, and one from June through August, and, so far, it has funded a total of 208 companies, including rental marketplace AirBNB, which recently earned a valuation of over US$1billion.