12 startups to benefit as Techstars, ARM Labs launch accelerator programme in Lagos

Techstars, a global investment business, in partnership with ARM Labs, has announced the launch of an accelerator programme.

An Accelerator programme provides intensive training and business support for startups, aiming to get them ready for investment more quickly than traditional incubators.

ARM Labs Lagos Techstars Accelerator programme aims to invest in 12 early-stage fintech and proptech companies based in Africa with $120,000 funding, hands-on mentorship, and access to the Techstars worldwide network on an annual basis.

In a statement on Monday, Nancy Wolff, general manager, Techstars, said the programme is to promote and bring value to Nigeria’s startup ecosystem.

Wolff said the programme will take place in Lagos, being one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021.

“Lagos has built a successful startup ecosystem that merits more global exposure, investments and resources, and we see extraordinary potential in the market,” she said. 

“Techstars has been investing in Nigerian and African startups for years, and through our partnership with ARM Labs we look forward to bringing the value and reach of the Techstars’ global network to the increasingly prominent Nigerian startup ecosystem.”

On her part, Jumoke Ogundare, ARM’s chief executive officer, said the programme is to encourage startups that are aimed at providing solutions.

“Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways,” she said 

“Our partnership with Techstars is the logical next step in propelling the African continent to become the future global capital of fintech and transform how Africans access financial services.”

The statement added that the ARM Labs Lagos Techstars Accelerator will receive applications from May 9, 2022, through July 27th, 2022.

Up to 12 startups will be selected on an annual basis to participate and benefit from up to $120,000 in funding, curated startup programming, and access to Techstars’ vast network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners. The programme’s inaugural class will commence on November 7, 2022, and culminate in a Demo Day on February 16, 2023.

It added that the programme is open for more partnerships as it seeks to support entrepreneurs everywhere and give startups the advantages they need to succeed, regardless of their location or background.

Techstars has been active in the African tech space since 2011, hosting more than 400 Techstars startup weekends across 40 countries, and operating the Barclays Accelerator powered by Techstars Cape Town in 2016 and 2017. 

Through other programmes, Techstars said it has invested in 14 Nigeria-based startups like Healthtracka, FarmCrowdy and Rent Small Small. A notable Nigerian Techstars alumnus is Onyeka Akumah, two-time Techstars founder and current Co-Founder and CEO of Treepz (formerly Plentywaka).