Techstars Unveils ARM Labs Techstars Accelerator in Lagos, Nigeria
Techstars, a global investment firm that provides early-stage entrepreneurs with access to capital, one-on-one mentorship, and customized programming, has launched the ARM Labs Lagos Techstars Accelerator Program in collaboration with ARM Labs, a Lagos-based innovation program focused on assisting fintech startups.
The new accelerator program will invest in early-stage African fintech and proptech companies.
“Lagos has built a successful startup ecosystem that merits more global exposure, investments, and resources,” said Nancy Wolff, general manager at Techstars, “and we see extraordinary potential in the market.”
Techstars has been investing in Nigerian and African startups for years, and we look forward to bringing the value and reach of the Techstars global network to the increasingly prominent Nigerian startup community through our partnership with ARM Labs.
The selection of Lagos, Nigeria as the location of this accelerator program reflects the growing global significance of Nigeria’s startup ecosystem. According to global venture capital investment data, Lagos is one of the fastest growing ecosystems in the world and the number one African startup city by 2021.
“Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in novel ways,” said ARM CEO Jumoke Ogundare. “Our collaboration with Techstars is the logical next step in propelling Africa to become the future global capital of fintech and transforming how Africans access financial services.”
The ARM Labs Lagos Techstars Accelerator will accept applications from May 9th to July 27th, 2022. On an annual basis, up to 12 startups will be chosen to participate in the program and receive 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 program’s first class will begin on November 7, 2022, and will conclude with a Demo Day on February 16, 2023.
Since 2011, Techstars has been active in the African tech space, hosting over 400 Techstars Startup Weekends in 40 countries and operating the Barclays Accelerator Powered by Techstars Cape Town in 2016 and 2017.
Similarly, it has invested in 14 Nigerian startups through its other programs, including Healthtracka, FarmCrowdy, and Rent Small Small. Onyeka Akumah, a two-time Techstars founder and current Co-Founder and CEO of Treepz, is a notable Nigerian Techstars alumnus (formerly Plentywaka).
Akumah attended Techstars Atlanta in 2017 while developing his first startup, FarmCrowdy. Treepz, Nigeria’s first bus-hailing app, was chosen for Techstars Toronto two years later. Following Akumah’s participation in Techstars Toronto, Treepz expanded to Ghana and Uganda, increased bookings from 900 to 7,500+ per day, and nearly tripled employee size. The company has completed over one million bookings and raised $3 million in funding to date.
This new program advances Techstars’ mission to support entrepreneurs worldwide and provide startups with the resources they need to succeed, regardless of location or background. Startups are encouraged to learn more about the ARM Labs Lagos Techstars Accelerator and the many global accelerator programs offered by Techstars at techstars.com/accelerators. Corporations and investors interested in collaborating with Techstars can find out more at techstars.com/corporations.
Africa’s startup ecosystem is rapidly expanding, with dozens of incubators and accelerators to choose from. Aside from funding, Africa’s startup accelerators provide founders with invaluable assistance with product development, sales, and marketing. Among the leading startup accelerators are Africa Mobility Initiative, Anttler, AUC Venture Lab, and Co-Creation Hub.
