Techstars, a global investment business that provides access to capital, in partnership with ARM Labs, has announced the launch of the ARM Labs Lagos Techstars Accelerator Program.
The new accelerator program will focus on investing in early-stage fintech and proptech companies based in Africa.
“Lagos has built a successful startup ecosystem that merits more global exposure, investments and resources, and we see extraordinary potential in the market,” said Nancy Wolff, general manager at Techstars.
“The program 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.”
The choice of Lagos, Nigeria, for the location of this accelerator program is the result of the growing global relevance of Nigeria’s startup ecosystem. Global venture capital investment data shows Lagos is one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021.
“Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways,” said Jumoke Ogundare, CEO of ARM. “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 ARM Labs Lagos Techstars Accelerator will receive applications this June through August. Up to 12 startups will be selected on an annual basis to participate in the program and benefit from up to $120k in funding, curated startup programming, and access to the programs’ vast network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners. The program’s inaugural class will commence in December 2022 and culminate in a Demo Day in March 2023.
The program 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.
Similarly, through its other programs, it has invested in 14 Nigeria-based startups like Healthtracka, FarmCrowdy, and Rent Small Small. A Nigerian alumnus of the program is Onyeka Akumah, a two-time founder and current Co-Founder and CEO of Treepz (formerly Plentywaka).
In 2017 Akumah participated in Techstars Atlanta while building his first startup FarmCrowdy. Two years later, his new venture Treepz, Nigeria’s first bus-hailing app, was selected for Techstars Toronto. Following Akumah’s participation in Techstars Toronto, Treepz expanded to operate in Ghana and Uganda, grew from 900 to 7,500+ bookings per day, and nearly tripled in employee size. To date, the company has completed over 1 million bookings and raised $3 million in funding.
This new program furthers the programs’ mission to support entrepreneurs everywhere and give startups the advantages they need to succeed, regardless of their location or background. Startups are encouraged to learn more about the ARM Labs Lagos Techstars Accelerator and explore the programs’ many global accelerator programs at techstars.com/accelerators. Corporations and investors interested in partnership opportunities with the program can learn more at techstars.com/corporations.
