Techstars Global, a startup accelerator, in partnership with ARM Labs, a Lagos-based innovation program focused on helping fintech startups, will be launching its Lagos Techstars Accelerator Program, bringing it closer to local entrepreneurs, and offering more investment, training, and global exposure to Nigeria’s startup scene.
Having launched in the United States (U.S.), Techstars currently operates 48 accelerators across the globe and has invested in more than 3,000 companies with a combined total market cap of $172 billion.
This further goes to put Lagos and Nigeria in the global startup scene, attracting and presenting investment opportunities to local entrepreneurs to leverage on in growing their ideas and taking it to the next level.
According to the statement released by the company, Lagos represented a strategic place for the program to take its full course. The choice of Lagos for the accelerator program is the result of the growing relevance of Nigeria’s startup ecosystem.
According to global investment data, Lagos ranks as 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.Nancy Wolff, General Manager at Techstars.
“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.”
Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways. 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.Jumoke Ogundare, CEO of ARM
What it means for startups
The ARM Labs Lags Techstars Accelerator will start receiving applicants from May 9, 2022 through July 27, 2022.
Up to 12 startups will be selected on an annual basis to participate in the program 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 program’s inaugural class will commence on November 7, 2022, and culminate in a Demo Day on February 16, 2023.
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. Similarly, through its
other programs, 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) who has consequently gone on to raise $4 million.
Another alumnus is Adewale Yusuf (TalentQL) who has gone to raise $1 million since Techstars started its funding of startups in Nigeria 12 years ago.
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