Global accelerator and investment firm Techstars has expanded to Nigeria with the launch of a Lagos-based programme in partnership with ARM, offering selected startups access to funding, hands-on mentorship, and access to a worldwide network on an annual basis.
Founded in 2006, Techstars provides access to capital, one-on-one mentorship, and customised programming for early-stage entrepreneurs, and has so far invested in more than 3,000 companies with a combined market cap of more than US$172 billion.
Nigerian startups are already regularly selected for many of its international programmes, and it has now launched a dedicated Nigerian edition in partnership with ARM Labs, a Lagos-based innovation programme focused on helping fintech startups. The ARM Labs Lagos Techstars Accelerator Programme will focus on investing in early-stage fintech and prop-tech companies based in Africa.
The ARM Labs Lagos Techstars Accelerator will receive applications from May 9 until July 27th, with up to 12 startups selected on an annual basis to participate in the programme and benefit from up to US$120,000 in funding, curated startup programming, and access to Techstars’ vast network of more than 7,000 mentors, over 20,000 investors, alumni, and corporate partners. The programme’s inaugural class will commence in November, and culminate in a demo day in February 2023.
“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. “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,” 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.”