Confirmation of the programme’s closure came from Matthew Grossman, Techstars’ global Chief Brand and Communications Officer. In his communication, he noted, “Techstars’ partnership with ARM Labs has ended, and we will not proceed with a third ARM Labs Lagos Techstars Accelerator Program. The first two cohorts featured outstanding companies and founders, supported by a dedicated group of mentors.” 

Since its inception in December 2022, the accelerator has helped local talent, having successfully completed two cohorts and welcomed 24 startups into the Techstars portfolio. 

Each of these startups benefitted from funding of up to $120,000, along with invaluable mentorship from industry experts. Notable companies that emerged from the programme include Surge Africa, Rana, PressOne Africa, and Jump n Pass.

Despite the programme’s closure, the founders and their ventures will retain their status as part of the Techstars portfolio, ensuring continued access to resources and support from the extensive global Techstars network. 

Grossman commented on collaborations within Nigeria’s startup industry, “We remain committed to engaging with the local startup community to sustain our presence in this innovation hub.”

The ARM Labs Lagos Techstars Accelerator represented a critical link in the venture capital sector, facilitating investments totalling around $2.4 million across its operations. 

This initiative has contributed to addressing pressing socio-economic challenges in Africa, providing startups with the tools to tackle issues such as unemployment and financial inclusion.

In a farewell letter dated September 20, 2024, Managing Director Oyin Solebo acknowledged the experience gained from the programme and its impact on the local entrepreneurial community. 

Meanwhile, Program Manager Oluwadunni Fanibe has transitioned to a new role at Google, further illustrating the dynamic nature of the region’s tech talent.

The closure of the ARM Labs Lagos Techstars Accelerator is both a challenge and an opportunity for emerging innovators to seek new ways for growth and development in a changing startup environment.

Oyin Solebo has been appointed as the Managing Director at ARM Labs Lagos Techstars Accelerator, a program focused on supporting early-stage fintech and proptech companies based in Africa.

Solebo will enhance the firm’s search for promising startups and founders, boosting gender equality, and bringing together a resourceful network of partners to help ensure the success of these businesses, as they become global brands.

The entrepreneurial leader, who has a background in investment management, holds an Executive MBA with distinction from the London Business School and an Economics degree from the London School of Economics. The platform which she co-founded is recognised by the London Stock Exchange and connects professionals globally to opportunities in Africa. 

Also, Solebo speaks on topics such as entrepreneurship, social impact, diaspora engagement and the future of work to a global audience, with a focus on Africa. She has over 15 years of experience in strategic leadership, investment, and human capital development.

Commenting on the appointment, Jumoke Ogundare, Group CEO ARM Holding Company, said: “Oyin Solebo joining ARM Labs Lagos Techstars Accelerator Program as Managing Director is in keeping with our aim of rapidly and exponentially boosting the growth of African entrepreneurs. 

We are confident that her presence on the team will foster the rapid innovation we support in the African startup ecosystem through this programme. Being a co-founder herself, she contributes a wealth of knowledge and experience to ensure that the startups benefit from this programme’s expertise to scale their businesses creatively and effectively.”