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.

The ARM Labs Lagos Techstars Accelerator Demo Day was held on 20th February at Balmoral Convention Center, Federal Palace Hotel, Lagos. The event featured presentations from Techstars’ stellar second cohort from across the continent, marking the end of an immersive three-month accelerator program. 

The startups presented to Techstars’ vast network of investors, mentors, senior operators, and ecosystem leaders, unveiling achievements and future plans whilst vying for strategic partnerships and commercial collaboration.

In addition to the startups’ presentations, the event featured a lively panel discussion with key figures in the African tech and Venture Capital ecosystems, exploring the state of VC funding and innovation in Africa. Panellists included Olumide Soyombo, Partner at Voltron Capital; Biola Alabi, Partner at Acasia Ventures; and Ovo Emorhokpor, Founding Partner at Beta.Ventures. 

The event also drew the attention of more than 480 industry leaders and investors, including Idris Bello, Founding Partner at LoftyInc Capital; Tosin Faniro-Dada, Partner at Breega; Eloho Omame, Partner at TLCom Capital, Victor Sada, Head of Ventures & M&A at Interswitch; Bode Abifarin, Ex-Chief Operating Officer at Flutterwave; and Olusegun Adeniyi, Chief Digital Officer at Wema Bank, who were in attendance. An additional 2,500 viewers joined online via YouTube and Linkedin.

The ARM Labs Lagos Techstars Accelerator second cohort, chosen from over a thousand applicants across Africa included 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.

Over the past 13 weeks, along with the $120,000 each in investment, the startups received comprehensive training and mentorship from leading industry experts in the form of workshops on Go-to-markets Strategies, Financial Modelling, Customer Acquisition, Investment Readiness, People and Leadership, Legal and Governance, and Product Management. 

Additionally, the select startups gained access to more than 300 perks, valued at over $4 million in savings, and will benefit from lifetime access to the Techstars worldwide network.

In her Demo Day welcome address, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, stated, “At Techstars, we are committed to empowering entrepreneurs through our accelerators, venture funds, and network of investors, corporates, and mentors across various cities. We firmly believe that entrepreneurs are the driving force behind a better future for all, and our mandate is to ensure they succeed. 

As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa. Teaming up with ARM, we’ve developed a program aimed at showcasing the remarkable innovation and talent on the continent. We’re excited about the 12 companies we’ve backed, each leveraging technology, data, and intelligence to serve a population growing in size, youth, income and digital access”.

The engaging event schedule also featured a keynote address by Adetayo Bamiduro, Co-founder of Max.ng, the first African startup selected for a Techstars program. 

Adetayo emphasised the profound impact Techstars has had on his startup since selection in 2015, and also shared meaningful insights on the startup’s learnings, milestones and the growth opportunity that Africa offers. 

U.S. Consulate Deputy Political and Economic Chief, Kenise Hill also gave an address, highlighting the U.S’s commitment to trade with Africa, and their areas of focus – technology, healthcare, renewable energy and food security. 

In the closing address Sadiq Mohammed, Deputy Group CEO of ARM Holding Company, disclosed, “We are delighted to have partnered in this innovative program where our aim was to expand our horizons and improve our processes, introduce a new asset class to clients, and contribute to the ecosystem growth. 

We’re thrilled with how these objectives are being met based on the program’s success and the inherent impact of the selected startups. Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing fully well that the best market-creating innovations thrive best when value chains and markets are restructured. We believe this cohort is well-positioned for success.”

Oluwadunni Fanibe, Program Manager at ARM Labs Lagos Techstars Accelerator also commented on the progress attained by the founders over the past weeks. She stated “Throughout the program, the cohort demonstrated genuine enthusiasm, passion and dedication, qualities highly valued by investors. 

They’ve mastered articulating and executing their business models, also honing their pitching skills along the way. The program has boosted their capabilities, propelling them into the next stage of their entrepreneurial journey and we wish them continued success.”

As founders showcased the product-market fit of their startups, track record and growth opportunity, it highlighted the ingenuity and opportunities that abound in the African market. 

How to Register

The event now sets the stage for follow-on investment and innovation in the months ahead for the cohort. With plans underway for a third cohort intake later this year, applications will open in mid-May. However, startups can register early interest here.

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.”