Two years after launching its accelerator program in Nigeria, ARM Labs Lagos Techstars, also known as Techstars Lagos, has officially shut down. This decision halts further operations, including the third cohort program, which started in March 2024. The program was initially established through a partnership between Techstars, a global venture capital accelerator, and ARM Labs, a Nigerian-based innovation hub, with the goal of empowering African startups through mentorship, funding, and global networking.
Matthew Grossman, Techstars’ global Chief Brand and Communications Officer, confirmed the end of the partnership in an official email statement. 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.” Despite the closure, Grossman emphasized that the 24 startups backed by ARM Labs Lagos Techstars will remain part of Techstars’ portfolio. These companies, and their founders, will continue to access resources and support from the broader Techstars network.
Read also: Ideas to Investments: Oluwadunni Fanibe’s Journey in African VC.
Since its inception in December 2022, ARM Labs Lagos Techstars has operated two cohorts, bringing 24 African startups into the Techstars portfolio. Each startup received up to $120,000 in funding, with a total investment reaching about $2.4 million by 2024. Some of the startups that benefited from this program include Surge Africa, Rana, PressOne Africa, Jump n Pass, GetEquity, Beauty Hut Africa, Oystr Finance, Keza Africa, Keble, and Flick. These companies span diverse sectors, underscoring Techstars’ commitment to fostering a wide range of tech-driven African innovations.
Reflecting on the program’s impact, Techstars Managing Director Oyin Solebo expressed her dedication to continuing work within the African venture ecosystem in a farewell letter dated September 20, 2024. Program Manager Oluwadunni Fanibe, who had been instrumental in managing the accelerator, transitioned to Google as a Mentor in August.
Grossman added that Techstars remains optimistic about future engagements with the local tech scene, expressing the organization’s intention to explore other avenues to support Nigeria’s thriving innovation ecosystem
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